Synthetic Lubricant Market Growth Regional Outlook, Application Development Potential, Competitive Market Share and Forecast, 2022 – 2030
Exxon Mobil Corporation, The DOW Chemical Company, Fuchs Petrolub SE, Total Lubricants, Demitsu Kosan Co. Ltd, BP PLC, Chevron Corporation, Lubrizol Corporation, Pennzoil, Petroliam Nasional Berhad among others are some of the prominent players at the forefront of competition in the Global Synthetic Lubricant Market and are profiled in MRFR Analysis.
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 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 Market Growth 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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