Press release
Base Oil Market Projected To Reach US$ 41.5 Bn By 2030
Request PDF Brochure – 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.
Request For Discount – https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=288
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.
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.
Request Customization – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=288
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.
Global Base Oil Market: Segmentation
Base Oil Market, by Grade
Group I
SN 150
BS 150
SN 250
SN 500
Others
Group II
N 150
N 500
N 600
Others
Group III
2 cSt
4 cSt
6 cSt
8 cSt
Group IV (PAO)
Group V (Excl. Naphthenic)
Naphthenic
35–60 SUS
80–130 SUS
200–300 SUS
400–800 SUS
Above 1,200 SUS
Re-refined
Base Oil Market, by Application
Automotive Fluids
Lubricants
Gear Oils
Transmission Fluids
Power Steering Fluids
Brake Fluids
Others
Process Oils
Rubber Process Oils
Textile Process Oils
Industrial Oils
Transformer Oils
Turbine Oils
Food-grade Oils
Others
Metalworking Fluids
Emulsions
Neat Oils
Hydraulic Oils
Petroleum-based
Biodegradable
Others (including White Oil and Prevention Oil)
Base Oil Market, by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Buy Now - https://www.transparencymarketresearch.com/checkout.php?rep_id=288<ype=S
Contact Us:
Mr. Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/
About Us:
Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Base Oil Market Projected To Reach US$ 41.5 Bn By 2030 here
News-ID: 2552408 • Views: …
More Releases from Transparency Market Research
Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 …
The global solar powered agricultural dryer market, valued at US$ 1.6 billion in 2022, is projected to grow at a CAGR of 5.8% from 2023 to 2031, reaching US$ 2.4 billion by the end of 2031. Rising investments in renewable energy, growing awareness of sustainable agricultural practices, and the rapid expansion of the agricultural sector driven by population growth are key factors fueling market growth.
Uncover essential discoveries and trends from…
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Ra …
The global Technetium‐99m Market was valued at US$ 6.0 Billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024 to 2034, surpassing US$ 8.6 Billion by the end of the forecast period. Advancements in nuclear imaging infrastructure, government-backed healthcare initiatives, and an increasing demand for precise diagnostic procedures are fueling this growth.
Discover essential conclusions and data from our Report in this sample -
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77100
Analysts' Viewpoint
The Technetium‐99m…
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to …
The global Equine Diagnostic Services Market, valued at approximately US$ 168 million in 2019, is projected to expand at a compound annual growth rate (CAGR) of ~5% from 2020 to 2030, reaching around US$ 280 million by 2030. Equine diagnostic services, encompassing tests like genetic, infectious disease, and imaging diagnostics, are critical for managing horse health in veterinary hospitals, clinics, and mobile settings. The market is driven by increasing equine…
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of …
The digital printing market is experiencing strong growth, driven by rapid technological advancements, rising demand for personalized and on-demand printing, and an increasing focus on sustainable solutions. Digital printing allows for the direct transfer of digital files onto a wide range of substrates, offering high-resolution output with greater speed and flexibility. Its adaptability has led to broad adoption across industries such as packaging, textiles, publishing, and advertising-sectors where customization, efficiency,…
More Releases for Oil
Hydraulic Oil Market,By Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil …
In recent years, the production capacity for hydraulic oil has increased significantly across the globe. Moreover, the Group II and III base oils are primarily gaining popularity for utilization in lubricant formulations for automatic transmission engines, heavy-duty trucks, and passenger automobiles. Therefore, these determinants are expected to for drive the development of the global hydraulic oil market in the anticipated period.
Global Hydraulic Oil Market was valued at USD 10.47 billion in 2021…
Cosmetic Oil Market Future Outlook 2023-2029, Industry Demand, Trends, Size, New …
This Cosmetic Oil Market research report is one of the best and wide-ranging, which provides market insights by considering numerous factors. Therefore, businesses can get important market insights cost-effectively with the help of the Cosmetic Oil Market research report. Such a persuasive report is the best to gain a competitive advantage in this quickly transforming marketplace. In addition, the report also provides market segmentation based on type and end-user. The…
Transformer Oil Market, Transformer Oil Market Size, Transformer Oil Market Shar …
The Transformer Oil Market research report consists of a detailed study of the market and the market dynamics that are related to the same. The in-depth data on the development of the market is presented in the Research report. Not only this but also the detailed data on the performance of the market for the forecast period are presented in the Transformer Oil Market research report. The performance analysis is…
Growing demand for corn oil as cooking oil is fuelling the Corn Oil Market
The research report "Corn Oil Market: by Product Type (High Oleic, Middle Oleic, Low Oleic), By Application (Biodiesel, Soap Making, Food Services, Pharmaceutical, Others) and Geography- Global/Region/Country Forecast to 2028." The global corn oil market size was valued at USD 4.2 Bn in the year 2021, growing at a CAGR rate of 7.2% during the evaluation time span 2022-2028.
Glance our 200 slides market research and competitive intelligence research report,…
Apricot Oil, Apricot Kernel Oil Supplier, Co2 Apricot Oil Manufacturer
The seed inside every apricot contains thin oil, which is extracted from the kernel of the seed after eating the delectable fruit. Apricot oil is also known as apricot kernel oil. This oil has been the interest of many experts for research purposes due to its infinite health benefits. It has been found that the oil could cure some serious health conditions (like cancer). Apricot oil has a profound nutty…
Global Sustainable Palm Oil Market analysis report- with Leading players, Applic …
Sustainable Palm Oil Market
The most widely used vegetable oil there is, palm oil is found in everything from snacks to household cleaners to cosmetics. Palm oil is used in many of the products on supermarket shelves, from margarine and chocolate to ice cream, soaps, cosmetics, and fuel for cars and power plants. The report presents a comprehensive overview, market shares, and growth opportunities of Sustainable Palm Oil market by product type,…
