Synthetic Lubricants & Functional Fluids

  • ID: 4533021
  • Report
  • 288 Pages
  • The Freedonia Group
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Synthetic Lubricants & Functional Fluids

US demand to increase 6% annually through 2018

US demand for synthetic lubricants and functional fluids is forecast to increase 6.0 percent per annum to $6.2 billion in 2018, with volume rising to 550 million gallons. Synthetic products will continue to grow at the expense of conventional fluids, with rising market penetration driven by environmental concerns and increasingly demanding requirements for product performance. Each market segment for synthetics will be subject to a unique set of factors influencing future demand. In some cases, government regulations and manufacturer and industry groups will specify the usage of synthetic products, while in others end user preferences for the benefits of synthetics will boost demand.

Engine oils to account for largest share of new growth

Engine oils will account for the largest share of growth through 2018. In the light vehicle market, synthetic engine oils will benefit from lubricant specifications in new cars that will increasingly call for lower viscosity motor oils, often necessitating the use of synthetics. General Motors’ DEXOS1 specification, along with the requirement for SAE 0W-20 motor oils in most new Honda and Toyota vehicles, will be especially important in increasing synthetics’ market share. The upcoming introduction of the ILSAC GF-6 specification will further encourage synthetics’ use. Synthetics will also begin to see wider use in the heavy-duty and off-highway segments, based on the improved fuel efficiency and extended maintenance intervals that synthetics offer. Transmission and hydraulic fluids will be the fastest growing category, benefiting from many similar factors as engine oils. The impact of increasingly demanding equipment specifications and the ability to improve energy efficiency will be key driving factors for these fluids. Synthetic metalworking fluids and dielectric fluids will continue to be used where they can provide worker safety or environmental benefits, or meet a specific performance requirement, although these markets -- along with heat transfer fluids and antifreeze -- all tend to be more mature and grow more slowly.

Group III base oil to remain fastest growing material

Group III base oil will remain the fastest growing material in synthetic lubricants in value terms. Along with rising global capacity for conventional Group III base oil production, the increasing availability of gas-to-liquids (GTL) basestocks will also support gains. Production of GTL base oils, which are considered a premium synthetic product, is expected to expand in the US during the forecast period. Nonetheless, polyalphaolefins, which have grown only modestly in recent years due to competition from Group III base oil, will accelerate as they enjoy greater use in industrial lubricant markets. Specialty ester-based lubricants, which hold a significant share in key niche markets, will grow at an above average pace as well.

The energy and power generation, automotive equipment, and industrial machinery markets will all present growth opportunities for synthetics. In power generation, niche and emerging applications -- for example, synthetic turbine oils, heat transfer fluids for concentrated solar power, and wind turbine gear oils -- will boost growth. In automotive equipment and industrial machinery, in contrast, growth will be broad based, resulting from steady gains in market size paired with increasing penetration of synthetics.

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INTRODUCTION
I. EXECUTIVE SUMMARY
II. MARKET ENVIRONMENT
General
Macroeconomic Outlook
Demographic Outlook
Personal Consumption Expenditures
Manufacturing Outlook
Competitive Products
Environmental & Regulatory Issues
Recycling & Re-Refining
Motor Vehicle Lubricant Specifications
Pricing Trends
Foreign Trade & International Activity
III. PRODUCTS
General
Engine Oils
Fully Synthetic Engine Oils
Gasoline Engine Oils
Heavy-Duty Diesel Engine Oils
Other Engine Oils
Semi-Synthetic Engine Oils
Antifreeze & Deicing Fluids
Antifreeze
Deicing Fluids
Transmission & Hydraulic Fluids
Transmission Fluids
Product Characteristics
Demand
Hydraulic Fluids
Heat Transfer Fluids
Low Temperature
High Temperature
Metalworking Fluids
Product Characteristics
Demand
Metal Removal Fluids
Metal Forming Fluids
Other Metalworking Fluids
Dielectric Fluids
Other Products
Gear Oils
Compressor Lubricants
Turbine Lubricants
All Other
IV. MATERIALS
General
Glycols
Polyalphaolefins
Esters
Group III Base Oils
Aromatics
Silicone Fluids
Other
V. MARKETS
General
Automotive
Motor Vehicle & Off-Highway Equipment Outlook
Synthetic Lubricant & Functional Fluid Demand
Light Vehicles
Medium- & Heavy-Duty Vehicles
Off-Highway Equipment
Metals
Metal Industry Outlook
Synthetic Lubricant & Functional Fluid Demand
Aircraft/Aerospace
Aircraft/Aerospace Outlook
Synthetic Lubricant & Functional Fluid Demand
Energy/Power Generation
Energy/Power Generation Industry Outlook
Synthetic Lubricant & Functional Fluid Demand
Industrial Machinery
Industrial Machinery Outlook
Synthetic Lubricant & Functional Fluid Demand
Process Industries
Process Manufacturing Industry Outlook
Synthetic Lubricant & Functional Fluid Demand
Other Markets
VI. INDUSTRY STRUCTURE
General
Market Share
Competitive Strategies
Research & Development
Chemical Management Services
Merger & Acquisition Activity
Manufacturing
Marketing
Synthetic Engine Oil
Brand Name Recognition
Sports Sponsorship
Antifreeze
Other Synthetic Fluids Marketing Strategies
Distribution
Company Profiles
AMSOIL Incorporated
Ashland Incorporated
Autoparts Holdings Limited
BASF SE
Bel-Ray, see Calumet Specialty Products Partners
Berkshire Hathaway Incorporated
BP plc
Calumet Specialty Products Partners LP
Chemtool, see Berkshire Hathaway
Chemtura Corporation
Chevron Corporation
Chevron Phillips Chemical Company LLC
CIMCOOL Industrial Products, see Milacron
CITGO Petroleum, see Petróleos de Venezuela
CLC Lubricants Company
ConocoPhillips
CPI Engineering Services, see Berkshire Hathaway
Dow Chemical Company
Dow Corning Corporation
DuPont (EI) de Nemours
Eastman Chemical Company
Exxon Mobil Corporation
FUCHS Petrolub SE
Houghton International Incorporated
Lubrizol, see Berkshire Hathaway
Milacron LLC
Oak International, see Milacron
Old World Industries LLC
Petróleos de Venezuela SA
Phillips 66
Quaker Chemical Corporation
Royal Dutch Shell plc
Royal Purple, see Calumet Specialty Products Partners
Shell Oil, see Royal Dutch Shell
Total SA
TruSouth Oil, see Calumet Specialty Products Partners
United Petroleum, see Calumet Specialty Products Partners
Valvoline, see Ashland
Warren Oil Company Incorporated
Additional Companies Mentioned in the Study
LIST OF TABLES
SECTION I -- EXECUTIVE SUMMARY
Summary Table
SECTION II -- MARKET ENVIRONMENT
1 Macroeconomic Indicators
2 Population & Households
3 Personal Consumption Expenditures
4 Manufacturers’ Shipments
5 Synthetic Functional Fluid Pricing
6 Synthetic Lubricant & Functional Fluid Foreign Trade
SECTION III -- PRODUCTS
1 Synthetic Lubricant & Functional Fluid Demand by Product
2 Fully Synthetic Engine Oil Demand by Type
3 Fully Synthetic Gasoline Engine Oil Demand
4 Fully Synthetic Heavy-Duty Diesel Engine Oil Demand
5 Other Fully Synthetic Engine Oil Demand
6 Semi-Synthetic Engine Oil Demand
7 Synthetic Antifreeze & Deicing Fluid Demand
8 Synthetic Transmission & Hydraulic Fluid Demand by Product, Chemical, & Market
9 Synthetic Heat Transfer Fluid Demand
10 Synthetic Metalworking Fluid Demand
11 Synthetic Metal Removal Fluid Demand
12 Synthetic Metal Forming Fluid Demand
13 Other Synthetic Metalworking Fluid Demand
14 Synthetic Dielectric Fluid Demand
15 Other Synthetic Lubricant & Functional Fluid Demand
SECTION IV -- MATERIALS
1 Synthetic Lubricant & Functional Fluid Demand by Material
2 Glycol Demand in Synthetic Lubricants & Functional Fluids
3 Polyalphaolefin Demand in Synthetic Lubricants & Functional Fluids
4 Ester Demand in Synthetic Lubricants & Functional Fluids
5 Group III Base Oil Demand in Synthetic Lubricants & Functional Fluids
6 Aromatics-Based Chemical Demand in Synthetic Lubricants & Functional Fluids
7 Silicone Fluid Demand in Synthetic Lubricants & Functional Fluids
8 Demand for Other Chemicals, Additives, & Blending Components in Synthetic Lubricants & Functional Fluids
SECTION V -- MARKETS
1 Synthetic Lubricant & Functional Fluid Demand by Market
2 Motor Vehicle & Off-Highway Equipment Indicators
3 Automotive Market for Synthetic Lubricants & Functional Fluids
4 Light Vehicle Market for Synthetic Lubricants& Functional Fluids
5 Medium- & Heavy-Duty Vehicle Market for Synthetic Lubricants & Functional Fluids
6 Off-Highway Equipment Market for Synthetic Lubricants & Functional Fluids
7 Metal Product Shipments
8 Metals Industry Market for Synthetic Lubricants & Functional Fluids
9 Aircraft in Service
10 Aircraft/Aerospace Market for Synthetic Lubricants & Functional Fluids
11 Energy/Power Generation Indicators
12 Energy/Power Generation Market for Synthetic Lubricants & Functional Fluids
13 Machinery Shipments
14 Industrial Machinery Market for Synthetic Lubricants & Functional Fluids
15 Process Manufacturers’ Shipments
16 Process Industries Market for Synthetic Lubricants & Functional Fluids
17 Other Markets for Synthetic Lubricants & Functional Fluids
SECTION VI -- INDUSTRY STRUCTURE
1 US Synthetic Lubricant & Functional Fluid Salesby Company, 2013
2 Research & Development Spending Patterns: Selected Synthetic Fluid Companies, 2011-2013
3 Selected Acquisitions & Divestitures
LIST OF CHARTS
SECTION II -- MARKET ENVIRONMENT
1 Synthetic Functional Fluid Pricing Volatility by Product, 2003-2023
SECTION III -- PRODUCTS
1 Synthetic Lubricant & Functional Fluid Demand by Product, 2013
SECTION IV -- MATERIALS
1 Synthetic Lubricant & Functional Fluid Demand by Material, 2013
SECTION V -- MARKETS
1 Synthetic Lubricant & Functional Fluid Demand by Market, 2013
SECTION VI -- INDUSTRY STRUCTURE
1 Synthetic Lubricant & Functional Fluid Market Share, 2013
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