Global Synthetic Lubricants and Functional Fluids Market: Overview
Synthetic lubricants are produced by means of chemical synthesis of refinery by products and comprises of group III, IV and group V base oils including polyalphaolefins, polyalkylene glycols and esters, etc. Owing to the high viscosity indexes, high temperature stability, low pouring points, and low traction coefficients, synthetic lubricants are superior to the conventional mineral oils.
Functional fluids primarily consists of fluids used for their lubricating, mechanical, electrical insulation, and thermodynamic properties. Functional fluids are liquid under standard conditions; i.e. grease and gases (such as refrigerants) are excluded. Functional fluids finds use in a variety of applications including lubrication, hydraulic power transmission, and heat transfer.
Global Synthetic Lubricants and Functional Fluids Market: Segmentation
Global synthetic lubricants and functional fluids market is segmented into product type, synthetic base stock, end-use industry, and region. The global synthetic lubricants and functional fluids market is segmented on the basis of product type which includes engine oils, transmission and hydraulic fluids, antifreeze and deicing fluids, metalworking fluids, heat transfer fluids, and dielectric fluids etc. On the basis of synthetic base stock, the global synthetic lubricants and functional fluids market can be segmented into glycols, polyalphaolefins, esters, and Group III base oils etc. Global synthetic lubricants and functional fluids market is segmented on the basis of end-use industry which includes automotive, aerospace/aircrafts, metals, industrial machinery, energy/power generation, construction and process industries etc. Region wise, the global synthetic lubricants and functional fluids market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific (APEJ), Japan, Middle East and Africa (MEA).
Global Synthetic Lubricants and Functional Fluids Market: Region-wise Outlook
In 2014, Europe accounted for a major share of the global synthetic lubricants and functional fluids market. However, the region is likely to lose share as a result of the shift in manufacturing activities to parts of Asia and South America. Asia Pacific is anticipated to witness a high CAGR growth between 2015 and 2025. Developing economies like China and India have shown high performance, owing to the undeterred pace of industrialization. There is a strong domestic demand in most of the industrial sectors in the Chinese and Indian markets. The budding automotive sector in China and India is predicted to be a key driver for the increased demand. Furthermore, the growing aviation industry in the region is further projected to boost the demand for synthetic lubricants and functional fluids over the forecast period.
Global Synthetic Lubricants and Functional Fluids Market: Drivers
The requirement of high performance products and increasingly stringent environmental regulations are the key factors driving the growth of the global synthetic lubricants and functional fluids market.
Growth of the global synthetics and functional fluids market will also be fueled by the rising availability of high quality base stocks as a result of increasing investments in newer base stock capacities all over the world.
Owing to the expanding supply of the synthetic lubricants and functional fluids, original equipment manufacturers (OEMs), which are taking steps towards global specifications, are increasingly willing to advocate the use of high performance synthetic products.
Synthetic lubricants and functional fluids have emerged as the ideal choice, owing to its ability to decrease the maintenance time and downtime costs by increasing the drain intervals.
Another key factor driving the growth of the global synthetic lubricants and functional fluids market is the superior performance obtainable by synthetic lubricants over their conventional counterparts in terms of low friction, high temperature performance, and higher load carrying capacity. Additionally, the rising demand from the automobile and industrial segment in Asia-Pacific drives the growth of the global synthetic lubricants and functional fluids market.
Global Synthetic Lubricants and Functional Fluids Market: Restraints
Factors such as higher fuel prices and low disposable incomes have kept customers off-road with the passion for SUVs waning, thus causing decline in the number of vehicle miles driven. Weak employment rates and spending power have accounted for lower new vehicle sales, thus hindering the growth of the global synthetic lubricants and functional fluids market.
Additionally, decline in the industrial production, automotive production, and mining and construction activities have negatively impacted the global synthetic lubricants and functional fluids market.
Global Synthetic Lubricants and Functional Fluids Market: Key Players
Some of the major players identified in the global synthetic lubricants and functional fluids market are Exxon Mobil, Prestone Products, Royal Dutch Shell, AMSOIL Incorporated, Ashland Incorporated, Autoparts Holdings Limited, BASF SE, Calumet Specialty Products Partners LP, Berkshire Hathaway Incorporated, BP plc, Chemtura Corporation, Chevron Corporation, ConocoPhillips, CLC Lubricants Company, Dow Chemical Company, DuPont (EI) de Nemours, Eastman Chemical Company, Milacron LLC, Total SA, and Warren Oil Company Incorporated, etc.
The report covers exhaustive analysis on:
- Synthetic Lubricants and Functional Fluids Market Segments
- Synthetic Lubricants and Functional Fluids Market Dynamics
- Historical Actual Market Size, 2012 - 2014
- Synthetic Lubricants and Functional Fluids Market Size & Forecast 2015 to 2025
- Supply & Demand Value Chain
- Synthetic Lubricants and Functional Fluids Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Synthetic Lubricants and Functional Fluids Market Drivers and Restraints
Regional analysis for Synthetic Lubricants and Functional Fluids Market includes
- North America
- US & Canada
- Latin America
- Brazil, Argentina & Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Synthetic Lubricants Functional Fluids Market
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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