Press release
Base Oil Market to Witness an Outstanding Growth by 2030
๐๐๐๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ - https://www.transparencymarketresearch.com/base-oils-lubes-market.html
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.
๐๐๐ญ ๐๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=288
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.
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.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=288
๐๐๐ข๐ ๐ก๐ญ๐๐ง๐ข๐ง๐ ๐๐๐ฅ๐๐ฌ ๐จ๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐๐ข๐ฅ๐๐ฌ ๐๐๐ซ๐จ๐ฌ๐ฌ ๐๐ฎ๐ฆ๐๐ซ๐จ๐ฎ๐ฌ ๐๐๐ ๐ข๐จ๐ง๐ฌ ๐ญ๐จ ๐๐๐ ๐๐ฑ๐ญ๐ซ๐ ๐๐ญ๐๐ซ๐ฌ ๐จ๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก
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.
๐๐ฎ๐ฌ๐ญ๐๐ข๐ง๐๐๐ข๐ฅ๐ข๐ญ๐ฒ ๐ญ๐จ ๐๐๐ข๐ ๐ง ๐๐ฎ๐ฉ๐ซ๐๐ฆ๐
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.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=288
๐๐ฅ๐จ๐๐๐ฅ ๐๐๐ฌ๐ ๐๐ข๐ฅ ๐๐๐ซ๐ค๐๐ญ: ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
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
๐๐๐จ๐ฎ๐ญ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
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.
๐๐จ๐ง๐ญ๐๐๐ญ
Rohit Bhisey
Transparency Market Research Inc.
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