Synthetic lubricant market size is projected to register USD 5.0 billion by 2023 - PowerPoint PPT Presentation

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Synthetic lubricant market size is projected to register USD 5.0 billion by 2023

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Synthetic lubricants market size is forecast to exceed 900 kilo tons by 2023, with growth estimates of 4.2% CAGR from 2016 to 2023. Global synthetic lubricants market share dominated by companies such as ExxonMobil, Shell, BP and Castrol.Total, Chevron and Fuchs are other key industry participants.Synthetic lubricants market size was estimated at 652.2 kilo tons in 2015, as per the latest research report by Global Market Insights, Inc. Positive automotive production landscape, particularly in Asia Pacific, along with superior performance and environmental properties will drive the global synthetic lubricants market trends. – PowerPoint PPT presentation

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Title: Synthetic lubricant market size is projected to register USD 5.0 billion by 2023


1
Synthetic Lubricants Market Size, Share, Industry
Outlook Forecast 2016-2024
Synthetic lubricant market size is projected to
register USD 5.0 billion by 2023
2
Global Market Scenario of Synthetic
lubricants Industry
  • Synthetic lubricant market size is projected to
    register USD 5.0 billion by 2023. Increasing
    focus towards natural gas development owing to
    strong application scope in construction, food
    beverages and personal care industries,
    particularly Saudi Arabia, Qatar and UAE, may
    favor demand.
  • Synthetic lubricants market size was estimated
    at 652.2 kilo tons in 2015, as per the latest
    research report by Global Market Insights, Inc.
    Positive automotive production landscape,
    particularly in Asia Pacific, along with superior
    performance and environmental properties will
    drive the global synthetic lubricants market
    trends.
  • (Group IV) PAO synthetic lubricants market size
    was dominant by accounting over 66 of the total
    demand in 2015. Increased PAO usage in automotive
    engines accompanied by OEM recommendations in
    major brands such as BMW and Volkswagen should
    instigate product demand.

3
Continue
  • Europe PAG market is poised to sustain average
    growth and register over USD 165 million by 2023.
    Strong focus towards reducing maintenance cost
    and rising trend in condition based monitoring
    for manufacturing sector is projected to promote
    PAG market growth.
  • Asia Pacific heat transfer fluid demand may
    observe highest gains with 4.7 CAGR up to 2023.
    HTFs are used for heating reboilers and water
    removal in the oil gas and chemical industries.
    Presence of large scale manufacturing companies
    in China and India may instigate product demand.
  • Synthetic lubricants market price are higher when
    compared to mineral based products which may
    negatively impact overall growth.

4
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5
Application Insights
  • Engine oil applications accounted for over 40 of
    synthetic lubricants market share in 2015, with
    growth expectations of 4.2 CAGR by 2023. Primary
    application functions include increasing drain
    intervals and provide excellent film protection,
    as well as a wide operating temperature range.
  • Heat transfer fluids (HTF), which are meant for
    water removal and heating reboilers in the
    chemical and oil gas industries, are also a key
    application avenue. Synthetic lubricants market
    size for HTF is likely to exceed 290 kilo tons by
    2023.
  • These products are also as automatic transmission
    fluids to perform functions such as valve
    operation, brake band friction, torque conversion
    and gear oiling. In addition, transmission fluids
    are also used as hydraulic fluids in power
    steering and as a lubricant in 4WD transfer
    cases. This application segment should grow at
    4.1 CAGR from 2016 to 2023 for industry
    participants.

Request sample copy of Industry
report_at_ https//www.gminsights.com/request-sample/
detail/368
6
Products Insights
  • (Group IV) PAO synthetic lubricants market share
    was calculated at over 435 kilotons in 2015, with
    growth forecast of 4 CAGR up to 2023. Increased
    PAO use in automotive engines coupled with OEM
    recommendations in brands such as Volkswagen and
    BMW is expected to augment segment growth over
    the next seven years.
  • Synthetic lubricant ester market size is likely
    to reach USD 1.73 billion by 2023, with 4.9 CAGR
    growth. Growing lubricant esters demand in
    reciprocating compressors on account of OEM such
    as Ingersoll Rand, endorsing use of compressor
    oil is expected to drive synthetic lubricants
    market size growth.

Browse this full report_at_ https//www.gminsights.co
m/industry-analysis/synthetic-lubricants-market
7
Regional Analysis
  • APAC, which is dominated by China and India
    synthetic lubricants market size, should achieve
    244.7 kilo ton consumption level by 2023, growing
    at 4.6. Increasing high-end vehicle sales in
    Asia Pacific is expected to drive growth over the
    forecast period. High performance and superior
    properties in comparison to their mineral based
    products, enables wide applications in high-end
    automotive uses for these products.
  • Europe synthetic lubricants market share should
    exceed revenue of USD 1.66 billion by 2023, owing
    to presence of key automotive and aerospace
    manufacturing companies including Airbus, Rolls
    Royce, BMW, Audi, Mercedes and VW.
  • Middle East and Latin America synthetic
    lubricants market offers untapped growth
    opportunities for industry players, while U.S. is
    a fairly saturated regional market.


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8

Latest Research Report On Market Research Report_at_
https//www.gminsights.com/industry-analysis/synt
hetic-lubricants-market Request Sample copy
of this report_at_ https//www.gminsights.com/reques
t-sample/detail/368 For Customization in this
report click_at_ https//www.gminsights.com/roc/368
9
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