United Kingdom Synthetic Lubricants Market Size, Share, and COVID-19 Impact Analysis, By Product (Polyalphaolefin (PAO), Esters, and Polyalkylene glycol (PAG)), By Application (Engine Oil, Health Transfer Fluids (HTFs), Transmission Fluids, Metalworking Fluids, and Others), and United Kingdom Synthetic Lubricants Market Insights, Industry Trend, Forecasts to 2033

United Kingdom Synthetic Lubricants Market Insights Forecasts to 2033

• The United Kingdom Synthetic Lubricants Market Size was valued at USD 1.11 Billion in 2023.
• The United Kingdom Synthetic Lubricants Market Size is Growing at a CAGR of 3.98% from 2023 to 2033
• The United Kingdom Synthetic Lubricants Market Size is expected to reach USD 1.64 Billion by 2033

The United Kingdom Synthetic Lubricants Market Size is Anticipated to exceed USD 1.64 Billion by 2033, Growing at a CAGR of 3.98% from 2023 to 2033. The growing demand for high-performance lubricants, stringent environmental & regulatory standards, technological advancements in lubricant formulations, and shifting consumer preferences towards sustainability & eco-friendly products are driving the growth of the synthetic lubricants market in the UK.     

Market Overview

The synthetic lubricants market refers to the production and sale of synthetic oils and greases, designed to improve lubrication and performance compared to traditional mineral-based lubricants. Synthetic lubricants are man-made lubricants created from chemical compounds, often derived from petroleum, but not refined from it directly. Synthetic lubricants are better than traditional mineral-based oils in terms of performance, often formulated to be more environmentally friendly, with lower volatility and reduced emissions, which appeals to the industries and consumers' demand for minimized environmental impact. The demand for synthetic lubricants in the automobile and industrial machinery and equipment sector is driven due to their superior properties, such as heat-absorbing properties. The implementation of mobile-based access control, as well as the increasing focus on producing more fuel-efficient automobiles, is creating new market growth opportunities.

Report Coverage

This research report categorizes the market for the UK synthetic lubricants market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United Kingdom synthetic lubricants market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the UK synthetic lubricants market.

Driving Factors

The increasing demand for advanced lubricants in industries including automotive, aerospace, and manufacturing is driving the demand for high-performance lubricants, which is contributing to propelling the synthetic lubricants market. The increasing use of synthetic lubricants to meet stringent environmental and regulatory standards, owing to their biodegradability, low toxicity, and non-bioaccumulative properties, is driving the market demand. Technological advancements in lubricant formulation, enhancing the performance, sustainability, and efficiency, are propelling the market growth.

Restraining Factors

The emergence of alternative technologies and increasing raw material prices are restraining the market. Further, the emergence of bio-based lubricants is challenging the synthetic lubricant market.

Market Segmentation

The United Kingdom synthetic lubricants market share is classified into product and application. 

• The polyalphaolefin (PAO) segment dominated the market with the largest revenue share in 2023 and is expected to grow at a significant CAGR during the projected period.

The United Kingdom synthetic lubricants market is segmented by product into polyalphaolefin (PAO), esters, and polyalkylene glycol (PAG). Among these, the polyalphaolefin (PAO) segment dominated the market with the largest revenue share in 2023 and is expected to grow at a significant CAGR during the projected period. PAO lubricants are superior to many other lubricant types and have a higher temperature resistance than mineral oil. It also possesses hydrolytic stability and a high viscosity index. Its increasing use in gear oils and bearing oils in extreme temperatures is contributing to driving the market.

• The engine oil segment dominated the market with the largest revenue share in 2023 and is expected to grow at a significant CAGR during the projected period.

The United Kingdom synthetic lubricants market is segmented by application into engine oil, health transfer fluids (HTFs), transmission fluids, metalworking fluids, and others. Among these, the engine oil segment dominated the market with the largest revenue share in 2023 and is expected to grow at a significant CAGR during the projected period. Synthetic lubricants offer superior protection and performance, especially in high-performance and extreme temperature applications. The increasing automotive industry is driving the demand for synthetic lubricants for cargo and personal vehicles to minimize the friction between metals, reducing damage.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the U.K. synthetic lubricants market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• BP PLC
• Lanxess AG
• Valvoline Inc.
• Fuchs SE
• Chevron Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In October 2023, Chevron Corporation announced that it had entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron’s closing price.

Market Segment

This study forecasts revenue at U.K., regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom Synthetic Lubricants Market based on the below-mentioned segments

UK Synthetic Lubricants Market, By Product

• Polyalphaolefin (PAO)
• Esters
• Polyalkylene glycol (PAG)

UK Synthetic Lubricants Market, By Application

• Engine Oil
• Health Transfer Fluids (HTFs)
• Transmission Fluids
• Metalworking Fluids
• Others