Press release
Base Oil Market | British Petroleum, Royal Dutch Shell, Bahrain Lube Base Oil Co., Lukoil, Indian Oil Corporation
"Base oils are a key ingredient in a wide range of lubricant formulations influencing varied specifications including pour point, viscosity, thermal stability, oxidation, additive solubility, and seal compatibility. Automotive and industrial applications will remain primary drivers for the industry for the foreseeable future," says the Fact.MR analyst.
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Base Oil Market - Important Takeaways
Group I base oils are estimated to account for over half of the overall market share, driven by cost benefits and wider scope of applications.
Automotive applications of base oil account for over 40% of the market owing to automation technology improvements for luxury vehicle offerings.
Asia Pacific is a prominent regional market, driven by China and India and regulations in the region aiming towards improving fuel efficiency.
The European Union is considering phasing out Group II base oils by 2022, while the UK provides tax benefits for imports of the same.
Base Oil Market - Driving Factors
Strong demand for greases, industrial lubricants, thermal oils, hydraulic fluids, and metalworking chemicals drive demand.
The introduction and growing adoption of gas-to-liquid technology is helping in the commercialization of base oils.
Base Oils Market - Leading Constraints
Improvements to the operational durations of new lubricant products, and the reduced rates of replacement is an obstacle to sales.
Environmental concerns over the use and disposal of base oils and concerns over the transition from fossil fuels will hurt market prospects.
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus outbreak has had a moderately adverse effect on the global base oil market. Disruptions in supply chains for raw materials owing to lockdown restrictions have become a concern. Also, a shortage of workforce, and reduced demand from end user industries during the crisis period will hurt market developments.
Furthermore, the cash flow constraints, restricted activity in production facilities and job losses have adversely affected market developments. The industry will witness gradual recovery in the months to come with hampered activity in the automotive and other industrial sectors.
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Competition Landscape
Prominent manufacturers in the base oil market include but are not limited to Hindustan Petroleum Corporation Ltd., British Petroleum, GS Caltex Corp., Royal Dutch Shell, Motiva Enterprises LLC, Bahrain Lube Base Oil Co., Sepahan Oil, Lukoil, Abu Dhabi National Oil Company, and Saudi Aramco among others.
Top market players are focused on strategic collaborations in the industry in addition to efforts towards the optimization of operations including the expansion or divestment of assets, which will drive long-term developments.
For instance, in Dec 2020, Whitecap Resources Inc. has joined hands with TORC Oil & Gas Ltd. to create a company for sustainable light oil offerings, with a free fund flow profile for a value of approximately US$ 900 Mn.
Tupras, the Turkey-based oil refining company has announced plans to suspend production operations for its refinery facility in Izmir, for the early part of 2021, which will cut production by 250,000 tons per month.
Arrow Exploration Corp. in collaboration with Petrolco S.A. have announced the plans to restart oil production activities at its Rio Cravo Este-1 (RCE-1) well, to leverage the increased prices of Brent crude oil.
More on the Report
The FACT.MR's market research report provides detailed actionable insights on the global base oil market. The market is scrutinized according to grade (Group I, Group II, Group III, Group IV, Group V, Naphthenic, Re-refined), and application (automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic oils, and others), across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
Press Release: https://www.factmr.com/media-release/1734/global-base-oil-market
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