New product launches is the
most popular strategy adopted by the key players of the global synthetic
lubricants market
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The
global synthetic lubricants market is estimated to be worth USD 31.0 billion in
2014 and is projected to reach USD 36.0 billion by 2020, at a CAGR of 2.5% between
2015 and 2020. Key strategies such as new product development, expansion, and contracts
& agreements are adopted by the major players to meet the demand of end users.
The maximum number of strategic developments undertaken between 2011 and 2015 took
place in North America. North America is followed by Asia-Pacific and Europe.
Major
players operating in the global synthetic lubricants market are ExxonMobil
Corporation (U.S.), Chevron Corporation (U.S.), Royal Dutch Shell Plc.
(Netherlands), Petroliam Nasional Berhad (Malaysia), and Fuchs Petrolub SE
(Germany).
ExxonMobil
Corporation (U.S.) is one of the leading synthetic lubricants manufacturers in the
world. The company accounted for the largest share of all the developments recorded
from 2011 to 2015. It accounted for 23.3% of all the strategic developments
undertaken. The company has made maximum developments in North America. ExxonMobil
Corporation has been focusing on new product development, expansion, and
partnerships & collaborations to maintain its leading position in the
market. For instance, ExxonMobil Corporation launched readily biodegradable
synthetic hydraulic oil, Mobil SHC Hydraulic EAL (Environmentally Acceptable
Lubricant). High performance lubricant is mainly used for industries where EALs
are required, such as hydraulic oil applications and offshore oil.
Chevron
Corporation (U.S.) is another major player in the global synthetic lubricants market.
The company accounted for 16.7% of all the strategic developments recorded
during the period from 2011 to 2015. The company has been focusing on new
product launches. In January 2015, Chevron Corporation (U.S.) launched Kixx, a multi-grade
motor oil made of 100% synthetic base fluids. This product helps
in fuel efficiency and reduces noise.
This
report provides a detailed analysis of the synthetic lubricants market and
segments the same on the basis of types, application, and geography. Based on application,
the market has been segmented into engine oil, metalworking fluids, and
industrial. Based on geography, the market has been segmented as Europe, North
America, Asia-Pacific, and Rest of the World.
Increasing use of synthetic and semi-synthetic
lubricants expected to drive the synthetic lubricants market
The global synthetic lubricants
market size is estimated at USD 31.0 billion in 2014 and is projected to reach
USD 36.0 billion by 2020, at a CAGR of 2.5% from 2015 to 2020.
The report analyses the synthetic
lubricants market with respect to type, application, and geography. The
application segment is divided into engine oil, metalworking fluids, and industrial.
The industrial segment includes transmission fluids, hydraulic oil, turbine
oil, and compressor oil. Engine oil application is the leading segment,
contributing over 45.6% to the overall synthetic lubricants market in 2014. Growth
in the end-use industries such as automotive and industrial is driving the
engine oil application segment. This would in turn drive the demand for
synthetic lubricants.
PAO (Polyalpha Olefins) accounts
for the major market share in overall synthetic lubricants market. However PAG
(Polyalkylene Glycols) is projected to grow at the fastest rate between 2015
and 2020. The demand for PAGs in
Asia-Pacific is growing on account of the increasing demand from various
emerging economies such as China and India. Moreover, increasing domestic
demand, coupled with cheap manufacturing facilities, is expected to drive the
demand for PAGs in the Asia-Pacific region.
Europe holds the biggest share of
the global synthetic lubricants market in 2014. Asia-Pacific is the fastest-growing
region in the global synthetic lubricants market. The tremendous growth of
industrial production, increased trade, and increase in number of vehicles are
primarily responsible for the high consumption of synthetic lubricants in the
Asia-pacific region.
Some of the major players
operating in the global synthetic lubricants market are ExxonMobil Corporation
(U.S.), Royal Dutch Shell Plc. (Netherlands), Fuchs Petrolub SE (Germany),
Total S.A. (France), Chevron Corporation (U.S.), Lubrizol Corporation (U.S.),
Idemitsu Kosan Co. Ltd (Japan), Pennzoil (U.S.), The Dow Chemical Company
(U.S.), and Petroliam Nasional Berhad (Malaysia). Most of the companies have
adopted new product development, expansion, and contracts & agreements as their
development strategies to sustain in the global synthetic lubricants market.
