According to the research literature titled ‘Global Synthetic Lubricants Market Analysis - Analysis by Product Type (Engine Oil, Metalworking Fluids, Hydraulic Fluids, Transmission Fluids, Compressor Oil, Gear Oil, Others), End User, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report, global synthetic lubricants market size was valued USD 33.7 billion in 2020 and is touted to expand with a healthy growth rate during 2021-2026.
 

Stringent environmental regulations, favorable government policies on energy conservation, flourishing automotive sector, and developing consciousness among consumer regarding product quality are stimulating global synthetic lubricants market growth.
 

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Rapid industrialization in both developed and developing economies is further accelerating the industry expansion. Also, investment by public and private sector in small and medium scale industries, burgeoning population, and spike in consumer goods demand are the other major rationales behind the industry growth. Moreover, recent technological advancements in the field have led to reduced maintenance costs, further enhancing the overall synthetic lubricants industry remuneration scope.
 

For the uninitiated, motor oil, also known as engine oil or engine lubricant is a substance that comprises base oils that are enhance with various additives like detergents, antiwear additives, dispersants, whereas for multi-grades, viscosity index improvers are added. This oil is utilized for lubrication of the internal combustion engines. The synthetic variants of this oil are known to increase efficiency levels reducing the among energy required to maintain consistent processing.
 

From a geographical perspective, Americas, Europe, and Asia Pacific are the top contributors to global synthetic lubricants market remuneration. Asia Pacific is touted to grow considerably in the upcoming years, creditable to low production in Asian nations facilitated by increasing industrialization and rising investment by manufacturers. Moreover, rapidly growing automotive sector in the region is complementing the industry outlook.
 

Key players influencing global synthetic lubricants market sphere are Valvoline Inc., Total SE, Gulf Oil Lubricants India Ltd., Royal Dutch Shell plc, Fuchs Petrolub SE, Indian Oil Corp., BP plc, Castrol India Ltd., Exxon Mobil Corp., and Chevron Corp.