Hydrocarbon-based Synthetic Oil Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Hydrocarbons are organic compounds consisting of hydrogen and carbon. Various components of hydrocarbon are blended together to produce fuels for specific application in cars, trucks, trains and airplanes. Liquid synthetic hydrocarbons (XtL) is widely produced for use in petrol, diesel, aviation fuel and marine fuels.
Liquid synthetic hydrocarbons is ideal for transportation applications, owing to its high energy content per volume or mass. Increasing demand for transportation in turn, is boosting growth of the hydrocarbon-based synthetic oil market. For instance, according to JATO Dynamics figures, in 2017, worldwide sales of passenger cars and light commercial vehicles recorded an increase by 2.4% from the previous year. The number increased by over 2 million additional vehicle sales, as compared to 2016, with the new total accounting for 86,05 million global car sales in 2017.
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Synthetic oil has uniformly consistent properties and increases the durability of the engine, thus providing high level of engine protection. Synthetic hydrocarbon oil is similar to PAO in structure and is widely used as a base stock and viscosity builder for a wide range of engine and industrial lubricating oil products, both mineral- oil and synthetic-based. Growing shortage of crude oil, in turn is expected to boost demand for hydrocarbon synthetic oil. Thus, boosting growth of the hydrocarbon-based synthetic oil market.
Hydrogen-based synthetic oil allows people to significantly reduce use of petroleum, thus help cutting down CO2 emissions by half, while still using hydrocarbon-based transportation infrastructure. Synthetic hydrocarbons are produced by the Fischer–Tropsch (FT) synthesis process to provide a sulfur‐ and aromatic‐free alternative to conventional hydrocarbons. However, this process is highly expensive as compared to the production of crude oil. This in turn, poses as a major factor hampering growth of the hydrocarbon-based synthetic oil market.
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Natural Energy West— Germany-based renewable fuel producer—is reducing biodiesel output by 50 percent due to surging European Union imports from Argentina and Indonesia, as announced by the company in April 2018.
In November 2014, Mitsui Chemicals America Inc. entered into an alliance agreement with The Lubrizol Corporation to make Lubrizol the exclusive worldwide seller and marketer of the LUCANT polymer product range. The agreement will maximize the strengths of both the companies and maximize polymer R&D.
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