Synthetic Oil Market was valued at USD 25.1 Billion in 2022 and is projected to reach USD 39.5 Billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030.
The period between 2021 and 2022 marked a shift towards higher demand, primarily driven by the surge in electric vehicles. Although electric cars do not require traditional engine oils, they have led to a greater focus on lubrication solutions for hybrid vehicles, which need specialized synthetic oils. Furthermore, the ongoing advancements in technology to create more eco-friendly, higher-performing synthetic oils have further expanded the market. From 2023 to 2033, experts predict a robust growth trajectory for the Synthetic Oil market. The demand is expected to rise as more automakers are focusing on improving engine performance, which, in turn, will increase the need for premium oil products. Additionally, the ongoing adoption of hybrid and electric vehicles (EVs) will fuel the demand for synthetic oils designed specifically for these next-gen engines. A new wave of technological innovations is also expected to drive the market as manufacturers develop more advanced synthetic oil formulations to meet increasingly stringent environmental standards.
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The Synthetic Oil market has experienced a remarkable transformation from 2018 to 2022. Synthetic oils have been gaining significant popularity due to their superior performance, extended engine life, and environmental benefits. The years between 2018 and 2022 witnessed a steady increase in demand for synthetic oils driven by the growing automotive industry, especially with the increase in high-performance engines, electric vehicles (EVs), and consumer preferences for better fuel efficiency. As we entered the 2020s, the market for synthetic oil continued its upward trajectory. The automotive sector’s shift towards lighter, more efficient engines powered by synthetic oils helped the market expand. In 2020, global sales of synthetic oil saw an uptick as more drivers opted for oil that offered improved protection under extreme conditions and longer intervals between oil changes. Additionally, government regulations pushing for fuel efficiency and reduced emissions have further propelled the demand for synthetic oils that support high-mileage engines and better energy efficiency.
Mobil
Valvoline
Pennzoil
Shell Rotella
Royal Purple
Liqui Moly
AMSOIL
Castrol
Rotella
Lucas Oil
Red Line
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Synthetic Oil Market
Passenger Vehicle
Commercial Vehicle
Motorcycle
Racing Bicycle
Other
Based on Types the Market is categorized into Below types that held the largest Synthetic Oil market share In 2023.
Synthetic Blend Oil
Full Synthetic Oil
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Synthetic Oil Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Synthetic Oil Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Synthetic Oil Market, By Type
6. Global Synthetic Oil Market, By Application
7. Global Synthetic Oil Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Synthetic Oil Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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