Synthetic Lubricants Market Trends, Size, Growth Drivers, Revenue and Future Outlook
Synthetic Lubricants Market Growth, Size, Trends Analysis - By Product, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Apr-2025 | Report ID: CHEM2526 | Pages: 1 - 246 | Formats*: |
| Category : Chemical & Materials | |||
Synthetic Lubricants Market Introduction and Overview
According to SPER Market Research, the Global Synthetic Lubricants Market is estimated to reach USD 27.88 billion by 2034 with a CAGR of 3.96%.
The report includes an in-depth analysis of the Global Synthetic Lubricants Market, including market size and trends, product mix, Applications, and supplier analysis.
The global synthetic lubricants market was valued at USD 18.91 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 3.96% from 2025 to 2034. This growth is due to the better qualities of synthetic lubricants, which help control temperature by absorbing heat from moving vehicle parts and transferring it to a cooler area. Their demand is increasing in sectors like automobiles and industrial machinery. Synthetic lubricants also have better compatibility with automotive parts, which drives their demand as technology advances and vehicle designs change.
By Product Insights: Polyalphaolefin (PAO) had the largest revenue share in 2024 due to its hydrolytic stability and high viscosity index. Its increased use in gear and bearing oils, effectiveness in extreme cold and high temperatures, and lower cost compared to other base oils contribute to PAO's growth. Esters are expected to see significant growth in the coming years because they work well in both low and high temperatures and respond well to performance-enhancing additives like corrosion inhibitors and anti-wear agents. They are used in various applications, including gearboxes, compressors, bearings, chains, jet engines, and hydraulic power packs.
By Application Insights: The engine oil segment had the largest revenue share in the global market in 2024, mainly due to the growing automotive industry for both cargo and personal vehicles. Engine oil is important for reducing friction and damage in automobiles. Heat transfer fluids (HTFs) are predicted to grow the fastest during the forecast period because they are essential in oil and gas processing, including natural gas and crude oil refining. Companies that recycle used lubricating oils also use a significant amount of heat transfer fluids, contributing to their rapid growth.
Regional Insights: Asia Pacific had the largest revenue share in 2024, driven by the growth of automobile and petrochemical industries. Major oil companies dominate the market by producing synthetic lubricants with wide distribution networks. The refinery business in Asia Pacific, especially in China, India, and Singapore, has benefited from low crude oil prices, boosting petrochemical production. Europe is also growing quickly due to the recovery of its manufacturing sector, a focus on reducing CO2 emissions from vehicles, improvements in product quality, and base oil supply. Increased investment in synthetic lubricant blending plants in the Netherlands and Russia is raising demand in this region.
Market Competitive Landscape
The synthetic lubricants market is partly consolidated. Royal Dutch Shell, ExxonMobil, BP, and other big base oil makers and formulators dominate the market. All of the major firms are active in numerous lubricant markets (such as industrial, metalworking fluids, and automotive) and have a diverse product range to meet the needs of their clients. In comparison to its competitors, Royal Dutch Shell has a large base oil production and formulation capacity, as well as a strong global presence and distribution network, making it a market leader.
Recent Developments:
- In January 2024, Shell plc acquired MIDEL and MIVOLT from Manchester-based M&I Materials Ltd. This acquisition helps Shell enhance its unique position in Transformer Oils for power distribution and offshore wind parks.
- ExxonMobil introduced a new line of synthetic lubricants created exclusively for electric vehicles in September 2023, with the goal of increasing efficiency and minimising wear.
- In November 2024, Valvoline introduced its new Full Synthetic Gear Oil, which provides up to four times greater wear prevention than ordinary lubricants.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Product, By Application. |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | BP Lubricants Pvt. Ltd, Chevron Corporation, LANXESS, Valvoline, FUCHS, Pennzoil, Phillips 66 Company, Motul, AMSOIL INC, Agip. |
Key Topics Covered in the Report
- Global Synthetic Lubricants Market Size (FY’2021-FY’2034)
- Overview of Global Synthetic Lubricants Market
- Segmentation of Global Synthetic Lubricants Market By Product (Esters, PAO, PAG)
- Segmentation of Global Synthetic Lubricants Market By Application (Engine Oil, HTFs, Transmission Fluids, Metalworking Fluids)
- Statistical Snap of Global Synthetic Lubricants Market
- Expansion Analysis of Global Synthetic Lubricants Market
- Problems and Obstacles in Global Synthetic Lubricants Market
- Competitive Landscape in the Global Synthetic Lubricants Market
- Details on Current Investment in Global Synthetic Lubricants Market
- Competitive Analysis of Global Synthetic Lubricants Market
- Prominent Players in the Global Synthetic Lubricants Market
- SWOT Analysis of Global Synthetic Lubricants Market
- Global Synthetic Lubricants Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPERs internal database2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Synthetic Lubricants Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Synthetic Lubricants Market
7. Global Synthetic Lubricants Market, By Product (USD Million) 2021-2034
7.1. PAO7.2. Esters7.3. PAG
8. Global Synthetic Lubricants Market, By Application (USD Million) 2021-2034
8.1. Engine Oil8.2. Heat Transfer Fluids (HTFs)8.3. Transmission Fluids8.4. Metalworking Fluids8.5. Others
9. Global Synthetic Lubricants Market, (USD Million) 2021-2034
9.1. Global Synthetic Lubricants Market Size and Market Share
10. Global Synthetic Lubricants Market, By Region, (USD Million) 2021-2034
10.1. Asia-Pacific
10.1.1. Australia10.1.2. China10.1.3. India10.1.4. Japan10.1.5. South Korea10.1.6. Rest of Asia-Pacific
10.2. Europe
10.2.1. France10.2.2. Germany10.2.3. Italy10.2.4. Spain10.2.5. United Kingdom10.2.6. Rest of Europe
10.3. Middle East and Africa
10.3.1. Kingdom of Saudi Arabia10.3.2. United Arab Emirates10.3.3. Qatar10.3.4. South Africa10.3.5. Egypt10.3.6. Morocco10.3.7. Nigeria10.3.8. Rest of Middle-East and Africa
10.4. North America
10.4.1. Canada10.4.2. Mexico10.4.3. United States
10.5. Latin America
10.5.1. Argentina10.5.2. Brazil10.5.3. Rest of Latin America
11. Company Profile
11.1. BP Lubricants Pvt. Ltd
11.1.1. Company details11.1.2. Financial outlook11.1.3. Product summary11.1.4. Recent developments
11.2. Chevron Corporation
11.2.1. Company details11.2.2. Financial outlook11.2.3. Product summary11.2.4. Recent developments
11.3. LANXESS
11.3.1. Company details11.3.2. Financial outlook11.3.3. Product summary11.3.4. Recent developments
11.4. Valvoline
11.4.1. Company details11.4.2. Financial outlook11.4.3. Product summary11.4.4. Recent developments
11.5. FUCHS
11.5.1. Company details11.5.2. Financial outlook11.5.3. Product summary11.5.4. Recent developments
11.6. Pennzoil
11.6.1. Company details11.6.2. Financial outlook11.6.3. Product summary11.6.4. Recent developments
11.7. Phillips 66 Company
11.7.1. Company details11.7.2. Financial outlook11.7.3. Product summary11.7.4. Recent developments
11.8. Motul
11.8.1. Company details11.8.2. Financial outlook11.8.3. Product summary11.8.4. Recent developments
11.9. AMSOIL INC
11.9.1. Company details11.9.2. Financial outlook11.9.3. Product summary11.9.4. Recent developments
11.10. Agip
11.10.1. Company details11.10.2. Financial outlook11.10.3. Product summary11.10.4. Recent developments
11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Synthetic Lubricants Market grew in Market size from 2025. The Market is expected to reach USD 27.88 billion by 2034, at a CAGR of 3.96% during the forecast period.
Synthetic Lubricants Market CAGR of 3.96% during the forecast period.
You can get the sample pages by clicking the link - Click Here
Synthetic Lubricants Market size is USD 27.88 billion from 2025 to 2034.
Synthetic Lubricants Market is covered By Product, By Function, By Application, By End-User.
The North America is anticipated to have the highest Market share in the Synthetic Lubricants Market.
The key players in the Market include Companies Covered BP Lubricants Pvt. Ltd, Chevron Corporation, LANXESS, Valvoline, FUCHS, Pennzoil, Phillips 66 Company, Motul, AMSOIL INC, Agip.
This growth is due to the better qualities of synthetic lubricants, which help control temperature by absorbing heat from moving vehicle parts and transferring it to a cooler area. Their demand is increasing in sectors like automobiles and industrial machinery.
Synthetic Lubricants Market is projected to reach USD 27.88 billion by 2034, growing at a CAGR of 3.96% during the forecast period.
PLACE AN ORDER
Year End Discount
Sample Report
Pre-Purchase Inquiry
NEED CUSTOMIZATION?
Request CustomizationCALL OR EMAIL US
100% Secure Payment
Related Reports
Have a glance of the Report
Our Global Clients
Our data-driven insights have influenced the strategy of 200+ reputed companies across the globe.
