Global synthetic ester lubricants market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period (2024-2031). The market growth is attributed to the increasing demand for synthetic lubricants in various end-use industries (such as automotive, aviation, and more), and the growing demand for high-performance ester lubricants. However, the rising cost of raw materials can present a significant challenge for the growth of the synthetic ester lubricants market.
The global synthetic ester lubricants market is segmented by type (monoester, diester, polyol ester, and aromatic carboxylic ester), by application (compressor oils, hydraulic oils, metalworking fluids, diesel and petrol engine oils, and others), and by end-use industry (construction, mining, metal production, power generation, automotive manufacturing, marine, oil and gas, textile, food processing, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
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Market Dynamics
- The automotive manufacturing segment is anticipated to register significant growth for the forecast period, attributing to its benefits including improved wettability, lubrication, rust inhibiting, and detergency properties. Additionally, ester-based oils are natural, non-toxic, biodegradable, non-polluting, and inexpensive. Further, ester-based metal working facilitates enhanced performance, better surface finish, and improved durability of automotive components.
- Europe is anticipated to hold the major market share in the global synthetic ester lubricants market. This is attributed to the increasing demand for synthetic lubricants in various end-use industries, particularly the automotive industry. The region is home to some of the largest automotive manufacturers, such as Volkswagen Group, BMW Group, Daimler AG, PSA Group, Renault Group, Fiat Chrysler Automobiles, Volvo Cars, Jaguar Land Rover, and others.
- The polyol segment is estimated to grow at a considerable during the forecast period. The segmental growth is driven by the increasing product applications requiring high thermal stability, high viscosity index, and lubricity. Polyol esters find major applications as jet engine lubricants and lubricating oil.
- Additionally, the hydraulic oil segment is anticipated to be the highest growing segment attributed to the rising demand for environmentally friendly solutions. As, hydraulic oils based on synthetic ester are biodegradable and offer optimal performance, wider effective temperature range, better hydraulic efficiency, and enhanced lubricant compatibility, they are preferred over other esters.
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The major players in the global synthetic ester lubricants market include BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, and Total SA, among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
Recent Developments
- In April 2024, Savita Oil Technologies Ltd. launched the Ester 5 brand of lubricants. The ester is being tested for two-wheeler and three-wheeler startups for use as battery coolants. The results demonstrated 28% less engine deposits and 33% lower friction compared to regular Group-III base oil lubricants. It became the first Indian lubricant company to manufacture the Ester molecule.
- In October 2023, Savita Oil Technologies Ltd. commenced its new synthetic ester plant in Mahad, Maharashtra, India.
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