Chemicals Industry Today
Base Oil Market to Foresee Growth with an Estimated CAGR Of 1.78% by 2030
The global base oil market is likely to observe significant expansion due to the growing demand for high-viscosity lubricants in a variety of applications. As businesses utilize base oils on a big scale, increasing industrialization throughout many regions, particularly highly populated places like China and India, is likely to provide great development opportunities over the forecast period, from 2020 to 2030. This factor is likely to contribute towards the expansion of the global base oil market in the years to come. Industrial oils, such as lubricating greases, motor oil, and metal processing fluids, are all made from base oils.
Published 16 March 2022
Base Oil Market: Introduction
The global base oil market was valued over US$ 34.2 Bn in 2019 and is anticipated to expand at a CAGR of 1.78% during the forecast period. Among grades, the Group I segment accounted for a major share of the global base oil market in 2019. However, the demand for Group I base oil is likely to decline during the forecast period, owing to their replacement by Group II and Group III base oils. Group II base oils are capable of substituting Group I base oils in several industrial applications at minimal additional costs. Among applications, the automotive fluids segment held a significant share of the global base oil market in 2019. Asia Pacific is estimated to offer immense growth potential to the base oil market in the next few years.
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Key Drivers and Restraints of Base Oil Market
Rise in production and sale of automobiles is a major factor driving the global base oil market. Base oils are used as base fluids in the formulation of various types of lubricants. The automotive industry is a key end user of lubricants. The automotive industry employs lubricating products such as engine oils, transmission oils, and greases. Rapid increase in population and urbanization is leading to consistent rise in vehicle production across the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA), sales of new vehicles increased from 87.5 million in 2013 to 95.05 million in 2018.
Increase in the need for emission control in various sectors, such as marine, and stringent norms to curb emissions of CO2, NOx, sulfur, and other particulate substances imposed by governments of various countries as well as the European Union have compelled oil companies to develop better methods of lubricant formulation. This has led to increase in the adoption of Group II, Group III, naphthenic, and blended base oils for production of lubricants. This factor promotes growth of the global base oil market.
Asia Pacific a Highly Lucrative Region of Base Oil Market
Asia Pacific dominated the global base oil market in 2019. This trend is anticipated to continue during the forecast period. Rapid industrialization in China, India, and Indonesia is boosting the demand for base oil in industrial applications such as process oils, hydraulic oils, metalworking fluids, and white oils. This drives the base oil market in the region. Most companies across the globe are shifting their manufacturing bases toward India, Indonesia, and Vietnam, primarily due to availability of inexpensive labor and raw materials and supportive government regulations. This is augmenting the base oil market in these countries. Key players operating in the base oil market in Asia Pacific include China Petrochemical Corporation, PetroChina Company Limited, GS Caltex Corporation, Apar Industries Ltd., and SK Lubricants Co. Ltd.
Europe is another major region of the global base oil market. The market in the region is expected to expand at a significant pace during the forecast period. Rise in the demand for hybrid electric vehicles (HEVs) and electric vehicles (EVs) in order to comply with government regulations on CO2 emissions is also positively impacting the base oil market in Europe.
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Base Oil Market: Key Developments
In June 2019, Nynas AB launched process oils for use in low-temperature ink production and silicone fluid substitution. By introducing NYFLEX 2120B, a hydro-treated naphthenic oil with extremely low viscosity, the company offered a process oil ideal for use as a printing ink distillate in heat-set formulations as well as a reliable and cost-efficient alternative for traditional silicone fluids. In March 2018, Nynas AB launched a new product called NYNAS T 600, which is a highly refined naphthenic oil having viscosity of approximately 600 CST at 40°C. NYNAS T 600 is suitable for use in several industrial lubricant formulations such as gear oils, metal rolling, and metal forming.
In November 2017, Royal Dutch Shell Plc opened an integrated lubricants and grease production facility in Tuas, Singapore. It is the company’s third-largest lubricants plant in the world and the second largest in Asia Pacific. It is capable of producing up to 430 million liters of lubricants and greases every year.
Competition Landscape of Base Oil Market
The global base oil market is highly fragmented, with the presence of a large number of players. High capital investment for facilities, equipment, and technologies and strong market position of established players pose barriers to the entry of new players in the global base oil market. Key players operating in the global base oil market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SAC Petrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC, and UniSource Energy, Inc.
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
The global base oil market was valued over US$ 34.2 Bn in 2019 and is anticipated to expand at a CAGR of 1.78% during the forecast period. Among grades, the Group I segment accounted for a major share of the global base oil market in 2019. However, the demand for Group I base oil is likely to decline during the forecast period, owing to their replacement by Group II and Group III base oils. Group II base oils are capable of substituting Group I base oils in several industrial applications at minimal additional costs. Among applications, the automotive fluids segment held a significant share of the global base oil market in 2019. Asia Pacific is estimated to offer immense growth potential to the base oil market in the next few years.
Get Brochure of the Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=288
Key Drivers and Restraints of Base Oil Market
Rise in production and sale of automobiles is a major factor driving the global base oil market. Base oils are used as base fluids in the formulation of various types of lubricants. The automotive industry is a key end user of lubricants. The automotive industry employs lubricating products such as engine oils, transmission oils, and greases. Rapid increase in population and urbanization is leading to consistent rise in vehicle production across the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA), sales of new vehicles increased from 87.5 million in 2013 to 95.05 million in 2018.
Increase in the need for emission control in various sectors, such as marine, and stringent norms to curb emissions of CO2, NOx, sulfur, and other particulate substances imposed by governments of various countries as well as the European Union have compelled oil companies to develop better methods of lubricant formulation. This has led to increase in the adoption of Group II, Group III, naphthenic, and blended base oils for production of lubricants. This factor promotes growth of the global base oil market.
Asia Pacific a Highly Lucrative Region of Base Oil Market
Asia Pacific dominated the global base oil market in 2019. This trend is anticipated to continue during the forecast period. Rapid industrialization in China, India, and Indonesia is boosting the demand for base oil in industrial applications such as process oils, hydraulic oils, metalworking fluids, and white oils. This drives the base oil market in the region. Most companies across the globe are shifting their manufacturing bases toward India, Indonesia, and Vietnam, primarily due to availability of inexpensive labor and raw materials and supportive government regulations. This is augmenting the base oil market in these countries. Key players operating in the base oil market in Asia Pacific include China Petrochemical Corporation, PetroChina Company Limited, GS Caltex Corporation, Apar Industries Ltd., and SK Lubricants Co. Ltd.
Europe is another major region of the global base oil market. The market in the region is expected to expand at a significant pace during the forecast period. Rise in the demand for hybrid electric vehicles (HEVs) and electric vehicles (EVs) in order to comply with government regulations on CO2 emissions is also positively impacting the base oil market in Europe.
Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=288
Base Oil Market: Key Developments
In June 2019, Nynas AB launched process oils for use in low-temperature ink production and silicone fluid substitution. By introducing NYFLEX 2120B, a hydro-treated naphthenic oil with extremely low viscosity, the company offered a process oil ideal for use as a printing ink distillate in heat-set formulations as well as a reliable and cost-efficient alternative for traditional silicone fluids. In March 2018, Nynas AB launched a new product called NYNAS T 600, which is a highly refined naphthenic oil having viscosity of approximately 600 CST at 40°C. NYNAS T 600 is suitable for use in several industrial lubricant formulations such as gear oils, metal rolling, and metal forming.
In November 2017, Royal Dutch Shell Plc opened an integrated lubricants and grease production facility in Tuas, Singapore. It is the company’s third-largest lubricants plant in the world and the second largest in Asia Pacific. It is capable of producing up to 430 million liters of lubricants and greases every year.
Competition Landscape of Base Oil Market
The global base oil market is highly fragmented, with the presence of a large number of players. High capital investment for facilities, equipment, and technologies and strong market position of established players pose barriers to the entry of new players in the global base oil market. Key players operating in the global base oil market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SAC Petrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC, and UniSource Energy, Inc.
Get Trending Report-
https://www.prnewswire.com/news-releases/quartz-market-to-exceed-valuation-of-us-12-9-bn-by-2031-says-tmr-301473022.html
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision
Contact
Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
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Contact Information
Mr. Rohit Bhisey
Transparency Market Research
State Tower, 90 State Street,
Suite 700,
Albany
12207
+91- 8600924083
http://www.transparencymarketresearch.com/
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