iCrowdNewswire Dec 29, 2020 12:22 AM ET
The global report containing various details of the synthetic lubricants market discussed a possibility for the market to reach a valuation worth USD 39.34 billion by the end of 2023. Market Research Future (MRFR) predicts that this growth would follow 3.2% CAGR during the forecast period of 2018 to 2023. Various factors like the growing inclusion of the product in power & energy, mining, automobile, and others are expected to boost the market growth. Expansion in developing countries would also help the market growth.
However, the search for sustainable alternatives can hold back the expected market growth in the coming years.
The global synthetic lubricant market has been studied by MRFR analysts to dig deep into several sectors of the market and understand the impact of factors and demographic changes. This reveals segments like types, application, and end users. Insights from these segments can boost the global market understanding and help in devising strategies that can increase the profit margin.
By types, the global market for synthetic lubricant has been segmented into polyalkylene glycol (PAG), esters, polyalphaolefin (PAO), silicones, and others, The ‘others’ segment includes alkylated aromatics and polybutenes.
By application, the global market report for the synthetic lubricant has been segmented into metal working fluids, engine oil, hydraulic oil, marine lubricants, process oil, and others. The ‘others’ segment includes gear oils, compressor oils, and synthetic greases oils.
By end user, the study of the global synthetic lubricant market has been segmented into construction, power & energy, automobile, oil & gas, food processing, mining, and others. The ‘others’ segment includes vacuum pumps, turbines, and soap & paint industries.
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The global market for synthetic lubricants is getting impacted by strategic moves of companies like Fuchs Petolub SE (Germany), Total Lubricants (Europe), Exxon Mobil Corporation (US), The DOW Chemical Company (US), Petroliam Nasional Berhad (Malaysia), BP PLC (US), Chevron Corporation (US), Demitsu Kosan Co. Ltd (Japan), Pennzoil (US), Lubrizol Corporation (US), and others. These companies have much to promote through various strategic stances like mergers, collaborations, marketing strategies, branding, acquisitions, new product launches, hike in research and development projects, and others. These have been recorded well by MRFR to boost a complete understanding of how the market can move forward in the coming years.
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The Asia Pacific market is the leading region in terms of generating revenues. The region has several producers and high consumption rate due to the ongoing power and energy sector exploration activities and the booming automotive sector. Countries like India and China are expected to play prominent roles in ensuring growth for the market.
The market for synthetic lubricant is substantial in the North American region and Europe is the third-largest region for the market. Both these sectors are profiting from their automotive industries and oil exploration activities.
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