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Synthetic Lubricants and Functional Fluids Market Dynamics, Segments and Supply Demand 2015-2025

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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
Synthetic Lubricants
and Functional
Fluids Market
Share, Global Trends,
Analysis, Research, Report,
Opportunities,
Segmentation and Forecast,
2015
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Description
Report Description
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,
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Description
Report Description
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.
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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
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Description
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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.
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Global Synthetic Lubricants and Functional Fluids Market: Restraints
Factors such as higher fuel prices and low disposable incomes have kept customers offroad with the passion for SUVs waning, thus causing decline in the number of vehicle
miles driven.
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Description
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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.
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Ethansmith
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