Synthetic Lubricants Market worth $37.3 billion by 2023 | Key Players include Royal Dutch Shell Plc, ExxonMobil Corporation, British Petroleum Plc, Chevron Corporation, Total SA, Sinopec Limited, Lukoil, Indian Oil Corporation Ltd., Fuchs Group, and Idemi

According to recent market research "Synthetic Lubricants Market by Type (PAO, PAG, Esters, Group III), Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil), Region - Global Forecast to 2023", The synthetic lubricants market is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%, from USD 32.2 billion in 2018.

Browse 96 market data Tables and 45 Figures spread through 139 Pages and in-depth TOC on "Synthetic Lubricants Market - Global Forecast to 2023"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/synthetic-lubricant-market-141429702.html

Synthetic lubricants are widely used in the manufacturing and transportation sectors, such as automotive, aviation, marine, transportation equipment manufacturing, metal production, commercial machinery manufacturing, food & beverage, and rubber & plastic industries. Hence, the rapid growth in these industries is expected to contribute to the growth of the synthetic lubricants market. Furthermore, the use of synthetic lubricants is very essential in the engine oil segment. The automotive industry is the largest consumer for engine oil and the rapid growth of the industry is expected to drive the demand for synthetic lubricants.

The synthetic lubricants market size is projected to reach USD 37.3 billion by 2023 from USD 32.2 billion in 2018, at a CAGR of 3.0%, between 2018 and 2023. Synthetic lubricants are made of chemical compounds which are artificially made. They are manufactured through alkylation, polymerization, and esterification of petroleum-derived raw materials. They are usually produced in a liquid or semi-solid state. Synthetic lubricants are utilized to reduce friction between moving surfaces and enhance fuel economy. In addition, synthetic lubricants also help reduce wear and tear of machinery and prevent overheating and corrosion, which increases the efficiency of the machine.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=141429702

The synthetic lubricants market size is estimated to be USD 32.2 billion in 2018 and is projected to reach USD 37.3 billion by 2023, at a CAGR of 3.0%, between 2018 and 2023. The industrial growth in growing regions, such as APAC and the Middle East & Africa, coupled with increasing automation in various sectors, (including automotive and manufacturing), is expected to drive the demand for synthetic lubricants during the forecast period. However, technological advancements and oil rejuvenation act as restraining factors of growth in the synthetic lubricants market.

The key players in this market are Royal Dutch Shell PLC (The Netherlands), ExxonMobil Corporation (US), British Petroleum Plc ((UK), Chevron Corporation (US), Total SA (France), Sinopec Limited (China), Lukoil (Russia), Indian Oil Corporation Ltd. (India), Fuchs Group (Germany), and Idemitsu Kosan Co. Ltd. (Japan). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, and agreements to expand their presence and increase their shares in the Synthetic Lubricants Market. Agreements, expansions, and new product launches have been the most adopted strategies by major players from 2016 to 2018, which has helped them to expand their regional presence and strengthen their product offerings.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=141429702

Royal Dutch Shell PLC (The Netherlands) is one of the largest manufacturers of lubricants. The company offers a wide range of products that include automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, and special application lubricants. It is the leading player in the synthetic lubricants market. The company is focusing on agreements and expansions as the key strategies to strengthen its position in the market. For instance, in September 2018, the company renewed its agreement with BMW AG (Germany) to supply aftermarket synthetic engine oils in Europe and the Middle East & Africa till 2022. This agreement will strengthen the companys presence in Europe.

ExxonMobil Corporation is one of the largest market players and the second-largest publicly traded company, in terms of market capitalization. The company markets its products globally under the brands—Exxon, Mobil, and Esso. It focuses on new product launch as the key strategy. In December 2018, the company launched Mobil 1 Truck & SUV synthetic motor oil for gasoline-fueled, light-duty trucks, and SUVs. This product maximizes engine efficiency and provides excellent protection.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/synthetic-lubricant-market.asp

This release was published on openPR.