Data Bridge Market Research analyses that the synthetic lubricants market will witness a CAGR of 4.06% for the forecast period of 2021-2028 and is likely to reach at USD 43.49 billion by 2028.
Oil is derived from many artificial chemical production sectors, such as esters, PAO, and others, to make synthetic lubricants. These oils are then treated to replace the mineral oils found in crude oil, resulting in synthetic lubricants that are utilised as lubricating fluids/compounds to improve the performance of various machines and components. Unlike traditional lubricants, synthetic lubricants are created through chemical synthesis rather than refinement or extraction of petroleum-based chemicals, with the main goal of artificial lubricants being to reduce friction between two surfaces.
Growth in the production activities for natural gas being carried out in many gulf countries and rise in the level of industrialization from various developing countries are the major drivers that will influence the growth of synthetic lubricants market. Furthermore, growing demand for automotive industry and many benefits related with these lubricants will accelerate the synthetic lubricants market growth rate.
Competitive Landscape and Synthetic Lubricants Market Share Analysis
The synthetic lubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to synthetic lubricants market.
The major players covered in the synthetic lubricants market report are TotalEnergies; Royal Dutch Shell; Lubrication Engineers; Exxon Mobil Corporation; Synthetic Lubricants, Inc.; bp p.l.c.; CASTROL LIMITED; Valvoline LLC; Indian Oil Corporation Ltd; Chevron Corporation; China Petrochemical Corporation; FUCHS; Pennzoil; Phillips 66 Company; AMSOIL INC.; INEOS; NACO Corporation; LANXESS; Idemitsu Kosan Co.,Ltd.; China Petroleum & Chemical Corporation; LUKOIL; Petroliam Nasional Berhad (PETRONAS), among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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