Rising number of automotive industries is a key factor driving market revenue growth

VANCOUVER, BC, CANADA, June 19, 2024 /EINPresswire.com/ -- The global synthetic lubricants market size was USD 36.45 Billion in 2022 and is expected to register a steady revenue CAGR of 3.2% during the forecast period, according to latest analysis by Emergen Research. Rising number of automotive industries and industrialization in emerging countries and increasing Research & Development (R&D) activities and innovations in technologies are key factors driving market revenue growth. Synthetic lubricants are used in transmissions, differentials, engines, and a range of other automobile components, which lubricate, reduce friction, and increase fuel efficiency, resulting in maximum vehicle performance and longevity. For instance, engine oil is a type of lubricant created primarily for use in engines, while grease is utilized in the suspension and steering joints to avoid premature wear and tear. The lubricating oil might be petroleum or synthetic, and its viscosity can vary. Braking fluids, another synthetic lubricant, are used to sustain and enhance the performance of braking systems in all car applications. As brakes play such a vital part in the safety of automobiles and trucks, it is critical to keep these in good condition to preserve their excellent performance.

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Some Key Highlights From the Report
The engine oil segment accounted for largest revenue share in the global synthetic lubricants market in 2022. This is because engine oil is the most prevalent type of automotive lubricant to be found in autos. This is made up of base oils that have been upgraded with various additives, such as detergents, dispersants, and viscosity index improvers, for multi-grade oils. Internal combustion engines are lubricated using motor oil. Motor oil's primary role is to minimize friction and wear on components that move while also cleaning the engine of sludge and varnish. In addition, engine oil also neutralizes acids produced by fuel and lubricant oxidation, improves piston ring sealing, and cools down the engine by transporting heat out of moving parts.

The automotive manufacturing segment is expected to register steadily fast revenue growth rate in the global synthetic lubricants market during the forecast period. This is because synthetic oils surpass conventional oils in terms of preserving fluidity or viscosity across a wider temperature range. Synthetic lubricants help to improve fuel efficiency by minimizing engine friction and reduce overall petrol costs over time. Vehicles can go longer between oil changes because synthetic oils last longer than traditional oils, and in the long run, this saves both time and money. 

The North America market accounted for largest revenue share in the global synthetic lubricants market in 2022 owing to presence of leading oil manufacturing companies and their product development and rising portfolio with other companies. For instance, on 28 August 2023, Valvoline Global, an automotive pioneer driving the future of mobility with innovative lubricant and fluid products, introduced a new portfolio of ValvolineTM 4-stroke Full Synthetic Premium Motor Oil for marine and powersports applications. Greater operating speeds, seasonal use, and severe working environments present new problems for these four-stroke ATV/UTV and marine motors.

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Major Players/Manufacturers profiled in the report are:

Exxon Mobil Corporation., Calumet Specialty Products Partners, L.P., AMSOIL INC. IN., CASTROL LIMITED, Valvoline Global Operations, FUCHS, Indian Oil Corporation Ltd, TotalEnergies, LUKOIL, and BP p.l.c.

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Emergen Research has segmented the global synthetic lubricants market on the basis of type, product type, end-use, and region:

Type Outlook (Revenue, USD Billion; 2019-2032)
Polyalphaolefin (PAO)

Polyalkylene Glycol (PAG)

Esters

Others

Product Type Outlook (Revenue, USD Billion; 2019-2032)
Compressor Oil

Engine Oil

Metalworking Fluids

Turbine Oil

Gear Oil

Hydraulic Oil

Transmission Oil

Refrigeration Oil

End-use Outlook (Revenue, USD Billion; 2019-2032)
Construction

Automotive Manufacturing

Cement Production

Mining

Metal Production

Marine

Oil & Gas (O&G)

Food Processing

Textile

Others

Key Geographies Profiled in the Report:

North America(the U.S., Mexico, and Canada)

Asia Pacific(China, Japan, India, and Rest of Asia Pacific)

Europe(the U.K., France, Germany, and Rest of Europe)

Latin America(Brazil and Rest of Latin America)

Middle East & Africa(GCC Countries and Rest of Middle East & Africa)

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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