What’s Driving the Growth of Synthetics?

Although overall U.S. lubricant consumption has declined since 2006, the demand for synthetic lubricants continues growing, even throughout a worldwide recession. For example, while synthetic motor oil represented 5 percent of the motor oil market in 2005, it now accounts for 7-9 percent. Leading industry research company The Freedonia Group Inc. projects 7.3 percent annual growth for sales of synthetic motor oil through 2013 and 6.3 percent growth for synthetic hydraulic and transmission fluids. A new study by Kline & Co., meanwhile, indicates synthetics’ share of the global lubricants market will hit 12.5 percent by 2019.