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  

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.