Synthetic Ester Lubricants Market Size Forecast to Reach $2.9 Billion by 2026

October 22 23:26 2021
Synthetic Ester Lubricants Market Size Forecast to Reach $2.9 Billion by 2026
Synthetic Ester Lubricants Market
Rising Demand From Heavy Machinery Manufacturers, Owing to Its Capacity to Endure High Temperatures, Is Expected to Further Contribute to Synthetic Ester Lubricants Market Growth

Synthetic Ester Lubricants Market size is forecast to reach $2.9 billion by 2026, after growing at a CAGR of 6.5% during 2021-2026. The rising demand from the automotive and aerospace industries for more fuel-efficient and optimal engines have boosted the product’s market growth. In addition, rising demand from heavy machinery manufacturers, owing to its capacity to endure high temperatures, is expected to further contribute to market growth. Engine oils containing synthetic ester lubricants are used to extend drain intervals and provide good film protection. These lubricants work in a wide temperature range and have proven to be a cost-effective solution for reducing component failure and extending drain intervals, leading to increased market penetration. Furthermore, because of their improved temperature stability and high biodegradability compared to petroleum-based fluid such as polyalphaolefin and polyalkylene glycol, OEMs have encouraged the usage of these lubricants such as phosphate ester in their product lines. Over the projected period, the aforementioned factors, combined with rising automotive sales in China and India, are likely to have a beneficial impact on product demand.

COVID-19 Impact

Operations in various industries such as oil & gas, automotive, and aerospace have been significantly affected due to the COVID-19 epidemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. According to the China Passenger Car Association (CPCA), China’s passenger car sales in June 2020 fell 6.5% year on year to 1.68 million units. Also, Toyota Motor Corporation reported a YoY sales decline of 26%, May’s unit sales were almost double that of April 2020, which fell 56% YoY. In June 2020, registrations of new passenger cars in Europe totaled 949,722 units, a drop of 22.3% compared to the same month last year, as measures to prevent the spread of the coronavirus have led to the closure of dealerships. This is limiting Synthetic Ester Lubricants market growth.

Synthetic Ester Lubricants Market Segment Analysis – By Type

Dibasic ester is expected to grow at a significant rate during the forecast period, owing to its excellent biodegradability, thermal stability, and performance at low temperatures. However, aromatic products have a higher viscosity than dibasic products and are therefore more cost-effective. Furthermore, polyol products are expected to experience rapid growth. Owning to their outstanding performance features, thermal stability, and operational temperature range.

Synthetic Ester Lubricants Market Segment Analysis – By Application

Compressor oil held the largest share in the synthetic ester lubricants market in 2020 and is growing at a CAGR of 6.8% during the forecast period. Due to increased thermal stability and strong hydrolytic stability. Its ability to manage moisture content is improved by the chemical composition of these esters. Oil seals, coolants, and lubricants are all used in compressors. The market is expected to grow due to the increasing use of ester-based hydraulic oils in various industries, such as oil and gas and energy. Furthermore, the availability of various grades of ester-based hydraulic oils for a wide temperature range improves their acceptability in industrial applications. Biodegradability is also a major motivator for use in environmentally sensitive areas such as forests and watercourse maintenance.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503429

Report Price: $ 4500 (Single User License)

Synthetic Ester Lubricants Market Segment Analysis – By Geography

Asia Pacific held the largest share in the market in 2020 up to 30%. Increasing use of these products as a result of the region’s growing manufacturing industry is expected to boost market growth over the forecast period. Furthermore, over the projection period, considerable investments from key industrial enterprises in the regions are likely to expand market prospects for these oils. Additionally, growth in the automotive sector is influencing market growth. According to OICA, the production of light commercial vehicles has augmented by 10.2 % in 2018 in the APAC region. According to the International Trade Administration (ITA), the Chinese government is expecting that automobile production will reach 35 million by 2025. This will further create opportunities for the synthetic ester lubricants market.

Synthetic Ester Lubricants Market Drivers

Advantageous Properties of Synthetic Ester Lubricants in Comparison to Petroleum-Based Fluids

Consumer preferences are shifting from polyalphaolefin and polyalkylene glycol-based lubricants in favor of ester lubricants such as phosphate ester, owing to increased stability and optimum outcomes at high temperatures and greater flashpoints. Because the reaction to obtain is reversible, these lubricants have a high biodegradability. As a result, esters can be broken down into their components alcohol and acid. This makes the product stand out among other synthetic lubricants, which have been scrutinized by various regulations due to their negative environmental impact. Because of their biodegradability, low volatility, excellent oxidative and thermal stability, and other properties, synthetic ester lubricants are replacing petroleum-based transmission fluids and engine oil. Furthermore, it reduces frictional drag, which improves the vehicle’s fuel efficiency. Therefore, owning to the aforementioned properties synthetic ester lubricants are gaining popularity.

Synthetic Ester Lubricants Market Challenges

The Tendency of Esters to React With Water

Esters, like any other product, have their drawbacks. When formulating with ester, the most common concern is compatibility with the elastomer material used in seals. Most elastomer seals may swell and soften as a result of esters, however, the degree can be controlled through correct selection and process. In addition, Esters’ tendency to react with water or hydrolyze under specific conditions is another possible disadvantage. Therefore, these challenges may limit the market penetration of synthetic ester lubricants.

Synthetic Ester Lubricants Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Synthetic Ester Lubricants Market. Major players in the Synthetic Ester Lubricants market includes Exxon Mobil, British Petroleum, Shell, Total, Chevron, Fuchs Group, Valvoline, Amsoil Inc., INEOS, and International Lubricants Inc., among others.

Key Takeaways

Due to favorable regulations promoting the use of biodegradable esters in numerous applications such as compressor oils, engine oils, and metalworking fluids, demand for synthetic ester lubricants such as phosphate ester are predicted to expand at a significant rate.

Hydraulic oils are expected to gain popularity, as customers become more aware of the importance of using environmentally friendly lubricants. In addition, increased exploration activities in the oil and gas business, particularly in the South China Sea is likely to boost growth.

The rise of the aerospace and automotive industries in North America is likely to drive the synthetic ester lubricants market. The presence of large aircraft industries in the region, such as Boeing, has led to a rise in engine oil demand.

Related Reports

A. Dodecanedioic Acid Market

https://www.industryarc.com/Report/16033/dodecanedioic-acid-market.html

B. Synthetic Lubricants Market

https://www.industryarc.com/Report/16281/synthetic-lubricants-market.html

For more Chemicals and Materials related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/

view more articles

About Article Author