Product Overview

Synthetic lubricants are composed of oil components which have been synthetically produced rather than refined from existing petroleum crudes or vegetable oils by reaction of a few well-defined chemical compounds. In both high and low temperatures, they can be used. Synthetic lubricants enhance resistance to oxidation, thermal stability, low-temperature properties, and reduce the formation of residues, flammability, and lower losses of evaporation. They also assist in minimizing fiction and thus improve the efficiency of fuel and the life of machinery. Synthetic lubricants help to regulate the temperature of the vehicle by absorbing the heat produced by the moving parts of the vehicle and transferring it to the sump or cooler. These factors collectively help to increase the average life cycle of the vehicle. Synthetic lubricants find their application in process oil, engine oil, marine lubricants, hydraulic oil, and metalworking fluids.

Market Highlights

Global Synthetic Lubricants Market is expected to project a notable CAGR of 3.14% in 2030.

Global Synthetic Lubricants Market to surpass USD 46.57 billion by 2030 from USD 34.19 billion in 2020 at a CAGR of 3.14% in the coming years, i.e., 2021-30. The factors such as growing automotive industry and vehicle parks are bolstering the market growth. Introduction of new technologies and new standards, increasing regulatory requirements, rising demand from consumers for high performance and long-lasting products are the other factors which are significantly impacting the synthetic lubricants market growth. The consumption of synthetic lubricants is escalating owing to their properties including high viscosity, water solubility, and bio-degradability.

Recent Highlights in Global Synthetic Lubricants Market

In July 2019, Indian oil corporation launched Servo SuperMile Plus high-performance lubricants. It is a high-quality engine oil that is ideal for new-generation petrol and diesel cars.

Global Synthetic Lubricants Market: Segments

PAO segment to grow with the highest CAGR during 2020-30

Global Synthetic Lubricants Market is segmented by Type into PAO, PAG, Esters, Group III. PAO segment held the largest market share in the year 2020. Polyalphaolefin (PAO), also known as synthetic hydrocarbons is the common form of synthetic base oil. These lubricants are produced via catalytic oligomerization of alphaolefin. PAO possesses various chemical and physical properties such as a higher viscosity index, lower volatility, better oxidative/thermal stability, and lower pour point. They are highly utilized as high-performance functional base fluids in compressor oils, hydraulic oils, transmission oils, and engine oils.

Engine Oil segment to grow with the highest CAGR during 2020-30

Global Synthetic Lubricants market is bifurcated by application into Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids and Turbine Oil. Engine Oil segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years owing to propelling automotive industry that includes personal as well as cargo transportation. Engine oil is primarily used in automobiles to minimize metal-to-metal contact and reduce damage and friction. It provides high operating temperature, outstanding firm protection, and enhanced drain interval.

Market Dynamics

Drivers

Flourishing Automotive Industry

Automotive industry has witnessed a tremendous growth in the last few years. According to the OICA, in 2017 global vehicle production was almost 97 million units. The demand for synthetic lubricants is increasing in the automotive industry which is estimated to have a positive impact on market growth. These lubricants are utilized in automotive industry in the form of gearbox lubes, diesel engine oils, and transmission oils in passenger and commercial vehicles and motorcycles. In addition, to smoothen the working of machinery in the automotive sector, the demand for low viscosity grease and fluids is accelerating which is anticipated to propel the market growth. Bedsides, mounting sales of commercial and passenger vehicles in developing economies are boosting the global automotive industry. This in turn is projected to boost the synthetic lubricants market.

Technological Advancements in Synthetic Lubricants

Advent of advancements in synthetic lubricant technologies is expected to boost the synthetic lubricants market in the coming years. Various manufacturers are introducing environmentally-friendly, efficient, and effective synthetic lubricants at very competitive costs. This would increase the penetration of synthetic lubricants in the market. In addition, technological innovation such as NSF food lubrication standard set by significant equipment builders, in order to use synthetic lubricants in the food industry is projected to proliferate synthetic lubricants market growth.

Restraint

High Price of Synthetic Lubricants

High cost associated with synthetic lubricants is likely to have a negative impact on the market growth. The cost of synthetic lubricants is double when compared to mineral oil lubricants. The price of synthetic lubricants based on silicone can go as high as 20 times the cost of mineral oil lubricants. In major emerging markets such as India, China, Brazil, and Africa, price plays a key role in choosing the form of lubricant

Global Synthetic Lubricants Market: Key Players

Royal Dutch Shell Plc

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

Castrol

BP PLC

Fuchs Petrolub SE

Lubrizol Corporation

Idemitsu Kosan Co. Ltd.

The Dow Chemical Company

ExxonMobil Corporation, BP

Chevron Corporation Total S.A

Pennzoil

Petroliam Nasional Berhad.

Sinopec Limited

Other Prominent Players

Global Synthetic Lubricants Market: Regions

Global Synthetic Lubricants Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Synthetic Lubricants Market in Europe held the largest market share of XX.X% in the year 2020. Europe will continue to dominate the global Synthetic Lubricants market. The demand in Europe is powered by growing investment in blending plants for synthetic lubricants in Russia and the Netherlands, among other countries. Apart from this, the demand for fuel-efficient lubricants is fueling by strict regulations on CO2 emissions from vehicles, thus driving the synthetic lubricants market in the automotive sector.

Global Synthetic Lubricants Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Global Synthetic Lubricants Market report also contains analysis on:

Synthetic Lubricants Market Segments:

By Type

PAO

PAG

Esters

Group III

By Application

Engine Oil

Hydraulic Fluids

Metalworking Fluids

Compressor Oil

Gear Oil

Refrigeration Oil

Transmission Fluids

Turbine Oil

By End-User

Automotive

Power Generation

Food and Beverages

Others

Synthetic Lubricants Market Dynamics

Synthetic Lubricants Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Contents

1. Executive Summary

2. Global Synthetic Lubricants Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Global Synthetic Lubricants Market Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Global Synthetic Lubricants Market

11.1. Market Size & forecast, 2020A-2030F

11.1.1. By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

11.1.2. By Volume (Million Units) 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12. Global Synthetic Lubricants Market: Market Segmentation

12.1. By Regions

12.1.1. North America:(U.S. and Canada), By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.1.5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2. By Type: Market Share (2020-2030F)

12.2.1. PAO, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.2. PAG, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.3. Esters, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.2.4. Group III, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3. By Application: Market Share (2020-2030F)

12.3.1. Engine Oil, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.2. Hydraulic Fluids, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.3. Metalworking Fluids, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.4. Compressor Oil, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.5. Gear Oil, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.6. Refrigeration Oil, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.7. Transmission Fluids, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.3.8. Turbine Oil, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.4. By End User: Market Share (2020-2030F)

12.4.1. Automotive, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.4.2. Power Generation, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.4.3. Food and Beverages, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

12.4.4. Others, By Value (USD Billion 2020-2030F; Y-o-Y Growth (%) 2021-2030F

13 Company Profile

13.1. Royal Dutch Shell Plc

13.1.1. Company Overview

13.1.2. Company Total Revenue (Financials)

13.1.3. Market Potential

13.1.4. Global Presence

13.1.5. Key Performance Indicators

13.1.6. SWOT Analysis

13.1.7. Product Launch

13.2. Castrol

13.3. BP PLC

13.4. Fuchs Petrolub SE

13.5. Lubrizol Corporation

13.6. Idemitsu Kosan Co. Ltd.

13.7. The Dow Chemical Company

13.8. ExxonMobil Corporation, BP

13.9. Chevron Corporation Total S.A

13.10. Pennzoil

13.11. Petroliam Nasional Berhad.

13.12. Sinopec Limited

13.13. Other Prominent Players

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)