The Thriving Synthetic Ester Lubricants Market: A $6.53 Billion Value by 2032
The global Synthetic Ester Lubricants Market had a total worth of $4.21 billion in 2022, and it is projected to expand to $6.53 billion by 2032, with a robust compound annual growth rate (CAGR) of 5% expected over the forecast period.
One of the primary drivers behind the market's revenue growth is the increasing demand for synthetic ester lubricants, which stems from a growing trend toward environmentally friendly products. These lubricants are an attractive choice for industries with a strong environmental focus due to their non-toxic and biodegradable nature. The popularity of synthetic ester lubricants is on the rise because they contribute to reducing the release of harmful chemicals into the atmosphere, a critical step in mitigating carbon emissions.
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Major Companies:
• ExxonMobil Corporation
• Royal Dutch Shell Plc.
• BP Plc.
• Total S.A.
• Chevron Corporation
• Petroliam Nasional Berhad (Petronas)
• Castrol Limited
• Idemitsu Kosan Co., Ltd.
• Quaker Chemical Corporation
• Lubrizol Corporation
Strategic Development:
• In 2021, Total SA and China's Shenergy Group inked a contract to build a low-carbon complex that will produce synthetic ester base oils in the Yangtze River Delta.
• The launch of Mobil SHC Elite, a brand-new synthetic ester-based lubricant for use in the aviation sector, was announced by ExxonMobil Corporation for 2020. This lubricant provides better performance and is resistant to harsh working conditions, which lowers aircraft maintenance costs and downtime.
• Shell Lubricants revealed that Shell Omala S5 Wind, a synthetic ester-based lubricant especially made for wind turbine gears, would debut in 2020. For wind turbine operators, this lubricant delivers improved wear protection, exceptional oxidation resistance, and prolonged oil life, saving them a significant amount of money.
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