09/01/2025 by Mark
A recent report unveiled by Allied Market Research states that the size of the international synthetic lubricants market is projected to hit $18.8 billion by the year 2026.
The report sited technological advancement of synthetic lubricants and their properties among the key drivers that are propelling growth in the industry.
In terms of base oil, the polyalphaolefin (PAO) segment was found to hold the largest share in the synthetics market, contributing to over 40 per cent of the whole market share back in 2018, and is now estimated to retain its dominant place for the forecast period. PAO base oils are considered by lubrication experts to be superior to many other types of lubricant and possess a far higher resistance to extreme temperatures than traditional mineral oil.
The recent study cited key players in the synthetic lubricant sector like Exxon Mobil, Total, Petronas and Chevron, among others. It stated that the PAO segments growth was being fuelled by its sought-after features, which included its hydrolytic stability and high viscosity index (VI).
Based on synthetic lubricant base oil for the esters segment, the research uncovered even faster growth. Ester oil is a built-for-purpose synthetic base oil that is chemically synthesised. Ester oils see frequent use in a wide range of applications including air-conditioning compressors and refrigerators, among other industrial usage. For example, products like Mobil 1 oil use ester oils in their formulation for their characteristics of good solvency, as well as excellent performance at both high and low operating temperatures.
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