The global synthetic lubricants market has been anticipated to reach at USD xxx billion by the end of forecast period, exhibiting a CAGR of x%. The mounting automotive industry along with the rapid industrialization across the world are major driving factors towards global synthetic lubricants market growth. Implementation of ecological guidelines over the automotive segment in order to lessen the emission of carbon is predictable to bolster the sale of synthetic lubricants. Also, create several prospects for the manufacturers of synthetic lubricant. The utilization of synthetic lubricants is augmenting owing to its essential properties, like high viscosity indexes, water solubility plus bio-degradability. One of the major restraint towards market growth is its high cost.

The report titled "Synthetic Lubricants Market” segments market by different Type (PAG, PAO, Esters & Group III), Applications (Hydraulic Fluids, Engine Oil, Metalworking Fluids, Gear Oil, Refrigeration Oil, Compressor Oil, Turbine Oil & Transmission Fluids) and Geography (North America, Europe, Asia Pacific & Rest of the World).

PAO has been predictable to be the leading sector of the overall market for synthetic lubricants over the forecast spell. Rising market size of PAO segment of synthetic lubricants can be attributed to its enhanced oxidative as well as thermal stability. Moreover, it’s growing usage of several applications for instance metalworking fluids, engine oil, and hydraulic fluids.

Thus, engine oil division of application segment accounts for the major market share of global synthetic lubricants market. The demand for engine oil is mostly impelled via mounting automotive industry including personal vehicles with the high cargo transportation. Moreover, this domination is attributed to the rapid growth of the automotive industry, especially in the Asia-Pacific region. Engine oil is primarily utilized in automobiles so as to minimalize overall friction as well as reducing damage caused due to metal-to-metal contact.

Europe is projected to account for the highest share of synthetic lubricants market over the forecast spell. Owing to growing investment for blending plants of synthetic lubricants within Russia as well as the Netherlands is spurring the market in Europe. Furthermore, stringent guidelines over CO2 emissions from the vehicles has amplified the demand for fuel efficient lubricants. Thus, driving the market of synthetic lubricants within the transportation sector.

Recent Developments by Key players

• ExxonMobil Corporation- by the end of 2018, launched the light-duty trucks, SUV synthetic motor oil and Mobil 1 Truck & for gasoline-operated as well as SUVs. This product enhances engine effectiveness, also providing exceptional protection.
• Royal Dutch Shell PLC- extented their contract with BMW AG based in Germany in Sep 2018, so as to supply engine oil for aftermarket in Europe as well as the Middle East & Africa up to 2022. This contract will reinforce the corporation's presence within Europe.