LONDON--(BUSINESS WIRE)--The global synthetic lubricants market is expected to grow at a CAGR of more than 3% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global synthetic lubricants market for 2017-2021. The market is further categorized into four major application segments, comprising of engine oils, heat transfer fluids, transmission fluids, and metalworking fluids, of which the engine oils segment accounted for more than 42% of the market share in 2016.
Technavio’s research analysts segment the global synthetic lubricants market into the following regions:
- EMEA
- Americas
- APAC
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Synthetic lubricants market in EMEA
EMEA dominated the global synthetic lubricant market in 2016 and will continue to do so during the forecast period. The thriving automotive, machinery, and textile industries in EMEA will drive the synthetic lubricants market in the region.
Some of the key contributing countries in the region are the UK, Russia, Germany, France, Italy, Saudi Arabia, Iran, UAE, South Africa, and Egypt. The rapid and continuous pace of industrialization in the developing countries will propel the demand for high-performance synthetic lubricants and is likely to boost the synthetic lubricants market in EMEA.
According to Ajay Adikhari, a lead analyst at Technavio for specialty chemicals research, “Synthetic lubricants are popularly used in engines as these ensure safety and reduce the maintenance of vehicles. The versatile properties of synthetic lubricants such as enhanced energy efficiency, high viscosity, remarkable water-solubility, and varied operating temperature range will lead to the growth of the market during the forecast period.”
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Synthetic lubricants market in Americas
In 2016, the Americas accounted for a significant share of the market, which will witness further growth during the forecast period. Increasing consumption of synthetic lubricants by the automotive and aerospace and aviation industries is the key factor that will benefit the market. The US is the major contributor to the sales and production of jet engines, which is likely to fuel the demand for synthetic lubricants.
“The strong presence of manufacturing industries, such as Tesla, General Motors, and Ford Motor Company, promotes the consumption of synthetic lubricants. Growing focus on lubrication of equipment in the manufacturing and industrial sectors will also increase the demand for synthetic lubricants in transmission systems and heat transfer mediums,” says Ajay.
Synthetic lubricants market in APAC
The synthetic lubricants market is growing significantly in APAC region, which will exhibit the fastest growth rate during the forecast period. Growing emphasis on fuel economy and efficiency has increased the demand for synthetic lubricants. Increasing consumer awareness regarding the use and advantages of synthetic lubricants is expected to drive demand shortly.
Increasing demand for automotives in the emerging countries of the region plays a key role in driving the demand for synthetic lubricants. China, India, Japan, Australia, South Korea, and New Zealand are some of the key contributing countries in the region. Rapid industrialization and growing economies, such as China and India, drive market growth. Increasing investments in power generation, manufacturing, automotive manufacturing, and logistics will fuel the demand for synthetic lubricants during the forecast period.
The top vendors in the global synthetic lubricants market as highlighted in this market research analysis are:
- BP
- Chevron
- Exxon Mobil
- Royal Dutch Shell
- Total
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