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US Synthetic Lubricants & Functional Fluids Market

  • September 2014
  • -
  • Freedonia
  • -
  • 288 pages

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.

Study coverage

This upcoming industry study, Synthetic Lubricants & Functional Fluids, presents historical demand data for 2003, 2008 and 2013, plus forecasts for 2018 and 2023 by product, material and market. The study also considers market environment factors, evaluates company market share and profiles industry competitors.

Table Of Contents

US Synthetic Lubricants and Functional Fluids Market
TABLE OF CONTENTS
INTRODUCTION ix
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Outlook 5
Demographic Outlook 9
Personal Consumption Expenditures 13
Manufacturing Outlook 16
Competitive Products 20
Environmental and Regulatory Issues 22
Recycling and Re-Refining 25
Motor Vehicle Lubricant Specifications 27
Pricing Trends 28
Foreign Trade and International Activity 31
III. PRODUCTS 35
General 35
Engine Oils 37
Fully Synthetic Engine Oils 38
Gasoline Engine Oils 41
Heavy-Duty Diesel Engine Oils 45
Other Engine Oils 48
Semi-Synthetic Engine Oils 51
Antifreeze and Deicing Fluids 55
Antifreeze 56
Deicing Fluids 58
Transmission and Hydraulic Fluids 59
Transmission Fluids 63
Product Characteristics 63
Demand 65
Hydraulic Fluids 66
Heat Transfer Fluids 69
Low Temperature 72
High Temperature 73
Metalworking Fluids 75
Product Characteristics 76
Demand 78
Metal Removal Fluids 81
Metal Forming Fluids 83
Other Metalworking Fluids 85
Dielectric Fluids 87
Other Products 90
Gear Oils 92
Compressor Lubricants 95
Turbine Lubricants 96
All Other 98
IV. MATERIALS 102
General 102
Glycols 104
Polyalphaolefins 108
Esters 111
Group III Base Oils 115
Aromatics 119
Silicone Fluids 123
Other 125
V. MARKETS 130
General 130
Automotive 133
Motor Vehicle and Off-Highway Equipment Outlook 134
Synthetic Lubricant and Functional Fluid Demand 138
Light Vehicles 140
Medium- and Heavy-Duty Vehicles 142
Off-Highway Equipment 145
Metals 150
Metal Industry Outlook 151
Synthetic Lubricant and Functional Fluid Demand 152
Aircraft/Aerospace 154
Aircraft/Aerospace Outlook 155
Synthetic Lubricant and Functional Fluid Demand 156
Energy/Power Generation 158
Energy/Power Generation Industry Outlook 159
Synthetic Lubricant and Functional Fluid Demand 161
Industrial Machinery 164
Industrial Machinery Outlook 165
Synthetic Lubricant and Functional Fluid Demand 167
Process Industries 170
Process Manufacturing Industry Outlook 170
Synthetic Lubricant and Functional Fluid Demand 172
Other Markets 175
VI. INDUSTRY STRUCTURE 178
General 178
Market Share 182
Competitive Strategies 187
Research and Development 188
Chemical Management Services 190
Merger and Acquisition Activity 191
Manufacturing 194
Marketing 196
Synthetic Engine Oil 197
Brand Name Recognition 198
Sports Sponsorship 199
Antifreeze 200
Other Synthetic Fluids Marketing Strategies 201
Distribution 202
Company Profiles 205
AMSOIL Incorporated 206
Ashland Incorporated 209
Autoparts Holdings Limited 212
BASF SE 213
Bel-Ray, see Calumet Specialty Products Partners
Berkshire Hathaway Incorporated 216
BP plc 219
Calumet Specialty Products Partners LP 224
Chemtool, see Berkshire Hathaway
Chemtura Corporation 229
Chevron Corporation 231
Chevron Phillips Chemical Company LLC 235
CIMCOOL Industrial Products, see Milacron
CITGO Petroleum, see Petróleos de Venezuela
CLC Lubricants Company 236
ConocoPhillips 237
CPI Engineering Services, see Berkshire Hathaway
Dow Chemical Company 238
Dow Corning Corporation 241
DuPont (EI) de Nemours 242
Eastman Chemical Company 244
Exxon Mobil Corporation 247
FUCHS Petrolub SE 253
Houghton International Incorporated 255
Lubrizol, see Berkshire Hathaway
Milacron LLC 257
Oak International, see Milacron
Old World Industries LLC 259
Petróleos de Venezuela SA 262
Phillips 66 266
Quaker Chemical Corporation 270
Royal Dutch Shell plc 272
Royal Purple, see Calumet Specialty Products Partners
Shell Oil, see Royal Dutch Shell
Total SA 276
TruSouth Oil, see Calumet Specialty Products Partners
United Petroleum, see Calumet Specialty Products
Partners
Valvoline, see Ashland
Warren Oil Company Incorporated 280
Additional Companies Mentioned in the Study 282


LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Macroeconomic Indicators 9
2 Population and Households 13
3 Personal Consumption Expenditures 16
4 Manufacturers' Shipments 20
5 Synthetic Functional Fluid Pricing 30
6 Synthetic Lubricant and Functional Fluid Foreign Trade 34
SECTION III -- PRODUCTS
1 Synthetic Lubricant and Functional Fluid Demand by Product 36
2 Fully Synthetic Engine Oil Demand by Type 41
3 Fully Synthetic Gasoline Engine Oil Demand 45
4 Fully Synthetic Heavy-Duty Diesel Engine Oil Demand 48
5 Other Fully Synthetic Engine Oil Demand 51
6 Semi-Synthetic Engine Oil Demand 54
7 Synthetic Antifreeze and Deicing Fluid Demand 56
8 Synthetic Transmission and Hydraulic Fluid Demand
by Product, Chemical, and Market 62
9 Synthetic Heat Transfer Fluid Demand 71
10 Synthetic Metalworking Fluid Demand 81
11 Synthetic Metal Removal Fluid Demand 83
12 Synthetic Metal Forming Fluid Demand 85
13 Other Synthetic Metalworking Fluid Demand 87
14 Synthetic Dielectric Fluid Demand 90
15 Other Synthetic Lubricant and Functional Fluid Demand 91
SECTION IV -- MATERIALS
1 Synthetic Lubricant and Functional Fluid Demand by Material 103
2 Glycol Demand in Synthetic Lubricants and Functional Fluids 108
3 Polyalphaolefin Demand in Synthetic Lubricants
and Functional Fluids 111
4 Ester Demand in Synthetic Lubricants and Functional Fluids 115
5 Group III Base Oil Demand in Synthetic Lubricants
and Functional Fluids 119
6 Aromatics-Based Chemical Demand in Synthetic Lubricants
and Functional Fluids 122
7 Silicone Fluid Demand in Synthetic Lubricants
and Functional Fluids 125
8 Demand for Other Chemicals, Additives,
and Blending Components in Synthetic Lubricants
and Functional Fluids 129
SECTION V -- MARKETS
1 Synthetic Lubricant and Functional Fluid Demand by Market 132
2 Motor Vehicle and Off-Highway Equipment Indicators 138
3 Automotive Market for Synthetic Lubricants
and Functional Fluids 139
4 Light Vehicle Market for Synthetic Lubricants
and Functional Fluids 142
5 Medium- and Heavy-Duty Vehicle Market
for Synthetic Lubricants and Functional Fluids 145
6 Off-Highway Equipment Market
for Synthetic Lubricants and Functional Fluids 147
7 Metal Product Shipments 152
8 Metals Industry Market for Synthetic Lubricants
and Functional Fluids 154
9 Aircraft in Service 156
10 Aircraft/Aerospace Market for Synthetic Lubricants
and Functional Fluids 158
11 Energy/Power Generation Indicators 161
12 Energy/Power Generation Market for Synthetic Lubricants
and Functional Fluids 164
13 Machinery Shipments 167
14 Industrial Machinery Market for Synthetic Lubricants
and Functional Fluids 169
15 Process Manufacturers' Shipments 172
16 Process Industries Market for Synthetic Lubricants
and Functional Fluids 175
17 Other Markets for Synthetic Lubricants and Functional Fluids 177
SECTION VI -- INDUSTRY STRUCTURE
1 US Synthetic Lubricant and Functional Fluid Sales
by Company, 2013 181
2 Research and Development Spending Patterns:
Selected Synthetic Fluid Companies, 2011-2013 189
3 Selected Acquisitions and Divestitures 193


LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 Synthetic Functional Fluid Pricing Volatility
by Product, 2003-2023 31
SECTION III -- PRODUCTS
1 Synthetic Lubricant and Functional Fluid Demand
by Product, 2013 37
SECTION IV -- MATERIALS
1 Synthetic Lubricant and Functional Fluid Demand
by Material, 2013 104
SECTION V -- MARKETS
1 Synthetic Lubricant and Functional Fluid Demand
by Market, 2013 133
SECTION VI -- INDUSTRY STRUCTURE
1 Synthetic Lubricant and Functional Fluid Market Share,
2013 183

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