Global BaseOil Market is anticipated to grow considerably in the forecast period owing to the increasing use of lubricants in the end-use industries like automotive and manufacturing. Base oils are essential element for any lubricant. The formulation goes under chemical synthesis or crude oil when heat is applied. During the heating process, heavy or light hydrocarbons are separated. Petrol and other fuels contain light hydrocarbon and base oil is made from heavy hydrocarbons. It is ideal for making gear oil, hydraulic oil, and premium engine oil.
Base
oils have application in manufacturing industrial products along with motor
oil, lubricating greases and metal processing fluids. They act as foundation of
the lubricant, before blending it with a thickener or an additive in case of
grease. Base oils are classified by the constituent base material, synthetic,
vegetable and mineral. Their characteristics determine their holding capacity
against numerous lubrication challenges. Major properties of base oil
constitute as the index, pour point, oxidation, thermal stability, volatility,
aniline point, and hydrolytic stability.
Base
oil industry is driven by factors like growing automotive segment in the
emerging economies of Asia Pacific that propels the demand for finished
lubricants. Other drivers of base oil market include massive industrialization
along with the growing acceptance of superior quality products, inclination
towards group VI base oils and strict emission regulations.
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Conversely,
steady shift to heavy and sour crude oil by the refiners and high cost of
plummeting crude oil are few the challenges witnessed by base oil industry.
However, the existing players in the market can predict new opportunities from
gas-to-liquid technology, which will stimulate the supply of highly pure and
superior quality base oil.
Moreover,
the escalating demand from automotive segment for base oils, particularly from
the developing economies and strict environmental regulations resulting to
stringent performance standards is driving base oil market. Nevertheless, the
changing prices of crude oil and protocols concerning emission rules are
predicted to hinder the growth of the market in the years to come. However, the
inclination from group I base oils to group II & group III is expected to
display multiple growth opportunities to the market players.
Base
oil industry is categorized on the basis of type, application and geography. On
the basis of type, the market is divided into group I, group II, group III,
group IV and group V. In terms of application, the industry is split into
automotive oil, industrial oil, metalworking fluids, greases, and others.
Automotive segment is expected to hold larger market share of base oil owing to
the increase in demand for finished lubricant items in the automotive segment.
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Geographically,
base oil market is segmented as North America, Latin America, Europe, Asia
Pacific, and Middle East & Africa. Owing to the growing industrial
development, Asia Pacific is predicted to hold larger market share of base oil.
The prominent players in base oil industry are BP PLC, Chevron Corporation,
Evonik Industries AG, Ergon Inc., H&R Ölwerke Schindler GmbH, Exxon Mobil
Corporation, Royal Dutch Shell PLC, Petronas Pvt. Ltd., SK Lubricants Co. Ltd.,
Total S.A., Nynas AB.
Market
Segment:
Global
Base Oil Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• Group I
• Group II
• Group III
• Others
Global
Base Oil Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 -
2024)
• Automotive Oils
• Process Oils
• Hydraulic Oils
• Metalworking Fluids
• Industrial Oils
• Others
Global
Base Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
• North America
• U.S.
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Turkey
• Asia Pacific
• China
• India
• Japan
• Southeast Asia
• Central & South America
• Brazil
• Argentina
• Venezuela
• Middle East & Africa
• Saudi Arabia
• UAE
• Jordan
• South Africa
• Egypt
• Nigeria
• Kenya
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