The synthetic lubricants and functional fluids industry, valued at USD 7.90 billion in 2022, is projected to grow at a robust Compound Annual Growth Rate (CAGR) of 5.80% to reach USD 13.88 billion by 2032.
Recent years have seen significant growth in the synthetic lubricants market, primarily fueled by increasing demand from the automotive sector. The substitution of petroleum-refined oils with synthetic lubricants for high-temperature applications presents lucrative opportunities for global market players.
Expansion in the global market for synthetic lubricants and functional fluids is also driven by heightened demand for high-performance products and stricter environmental regulations.
Furthermore, investments in newer base stock capacities globally have led to increased availability of high-quality base stocks, further boosting market growth. Original equipment manufacturers (OEMs) are increasingly endorsing high-performance synthetic products, supported by the growing supply of synthetic lubricants and functional fluids and the adoption of global specifications.
The superior performance characteristics of synthetic lubricants, such as low friction, high-temperature stability, and enhanced load-carrying capacity compared to conventional oils, are key factors driving the market’s 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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