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Base Oil Market Product Development Survey 2030

The expanding demand for high-viscosity lubricants across numerous applications will assure extensive growth opportunities for the base oil market during the forecast period of 2020-2030. The rapid industrialization across many regions, especially densely populated areas like India and China will bring tremendous growth prospects as industries use base oils on a large scale. Base oils are used for manufacturing industrial oils such as metal processing fluids, motor oil, and lubricating greases. These factors help in maintaining the growth trajectory of the base oil market.

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Base oils are prominently used in the manufacturing process of lubricants. It is produced through refining crude oil or by chemical synthesis process. Derived from secondary processing units in refineries, base oils are then delivered to lubricant plants, where they are used for manufacturing finished lubricants. The benefits attached to base oils will bring good growth opportunities.

Base oils are categorized in five categories namely Group I, Group II, Group III, Group IV, and Group V. Compared to Group I, Group II and Group III have seen an increase in the demand. The properties of these categories are one of the vital reasons for their extensive popularity. Group II and Group III base oils have better antioxidation properties and have a clearer color. These factors ultimately contribute to the growth of the base oil market.

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Strategic collaborations like mergers, acquisitions, joint ventures, and partnerships will play a vital role in the growth of the base oil market. The players are indulging in these collaborations for expanding their presence across numerous regions. Thus, these activities will help design the growth structure of the base oil market.

Transparency Market Research's (TMR's) research report on the base oil market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on base oil by TMR suggests a stable growth period.

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According to the TMR experts, the market for base oil is prognosticated to expand at 2 percent CAGR during the forecast period of 2020-2030. In the context of valuation, the base oil market is estimated to reach a valuation of US$ 42 bn by 2030, the end year of the forecast period, and was valued at US$ 34 bn in 2019.

Heightening Sales of Automobiles across Numerous Regions to Add Extra Stars of Growth

Rising disposable income of many individuals and the expanding rural-to-urban migration has led to an increase in the sales of automotives extensively. According to the data from Statista, even though the automobile sales are slightly less this year than what was recorded in 2017 due to the COVID-19 pandemic, nearly 70 mn units are expected to be sold in 2021 from 80 mn units recorded in 2017. These statistics show the burgeoning demand for automobiles. As automotive vehicles use lubricants on a large scale, the demand for base oil will increase.

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Sustainability to Reign Supreme

The demand for environment conservations and reducing pollution has propelled the shift of many manufacturers in the base oil market toward creating renewable base oil. The rising awareness about the harms of pollution-causing agents on the environment is encouraging people to buy eco-friendly products.

Manufacturers in the base oil market are focusing on the same. For instance, Chevron Products Company recently announced the production of 100 percent renewable base oil. This oil will be developed from renewable feedstock and the company also claims that this oil will offer higher performance than traditional base oil because of the unique production process.

In another development, the U.S. Department for Agriculture in collaboration with Biosynthetic Technologies LLC has patented a new class of ester molecules which would facilitate the production for high-performance base oils. These developments bode well for the growth of the base oil market.

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)

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact:

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
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Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/

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