Market Size of Synthetic Lubricants Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 4.62 Billion liters |
| Market Volume (2029) | 7.54 Billion liters |
| CAGR (2024 - 2029) | > 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Synthetic Lubricants Market Analysis
The Synthetic Lubricants Market size is estimated at 4.62 Billion liters in 2024, and is expected to reach 7.54 Billion liters by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market. COVID-19-related restrictions led to declined maintenance requirements from several industries, such as oil and gas, automotive, metallurgy, etc. The major impact was observed in the automotive industry. Currently, the market recovered from the pandemic. The market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The major factor driving the market studied is the increasing demand for high-performance synthetic lubricants owing to their better and improved properties. It includes reduced flammability, reduced gear wear, and increased service life.
- However, the increasing adoption of electric vehicles limits the market growth and is anticipated to hinder the growth of the studied market.
- Moreover, growing advancement in industrial manufacturing is likely to provide opportunities for the market over the coming years.
- The European region dominated the market around the world, with countries like Germany, France, and the United Kingdom being the biggest consumers.
