Lucintel's latest market report analyzed that synthetic based lubricating oil provides attractive opportunities in the construction, mining, metal production, cement production, power generation, automotive manufacturing, chemical, marine, oil & gas, textile, and food processing sectors. The synthetic based lubricating oil market is expected to reach $12.0 billion by 2028 with a CAGR of 6%. In this market, polyalphaolefin (PAO) is the largest segment by type, whereas engine oil is largest by product type.
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Based on type, the synthetic based lubricating oil market is segmented into polyalphaolefin (PAO), esters, polyalkylene glycol (PAG), and others. The polyalphaolefin (PAO) segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to owing to its properties, like hydrolytic stability and high viscosity index.
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The Synthetic Based Lubricating Oil Market is marked by the presence of several big and small players. Some of the prominent players offering synthetic based lubricating oil include BP Lubricants, Chevron, LANXESS, Valvoline, and FUCHS.
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