Synthetic Lubricants Market Major Manufactures,
Key Drivers, Trends, Demand, Share, Analysis to
Global Synthetic Lubricants Market is expected to reach USD 23.45 billion by 2024. Synthetic lubricants are
termed as a lubricant formed by chemical synthesis relatively by refinement or extraction of petroleum to form
a compound with predictable properties. It is superior to conventional mineral oil-based lubricants. The
Synthetic Lubricants Market is estimated to grow at a significant CAGR of 2.8% over the forecast period as the
scope and its applications are rising enormously across the globe.
Growing awareness regarding advantages of products, high demand from automotive industries, and rising
R&D investment by industries for the development of enhanced grades are documented as major factors of
synthetic lubricants market that are estimated to enhance the growth in the years to come. However, low cost of
mineral oil may affect synthetic oil demand is a factor that may restrain overall market growth in the coming
years. Synthetic lubricant market is segmented based on product type, application, and region.
Group V and group IV are the product types that could be explored in Synthetic Lubricants in the forecast
period. Group IV comprises Polyalphaolefin (PAO). On the other hand, group V comprises polyalkylene glycol
(PAG), esters, silicone, biolubes, polyolester, and others. PAO sector accounted for the substantial market share
of Synthetic Lubricants and is estimated to continue its dominance on the coming years. Also, in terms of
volume ester-based products sector is estimated to grow at fastest pace in the coming years.
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The market may be categorized based on applications like Metalworking Fluids, Engine Oil, Transmission
Fluids, Heat Transfer Fluids (HTF), and others could be explored in the forecast period. Engine oil sector