The synthetic lubricants market is likely to expand at a compound annual growth rate of 2.8% over the coming years, according to a market report published by Credence Research. This will result in the global synthetic lubricants market being worth an estimated $33.8bn (£27.14bn) by 2023.
The report, which is titled ‘Synthetic Lubricants Market – Growth, Future Prospects, Competitive Analysis & Forecast, 2016 – 2023’, indicates that increasing demand from the automobile industry is mainly driving the growth of the global synthetic lubricants market. Many car manufacturers—such as Volkswagen, Porsche and BMW—specify the use of synthetic lubricants in at least some of their recent engines, often laying down specific quality standards that need to be met by engine oils like Mobil 1 New Life 0W-40.
Synthetic lubricants often bring advantages such as limited biodegradability, a high viscosity index, hydrolytic stability, desirable properties at high temperatures and excellent fluidity at low temperatures.
A growing demand for cars in both developed and developing countries is contributing to the increasing need for synthetic lubricants, particularly in the emerging economies of India and China. The report also anticipates that the Asia Pacific region as a whole will boost future demand for synthetic lubricants.
While the report highlights the dominance of synthetic engine oils, it also mentions that other applications—such as transmission oils, metalworking fluids, and heat transfer fluids—will contribute to the increasing demand for synthetic lubricants. For example, Mobiltemp SHC 100 is a high-temperature, synthetic-based grease suitable for use in applications such as high-speed bearings.