CHICAGO, Feb. 22, 2024 /PRNewswire/ -- The report "Synthetic Lubricants Market by Type (Polyalphaolefins (PAOs), Esters, Poly Alkyne Glycols (PAGs), Group III), Product Type (Engine Oils, Hydraulic Fluids, Metalworking Fluids, Compressor Oils, Turbine Oils), & Region - Global Forecast to 2028", Synthetic Lubricants Market size is estimated at USD 41.2 billion in 2023 and is projected to reach USD 48.0 billion by 2028, at a CAGR of 3.1%.
When it comes to performance, synthetic lubricants are better to traditional mineral-based oils. They offer greater resistance to oxidation, thermal stability, and viscosity, which improves efficiency and extends the life of equipment. Synthetic lubricants are becoming more and more popular in industries like manufacturing, aerospace, and automotive that demand high-performance lubricants. Synthetic lubricants are used in a wide range of specialized applications, including high-temperature environments, extreme pressure conditions, and harsh operating conditions. Their ability to perform reliably in such environments makes them indispensable in industries such as aerospace, marine, and heavy manufacturing.
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"The PAOs segment to account for largest share in the Synthetic Lubricants market, in terms of value, during the forecast period."
PAOs segment accounted for the largest share in the global Synthetic Lubricants market in 2022, in terms of value. Because of their exceptional oxidation stability, PAOs withstand deterioration and continue to function for prolonged periods of time. Because of this, PAOs are used in lubricant applications where high temperatures and oxidative conditions are present. Since it has low volatility, PAOs are less likely to evaporate in hot conditions. In high-temperature situations, this feature aids in lowering oil consumption and pollutants.
"Engine oil segment to lead Synthetic Lubricants market in product type segment, during the forecast period, in terms of value."
The engine oil segment accounted for the largest share of the Synthetic Lubricants market in 2022, in terms of value. The service intervals for synthetic engine oils are longer than those for conventional oils. They can sustain their performance characteristics for longer thanks to their improved oxidative and thermal stability, which enables longer drain intervals. Because fewer oil changes are required, this may save money and have a less negative effect on the environment.
"Asia Pacific is expected to be the fastest-growing region, in the overall Synthetic Lubricants market, during the forecast period."
Asia Pacific is the leading consumer of Synthetic Lubricants. Many countries in the Asia Pacific region are investing heavily in infrastructure development, including transportation networks, energy facilities, and construction projects. Synthetic lubricants are used in various construction and industrial equipment, such as excavators, cranes, and generators, to ensure smooth operation and longevity. The Asia Pacific region offers substantial prospects for producers and suppliers of synthetic lubricants because of its strong economic growth, burgeoning automobile industry, rising infrastructure expenditures, rising public awareness, and kind regulatory framework.
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The key players profiled in the report include Shell plc (UK), BP p.l.c (UK)., Exxon Mobil Corporation (US), TotalEnergies SE (France), FUCHS (Germany), Chevron Corporation (US), Idemitsu Kosan Co., Ltd. (Japan), China Petroleum & Chemical Corporation (China), LUKOIL (Russia), and Petroliam Nasional Berhad (PETRONAS) (Malaysia)
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