Synthetic Lubricants Market: By Product (Group Iii (Hydrocracking), Polyalphaolefin (PAO), Esters, Polyalkylene Glycol (PAG) and Others), By Application (Engine Oil, Hydraulic Fluids, Metalworking Fluids, Compressor Oil, Gear Oil, Refrigeration Oil, Transmission Fluids, Turbine Oil and Others)  and Geography  

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Synthetic Lubricants Market size valued at USD 4.8 billion in 2022 and and is poised to grow at a CAGR of 5.3% from 2023 to 2029. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. Key drivers in the market include rising demand for synthetic lubricants from the automotive and industrial sectors, increasing industrialization in emerging economies and growing population. In addition, due to the various advantages of synthetic lubricants over conventional lubricants such as wear & tear protection, good load carrying capacity and excellent thermal stability increases the demand for the market. However, high cost of synthetic fibers and presence of substitute products are hampering the market growth. Synthetic lubricants with lower viscosity reduce engine friction, which improves fuel efficiency. As a result, rising demand for fuel-efficient automobiles is expected to propel the industry forward. Manufacturers are creating new goods with technology that will allow them to be used in a variety of equipment that operates at high temperatures and pressures. However, due to the high cost of synthetic compression oil, a preference for cheaper replacement mineral oils may stifle market expansion. Synthetic lubricants' scope is projected to be limited as the demand for lower maintenance costs grows in the manufacturing sector.

Global Synthetic Lubricants Market Summary

Study Period


Base Year




Largest Market

Asia Pacific

Fastest Growing Market

Synthetic Lubricants Market Dynamics

The use of synthetic lubricants in various industrial and automotive applications is becoming more and more common, due in part to heavy marketing of synthetics. The word “synthetic” has nearly become synonymous with high quality or high performance. High-performance lubricants, also known as synthetic lubricants, are gaining acceptance, due to their outstanding properties. Synthetic lubricants offer better and improved properties such as low-traction coefficient, which decreases power consumption, increase service life, reduce gear wear and reduces flammability to rise safety. The synthetic lubricant is persistently gaining market share and is likely to be the grow at a fastest rate during the estimated period.

Key Features of the Reports

  • Global synthetic lubricants market expanding at significant CAGR over 2023 to 2029 due to rising demand for synthetic lubricants from the automotive and industrial sectors
  • Based on product, polyalphaolefin (PAO) segment accounted for larger market revenue share in 2020 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in global Synthetic Lubricants market

Global Synthetic Lubricants Market Segmentation

By Product
  • Group Iii (Hydrocracking)
  • Polyalphaolefin (PAO)
  • Esters
  • Polyalkylene Glycol (PAG)
  • Others
By Application
  • Engine Oil
  • Hydraulic Fluids
  • Metalworking Fluids
  • Compressor Oil
  • Gear Oil
  • Refrigeration Oil
  • Transmission Fluids
  • Turbine Oil
  • Others
By Geography

North America
Latin America
Middle East and Africa (MEA)

Frequently Asked Questions

2022 is the base year and 2029 is the forecast year.

The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).

In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.

  • British Petroleum PLC ((UK)
  • Chevron Corporation (US)
  • ExxonMobil Corporation (US)
  • Fuchs Group (Germany)
  • Idemitsu Kosan Co. Ltd. (Japan)
  • Indian Oil Corporation Ltd. (India)
  • Lukoil (Russia)
  • Royal Dutch Shell PLC (The Netherlands)
  • Sinopec Limited (China)
  • Total SA (France)

Adjacent Markets