Global Synthetic Lubricant Market Information-by Types (Silicones, Esters, PAO, PAG, and Others), by Application (Engine Oil, Process Oil, Hydraulic Oil, Marine Lubricants, Metal Working Fluids, and Others), by End user (Automobile, Construction, Power & Energy, Mining, Oil & Gas, Food Processing, and Others) and by Region - Forecast till 2023

The Global COVID-19 analysis on Synthetic Lubricant market is expected to witness a significant growth of USD ~ 39.34 billion by 2023 with CAGR of ~3.2% between 2016 and 2023

Synthetic lubricant consisting of chemical compounds which are artificially made, it is used as alternative for petroleum-refined oils when working in high temperature. Synthetic lubricants can be manufactured using chemically modified petroleum components rather than whole crude oil but can also be synthesized from other raw materials.

Synthetic lubricant has found in various applications such as engine oil, process oil, hydraulic oil, marine lubricants, metal working fluids, and others. Increasing in demand of automotive is likely to drive the global synthetic lubricant market share growth. The growing automobile, construction and power & energy industry on account of developing domestic as well as commercial market particularly in Asia-Pacific, North America and in Europe region has boosted the global synthetic lubricant market over the forecasted period.

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Asia Pacific is the largest synthetic lubricant market size due to demand in various applications such as automotive, construction, and power & energy in China region followed by Japan. Increasing demand for automobile in the India, Taiwan, and South Korea has made Asia Pacific largest consumer of the global synthetic lubricant market followed by increasing in the consumption of synthetic lubricant market in North America region. The third largest market of synthetic lubricant is Europe. Latin America and Middle East also witnessed in growth of synthetic lubricant market due to various application such as automobile, construction, power & energy, mining, oil & gas, food processing, and others.