The global synthetic lubricants market was valued at $12 billion in 2018 and is expected to reach $18.8 billion in 2026, with a CAGR of 5% from 2021 to 2027. The growing demand of automotive manufacturers is expected to have a positive impact on the market. Growth over the forecast period. These groups of chemicals have numerous applications in the automotive sector in the form of diesel engine oils, gearbox lubricants and transmission oils in passenger and commercial vehicles and motorcycles. The superior performance of synthetic lubricants over mineral lubricants in terms of high temperature operating range, low friction and high load carrying capacity will further increase the demand.
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Synthetic Lubricants Market Segments:
By type
• Polyalphaolefin (PAo)
• Esters
• Polyalkylene glycol (PAG)
• Group III (Hydrocracking)
By Product Type
• Engine oil
• Hydraulic fluids
• Metalworking fluids
• Compressor oil
• Gear oil
• Refrigeration oil
• Transmission fluids
• Turbine oil
By End-Use Industry
• Construction
• Mining
• Metal Production
• Cement Production
• Power Generation
• Automotive Manufacturing
• Chemical
• Marine (Deck Manufacturing)
• Oil & Gas
• Textile
• Food Processing
• Others
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