Acknowledging the kind of traction gained by this market, recently published a study report asserts The Global Synthetic Lubricants & Functional Fluids Market registered a phenomenal CAGR of 3.2% during the review period (2022 to 2027).
Synthetic Lubricants & Functional Fluids Market Overview
Synthetic lubricants & functional fluids are mass-produced using chemically improved petroleum components such as glycols, poly-alpha-olefins, esters, group III & IV base oils, aromatics, silicone fluids, and others. They possess high viscosity indexes, high-temperature stability, low pouring points, and low traction coefficients, which make them superior to conventional mineral oils. Superior performance is manageable using synthetic lubricants and functional fluids over conventional mineral oil in terms of low friction, high-temperature performance, and higher load-carrying capacity.
Functional fluids mainly consist 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 excepted. Functional fluids find use in a variety of applications including lubrication, hydraulic power transmission, and heat transfer.
Who are the Major Players in the Synthetic Lubricants & Functional Fluids Market?
The global Synthetic Lubricants & Functional Fluids Market includes the identification and analysis of the various market participants competing in the global market. Prominent competitors include Exxon Mobil Corporation (NYSE :XOM), Shell plc (NYSE :SHEL), Total SA, BP, BASF, Chevron Oronite, AMSOIL Incorporated, and others.
Recent Development
ExxonMobil and Indonesia's Pertamina to advance cooperation in carbon capture and storage
May 13, 2022-IRVING, Texas – ExxonMobil and Pertamina, the state-owned energy company for Indonesia, have signed a joint study agreement to assess the potential for large-scale implementation of lower-emissions technologies, including carbon capture and storage and hydrogen production. The agreement builds on previous efforts in Indonesia to advance carbon capture and storage since the companies signed a memorandum of understanding at COP 26 in Glasgow, Scotland. The expanded agreement will support Indonesia's net-zero ambitions and builds on ExxonMobil and Pertamina's decades-long strategic partnership.
What are the major Applications, Types, and Regions of Synthetic Lubricants & Functional Fluids Market?
By Types, it is segmented into
- Group III
- Group IV
- Group V
- Others
By Applications, it is segmented into
- Industrial Production
- Mining Industry
- Automotive
- Construction
- Others
Synthetic Lubricants & Functional Fluids Market Regional Analysis
All these factors greatly affect the Synthetic Lubricants & Functional Fluids market growth. It further aims at providing a complete overview on a detailed assessment of significant features of different industries including sales volume, market revenue, and demand size, sales growth, pricing analysis and changing market growth factors in regions such as Follows,
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East & Africa
- Latin America
Europe to account for the major share of the global synthetic lubricants market during the forecast period - Europe is expected to be the largest synthetic lubricants market during the forecast period. Growing investment in blending plants for synthetic lubricants in Russia and the Netherlands, among other countries, is driving the market in Europe. In addition, stringent regulations on CO2 emissions from vehicles have increased the demand for fuel-efficient lubricants, thereby, driving the synthetic lubricants market in the transportation sector.
What are our Synthetic Lubricants & Functional Fluids Market report scope?
Scope of the Report covers Synthetic Lubricants & Functional Fluids Market with detailed analysis of the overall scenario for the market. It also highlights the business participant's environment in the global marketplace. This report also provides an overview of leading companies covering the latest successful marketing strategies, market contributions, current and historical background and latest market happenings to help key organizations to grow and generate larger profits. Business players will greatly benefit from this Synthetic Lubricants & Functional Fluids Market analysis report as it has vital details to provide about regional markets, expected opportunities for the prediction time period 2022-2027. Growth between segments is used to understand the different growth factors that are expected to dominate the market as a whole and to develop strategies to differentiate between key applications and target markets. It further reveals how the worldwide market is working through efficient information graphics.
Reports Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 3.2% during the review period (2022 to 2027).
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By Type
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- Group III
- Group IV
- Group V
- Others
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By Application
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- Industrial Production
- Mining Industry
- Automotive
- Construction
- Others
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By Companies
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Exxon Mobil Corporation (NYSE :XOM), Shell plc (NYSE :SHEL), Total SA, BP, BASF, Chevron Oronite, AMSOIL Incorporated,
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Regions Covered
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• North America
• Europe
• Asia-Pacific
• Rest of the World
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Countries Covered
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• US
• Canada
• Germany
• France
• UK
• Italy
• Spain
• Rest of Europe
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
• Middle East & Africa
• Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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163
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Synthetic Lubricants & Functional Fluids Report
- Evaluate Synthetic Lubricants & Functional Fluids market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end-use applications and by different industry verticals.
- Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.
- Get in-depth insights on your competitor's performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.
- Analyze the sales and distribution channels across geographies to enhance top-line revenues.
- Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Synthetic Lubricants & Functional Fluids market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the import-export statistics, supply-demand and competitive landscape for more than the top 20 countries globally for the market.
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
Frequently Asked Questions
What is the study period of this market?
The Synthetic Lubricants & Functional Fluids Market is studied from 2017 - 2027.
Who are the key players in Synthetic Lubricants & Functional Fluids Market?
Exxon Mobil Corporation (NYSE :XOM), Shell plc (NYSE :SHEL), Total SA, BP, BASF, Chevron Oronite, AMSOIL Incorporated, Ashland, ConocoPhillips, Chevron Corporation, Lanxess, Dow Chemical, DuPont, Calumet Specialty Products, Eastman Chemical, Warren Oil Company, CLC Lubricants and others.
What are the significant types of Synthetic Lubricants & Functional Fluids Market?
Group III, Group IV, Group V Others.
What are the major end-use applications of the Synthetic Lubricants & Functional Fluids Market?
Industrial Production, Mining Industry, Automotive, Construction, Other, Others.
What segments are covered in the Synthetic Lubricants & Functional Fluids Market report?
The Global Synthetic Lubricants & Functional Fluids Market is Segmented on the basic of Product, Application, and Geography.
How can I get a sample report/company profile for the Synthetic Lubricants & Functional Fluids Market?
The sample report for the Synthetic Lubricants & Functional Fluids Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
