June 03, 2021
According to the report 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 was remunerated at USD 33.7 billion in 2020 is expected to see a substantial growth during 2021-2026.
The anticipated growth of global synthetic lubricants is attributed to optimistic approach towards automotive and industrial sector along with fast paced industrialization, and infusion of funds by private as well as public sector in small and medium scale industries. Also, rise in population, and hike in consumer goods demand will act as growth catalysts.
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As per the report, supportive government norms pertaining to energy conservation and environment protection will lead to innovations in automotive sector, further boosting the demand for synthetic lubricants.
Based on type, the industry is divided into engine oil, metalworking fluids, transmission fluids, hydraulic fluids, gear oil, compressor oil, and others.
In terms of end user, worldwide synthetic lubricant market is bifurcated in segments namely, automotive, industrial, energy, chemical manufacturing, and others.
From regional frame of reference, Asia Pacific is reckoned as one of the leading contributors towards global synthetic lubricant industry valuation, with constant rise in demand from automotive sector. Low production costs and rising industrialization in nations like India and China will further stimulate the industry outlook.
The companies in the marketplace namely, Exxon Mobil Corporation, Chevron Corporation, BP plc, Castrol Limited, Fuchs Petrolub SE, Indian Oil Corporation Limited, Gulf Oil, Royal Dutch Shell plc, Valvoline Inc., are TotalEnergies SE are competing aggressively with top quality products at competitive prices to amplifying their profit returns.