The global synthetic ester lubricant market is projected to reach $2 billion by 2020, according to a new report by Grand View Research. The growing need for synthetic esters as hydraulic oils in the manufacturing and construction industry along with rapid industrialization and infrastructure development in the Asia-Pacific region are propelling demand for synthetic esters.
Other major factors contributing to overall market growth are the increasing need for environmentally friendly products and the rising demand from heavy machinery manufacturers.
Compressor oils accounted for 40.7 percent of the global synthetic ester volume in 2013. The increasing use in compressor oils due to improved thermal stability, high dielectric strength and low moisture content is projected to continue this trend in the near future.
Hydraulic oils are also expected to experience growth with greater awareness of environmentally friendly lubricants among consumers. In addition, increasing exploration activities in the oil and gas industry coupled with rising demand for hydraulic oils from the energy industry are projected to drive growth.
Europe dominated the global product volume, accounting for 37.6 percent of the total share in 2013, primarily because of high lubricant demand from the aerospace and manufacturing industries. The need for synthetic ester lubricants in Europe is expected to rise at a significant rate thanks to regulations promoting the use of biodegradable esters in various applications, including compressor oils, engine oils and metalworking fluids. However, the region is projected to lose more of its market share due to the shift in manufacturing activities to Asia and South America.
For more information, visit www.grandviewresearch.com.