Synthetic Lubricants & Functional Fluids Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Synthetic Base Stock and by End-use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

Synthetic lubricants & functional fluids are manufactured using chemically modified petroleum components such as glycols, polyalphaolefins, 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 the conventional mineral oils. Superior performance is attainable using synthetic lubricants and functional fluids over conventional mineral oil in terms of low friction, high temperature performance, and higher load carrying capacity.

Superior properties of synthetic lubricants & functional fluids over conventional minerals is the key factor that drives the market growth. Increase in demand for higher fuel economy fuels the use of high-quality motor and gear oils. Thus, requirement of high-performance products, reduced maintenance, minimal disposal problems, and stringent environmental regulations for CO2 emissions further accelerates the market growth. Increase in pace of industrialization is expected to provide new opportunities for the market players. However, high cost of synthetic lubricants & functional fluids hampers the market growth.

The global synthetic lubricants & functional fluids market is segmented on the basis of product, synthetic base stock, end-use industry, and geography. The market segmented based on product includes engine oils, transmission & hydraulic fluids, antifreeze & deicing fluids, metalworking fluids, heat transfer fluids, and dielectric fluids. By synthetic base stock, the market is categorized into glycols, polyalphaolefins, esters, group III & IV base oils, aromatics, silicone fluids, and others. According to end-use industry, it is divided into automotive, aerospace, metals, industrial machinery, power generation, construction, process industry, and others. The report analyzes the market trends in different geographies, which include North America, Europe, Asia-Pacific, and LAMEA.

  Synthetic Lubricants & Functional Fluids Market Report Highlights

Aspects	Details
By Product	Engine Oils Transmission & Hydraulic Fluids Antifreeze & Deicing Fluids Metalworking Fluids Heat Transfer Fluids Dielectric Fluids
By Synthetic Base Stock	Glycols Polyalphaolefins Esters Group III & IV Base Oils Aromatics Silicone Fluids Others
By End-use Industry	Automotive Aerospace Metals Industrial Machinery Power Generation Construction Process Industry Others
By Geography	North America U.S. Canada Mexico Europe Germany France UK Italy Rest of Europe Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific LAMEA Brazil Saudi Arabia South Africa Rest of LAMEA
Key Market Players	BASF SE, WARREN OIL COMPANY INCORPORATED, CHEVRON CORPORATION, ROYAL DUTCH SHELL, PRESTONE PRODUCTS, EXXON MOBIL, AUTOPARTS HOLDINGS LIMITED, ASHLAND INCORPORATED, AMSOIL INCORPORATED, CLC LUBRICANTS COMPANY