Synthetic Lubricant Market Size, Share & Trends Analysis, 2019-2027
Synthetic Lubricant Market – Overview:
Synthetic Lubricant are predominantly utilized in
numerous end use industries such as construction, power & energy, mining,
oil & gas, food processing, automobile, and others. Synthetic Lubricant
market is expected to witness healthy growth due to increasing construction
activities and oil & gas activity across the globe. Among end user segment,
automobile is predicted to register healthy growth in the near future due to
increasing automotive sales along with increasing consumption of synthetic
lubricants. Moreover, increasing construction activities in developed and
developing countries is estimated to drive the market growth.
Geographically, Asia Pacific emerged as the largest
market for Synthetic Lubricant Market in 2016 and is
predicted to retain its dominance over the forecast years due to growing demand
from automotive, construction, and oil & gas sector specifically in China,
India, Japan, Vietnam, Thailand, Taiwan, and South Korea. In addition, economic
growth in this region along with rapid industrialization has resulted in the
increased production and sales of automobile which in turn is estimated to
drive the demand for synthetic lubricant in the upcoming years. Furthermore,
huge investment by major operating players in their Research & Development
activities and shifting of synthetic lubricant manufacturing facilities as well
as significantly increasing end use industries in this region is estimated to
propel the synthetic lubricant regional market growth. North American market is
estimated to witness steady growth due to rising demand from power & energy
and oil & gas sector.
In North America, U.S. and Canada are among the
major contributor in the regional market growth on account of strong growth of
food processing and oil & gas sector. Europe is estimated to witness
significant growth owing to growing passenger car and heavy vehicle production
and sales in various countries such as Germany, Spain, Italy, and UK. The
Middle Eastern & African market is expected to register above healthy
growth on account of increasing commercial and residential construction
activities specifically in Qatar, Turkey, the United Arab Emirates, Oman, and
Saudi Arabia. Latin American countries such as Brazil, Argentina, and Mexico is
estimated to register moderate growth due to rising per capita disposable
income along with strong consumer base for automotive industry.
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Industry/ Innovation/ Related News:
March 2017- Petronas Lubricants announced that the
company has launched motorcycle lubricant named as Petronas Sprinta with
Ultraflex. With this product launch the company will be able to meet the
increasing demand for synthetic lubricant.
June 2017- KLONDIKE Lubricants Corporation launched
Synthetic Nano Grease in Canada. This product launch will strengthen company’s
position among the lubricant manufacturers.
June 2017- ExxonMobil, one of the leading
manufacturer of lubricants announced that the company completed its expansion
project in Jurong to raise the manufacturing of grease and synthetic
lubricants. With this expansion, the company strengthen its manufacturing
capabilities and will be able to meet the increasing demand for grease and
synthetic lubricants products in Asia Pacific region.
September 2017- GP Petroleums, a subsidiary of
Petrochem Group launched Repsol’s synthetic motorcycle oils in India. With this
product launch the company is planning to expand its footprint in the Asia
Pacific region.
May 2016- PetroChoice, one of the leading provider
of lubrication solution acquired Universal Lubricants’ new oil business. With
this acquisition the company added 15 distribution locations, this helps the
company to expand their geographic reach and solidifies its position as the
largest bulk lubricant distributor in the United States.
May 2016- JX Nippon Oil & Energy announced two
distribution partnership to expand its reach in the different location of U.S.
The company main focus is to meet the increasing demand for synthetic
lubricant.
Competitive Landscape:
The Synthetic Lubricant report has analysed the
level of competition among the key operating players as well as sector growth
and market scenario. The global synthetic lubricant market comprises of various
manufacturers operating in the market which comprised of large scale and medium
size manufacturers. Some of the prominent market players operating in the
global synthetic lubricant industry has shifted their focus towards growth
association specifically by Asia Pacific as medium scale and small scale
manufacturers are from this region specifically from China, South Korea, India,
Indonesia, Thailand, Taiwan, Malaysia, and Japan. Moreover, the major operating
players are focusing on extending their product portfolio by strategic acquisition
and mergers, joint ventures, product launches, and exclusive agreements. Some
of the companies are expanding their manufacturing capacity of synthetic
lubricant to meet the growing demand for synthetic lubricant. Furthermore, some
of the manufacturers has launched a series of product to strengthen their
position in the market.
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