From GlobeNewswire: 2025-02-11 09:30:00

The Synthetic Lubricants Market was valued at USD 42.87 billion in 2023 and is projected to reach USD 56.21 billion by 2032, growing at a CAGR of 3.07% from 2024-2032. Synthetic lubricants offer superior performance over traditional mineral oils, with applications in automotive, industrial, aerospace, and marine sectors.

Key companies in the Synthetic Lubricants Market include Shell, ExxonMobil, BP, TotalEnergies, Chevron, FUCHS, Valvoline, and more. These companies offer a range of synthetic lubricant products for various applications, from engine oils to metalworking fluids, meeting the diverse needs of industries worldwide.

Polyalphaolefins (PAOs) dominate the market with a share of over 47.2% in 2023, known for their exceptional properties such as thermal stability and wear protection. Engine oils hold a market share of over 29.6% in 2023, crucial for internal combustion engines, offering improved fuel efficiency and reduced emissions.

The Asia Pacific led the Synthetic Lubricants Market in 2023, driven by a strong industrial base and expanding automotive and manufacturing sectors. China, India, and Japan played significant roles in this growth. Meanwhile, Europe is set for rapid growth driven by sustainability efforts and stricter environmental regulations, emphasizing the need for high-quality lubricants. TotalEnergies SE acquires upstream assets from CEPSA in the UAE in January 2023, strengthening its global energy market position and expanding its synthetic lubricants portfolio. Chevron Corporation buys all shares of Hess Corporation in a USD 53 billion all-stock deal in October 2023 to boost production capabilities and support expansion in the synthetic lubricants market. The market research report on the Synthetic Lubricants Market 2024-2032 provides detailed insights into market dynamics, statistical trends, competitive landscape, segmentation by type and product, regional analysis, company profiles, and best practices. SNS Insider offers customized research and expert analysis services to help clients navigate changing market conditions with confidence.



Read more at GlobeNewswire: Synthetic Lubricants Market to Hit Valuation of USD 56.21