Press release
Base Oil Market Projected To Reach US$ 41.5 Bn By 2030
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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.
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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.
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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
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