Three major trends favoring synthetic lubricants market expansion

10:39 AM, 1st February 2021
Rising demand from the industrial and automobile sectors could generate new growth strides in the synthetic lubricants market over the coming years. The need for natural gas production is also increasing at a decent pace, fueling the synthetic lubricants industry growth.

Rising demand from the industrial and automobile sectors could generate new growth strides in the synthetic lubricants market over the coming years. The demand for automobiles has grown at a steady rate worldwide. Launch of new vehicle models that come with fuel-efficient engines, as well as increasing income levels in the middle-class population has offered a considerable push to the automotive sales.

The need for natural gas production is also increasing at a decent pace, fueling the synthetic lubricants industry growth. These lubricants are used to operate machineries across various sectors including construction, personal care and food & beverage. The demand for heat transfer fluid is on the rise in the oil & gas, pharmaceutical and chemical processing sectors owing to its enhancing heat transfer efficiency.

With a surge in demand, companies operating in the synthetic lubricants market are working on new product development. In 2020, synthetic lubricant manufacturer, AMSOIL announced the launch of four new synthetic lubricants for ATV/UTV applications. Based on such advancements, Global Market Insights Inc reports that the synthetic lubricants market may surpass $5 billion by 2023.

Mentioned below are some of the key trends that may propel synthetic lubricants market outlook:

1)    Increasing adoption of polyalphaolefin (PAO)

Application of polyalphaolefin (PAO) lubricants is vital in automobile engines. OEMs recommendation the use of these lubricants along with popular brands such as BMW and Volkswagen. The demand for PAO oils is also growing across applications having higher performance requirements, or the ones that have a unique set of specifications that cannot be fulfilled by traditional lubricants. Increasing performance requirements in the automotive and industrial sectors and increasing consumer spending on high-end vehicles will foster PAO synthetic lubricants demand over time.

2)    High significance in the industrial sector

Heat transfer fluids are extensively used in the industrial sector and are expected to drive over 4 percent growth in terms of revenue by 2023. Synthetic lubricants have high heat transfer efficiency, making then suitable in various industrial operations conducted in the chemical, O&G and pharmaceuticals arenas.

Although, high cost associated with mineral oils could restrain the synthetic lubricant market expansion. Moreover, with new government regulations supporting the development of eco-friendly product, the demand for bio-lubricants could grow over the years, dampening the synthetic lubricants market size.

3)     Robust demand from the aviation sector  

The North America synthetic lubricants market is anticipated to exceed $1 billion by 2023. The country comprises of prominent aviation companies such as Boeing and Lockheed Martin that utilize synthetic oils for various aircraft applications. Europe is also home to some of the leading aerospace and automotive companies like Audi, Airbus, BMW, Rolls Royce, Mercedes and Volkswagen. High sales of automobiles and aircrafts will boost the production and supply of synthetic lubricants in Europe.

Get detailed analysis on the Synthetic Lubricants Market: https://www.gminsights.com/request-sample/detail/368

Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights Inc.

Phone: 1-302-846-7766

Toll Free: 1-888-689-0688

Email: sales@gminsights.com

Web: https://www.gminsights.com

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