The synthetic lubricants and functional fluids market, valued at USD 7.90 billion in 2022, is projected to witness a robust CAGR of 5.80% to reach USD 13.88 billion by 2032.
In recent years, the synthetic lubricants market has experienced significant growth, driven primarily by the expanding demand from the automotive industry. The substitution of petroleum-refined oils with synthetic lubricants in high-temperature applications presents lucrative growth opportunities for market players worldwide.
The global market for synthetic lubricants and functional fluids is expanding due to the increasing demand for high-performance products and the implementation of stricter environmental regulations.
Moreover, the growing availability of high-quality base stocks, attributed to investments in newer base stock capacities globally, is expected to further propel market growth. Original equipment manufacturers (OEMs) are increasingly inclined towards endorsing high-performance synthetic products, driven by the rising supply of synthetic lubricants and functional fluids and the shift towards global specifications.
The superior performance of synthetic lubricants, including low friction, high-temperature performance, and higher load-carrying capacity compared to conventional counterparts, is another significant factor driving market expansion.
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Global Synthetic Lubricants and Functional Fluids Market: Drivers
The global synthetic lubricants and functional fluids market is experiencing significant growth driven by the demand for high-performance products and increasingly stringent environmental regulations.
Investments in newer base stock capacities worldwide are leading to the availability of high-quality base stocks, further fueling the growth of the market.
Original equipment manufacturers (OEMs) are increasingly endorsing the use of high-performance synthetic products due to the expanding supply of synthetic lubricants and functional fluids and the shift towards global specifications.
Synthetic lubricants and functional fluids are favored for their ability to reduce maintenance time and downtime costs by extending drain intervals.
Moreover, the superior performance of synthetic lubricants, including low friction, high-temperature performance, and higher load-carrying capacity compared to conventional counterparts, is driving market growth.
The automotive and industrial segments in the Asia-Pacific region are witnessing a surge in demand, contributing to the overall growth of the global synthetic lubricants and functional fluids market.
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Top Key Players
- Exxon Mobil,
- Prestone Products,
- Royal Dutch Shell,
- AMSOIL Incorporated,
- Ashland Incorporated,
- Autoparts Holdings Limited,
- BASF SE,
- Calumet Specialty Products Partners LP,
- Berkshire Hathaway Incorporated,
- P plc, Chemtura Corporation,
Regional analysis for Synthetic Lubricants and Functional Fluids Market includes
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
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