Base Oil Market is anticipated to reach ~US$ 42 Bn by the end of 2030

Base Oils Fortified with New Additive Combinations for Excellent Anti-wear Performance
There is a growing demand for ultra-high viscosity lubricants that are extensively used in heavily loaded, low speed open gears. This is evident since industrial oils are estimated to account for the second-highest revenue among all applications in the base oil market, where the global value is anticipated to reach ~US$ 42 Bn by the end of 2030. Hence, companies in the base oil market are increasing their production capabilities in supreme performance gear oils. For instance, global leader in bike and car engine oils is increasing its portfolio in lubricants and gear oils with Mobil SHC Gear 22M and 46M that are produced using proprietary additive combinations.

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Base oils are being fortified with new additive combinations to deploy anti-wear performance and excellent gear scuffing protection in shock load situations. Such base oils are gaining increased acceptance by OEMs for customer field tests and other commercial end-use cases.

base oils lubes market infographic
Non-food Biomass Products Reduce Costs Associated with Making Renewable Lubricants
Lubricants are virtually used in most machines such as refrigerator compressors, engine gears, wind turbines, and the likes. Companies in the base oil market are increasing the availability of lubricants in crucial agricultural equipment, industrial machinery as well as home appliances to ensure proper functioning of machines. However, several base oils and lubricants are made from petroleum, which is a nonrenewable feedstock, resulting in increased greenhouse gas emissions. This explains why the base oil market is expected to progress at a sluggish CAGR of ~2% during the forecast period. Hence, researchers are tapping opportunities in renewable lubricants that are made from products such as wood, switchgrass, and sustainable organic wastes.

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Scientists at the Catalysis Center for Energy Innovation (CCEI) in the University of Delaware are innovating with non-food biomass products to reduce costs associated with the process of making renewable base oils and lubricants. Thus, companies should collaborate with scientists to explore new processes using fatty acids found in vegetable oils and animals.

Shipments Arrive While Plants Function at Low Operating Costs Due to Coronavirus Outbreak
The base oil market in China is bearing the brunt of coronavirus (COVID-19) restrictions, while companies in other countries are taking cautious steps. Base oils editors in Independent Commodity Intelligence Services (ICIS) opine that manufacturing plants in China have been temporarily shut as a direct consequence of the coronavirus outbreak. As such, trade activities in the Middle East have been limited, while local oil refiners of the base oil market in China have been forced to lower their operating costs. This has been carried out to reduce the pressure on inventories due to transportation restrictions in certain provinces of China.

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On the other hand, some refiners in China are functioning in full capacities to capitalizing on the downtick in crude oil prices. Lowered prices of crude oil are generating increased sales, thus helping to revive economic growth. As such, there have been no delays in shipments to China from Asian suppliers. Analysts at Transparency Market Research (TMR) anticipate that companies in the Middle East will not face major setback due to coronavirus however, with a slight increase in Group I prices due to tight supply chain restrictions out of Iran.

Base Oil Market: Overview

Base oils are lubricant-grade oils that are produced either through crude oil refining (for instance, mineral base oil) or chemical synthesis processes (for instance, synthetic base oil). Depending on their chemical structure, base oils can be classified into paraffinic and naphthenic.

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Base oils are generally obtained from secondary processing units in refineries. After production, base oils are sent to lubricant blending plants, where they are used for manufacture of finished lubricants.
Increase in Industrialization in Developing Economies to Drive Base Oil Market

Rapid industrialization has boosted the demand for lubricants among various end users. Growth of sectors such as industrial machinery, automotive, and energy in developing economies, such as China, India, Brazil, and South Africa is driving the demand for lubricants and its derivatives such as finished lubricants.

Demand for eco-friendly synthetic hydraulic oils or hydraulic fluids has been increasing, owing to depletion of crude oil levels and rise in focus on protection of the environment. These oils are employed in various end use industries such as aviation, manufacturing, construction, and automotive. Hydraulic fluids transfer power; perform lubrication; prevent corrosion and wear of machines; and act as a heat transfer medium. Rapid industrialization and mechanization of industries is boosting the demand for hydraulic fluids. This, in turn, is driving the global base oil market.

Highly Competitive Base Oil Market

The global base oil market is highly fragmented, with the presence of a large number of local, regional and global players
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

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