16th December 2019 – Global Base
Oil Market is anticipated to grow considerably in the forecast period
owing to the increasing use of lubricants in the end-use industries like
automotive and manufacturing. Base oils are essential element for any
lubricant. The formulation goes under chemical synthesis or crude oil when heat
is applied. During the heating process, heavy or light hydrocarbons are
separated. Petrol and other fuels contain light hydrocarbon and base oil is
made from heavy hydrocarbons. It is ideal for making gear oil, hydraulic oil,
and premium engine oil.
Base oils have application in
manufacturing industrial products along with motor oil, lubricating greases and
metal processing fluids. They act as foundation of the lubricant, before
blending it with a thickener or an additive in case of grease. Base oils are
classified by the constituent base material, synthetic, vegetable and mineral.
Their characteristics determine their holding capacity against numerous
lubrication challenges. Major properties of base oil constitute as the index,
pour point, oxidation, thermal stability, volatility, aniline point, and
hydrolytic stability.
Base oil industry is driven by factors
like growing automotive segment in the emerging economies of Asia Pacific that
propels the demand for finished lubricants. Other drivers of base oil market
include massive industrialization along with the growing acceptance of superior
quality products, inclination towards group VI base oils and strict emission
regulations.
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Conversely, steady shift to heavy and
sour crude oil by the refiners and high cost of plummeting crude oil are few
the challenges witnessed by base oil industry. However, the existing players in
the market can predict new opportunities from gas-to-liquid technology, which
will stimulate the supply of highly pure and superior quality base oil.
Moreover, the escalating demand from
automotive segment for base oils, particularly from the developing economies
and strict environmental regulations resulting to stringent performance
standards is driving base oil market. Nevertheless, the changing prices of
crude oil and protocols concerning emission rules are predicted to hinder the
growth of the market in the years to come. However, the inclination from group
I base oils to group II & group III is expected to display multiple growth
opportunities to the market players.
Base oil industry is categorized on the
basis of type, application and geography. On the basis of type, the market is
divided into group I, group II, group III, group IV and group V. In terms of
application, the industry is split into automotive oil, industrial oil,
metalworking fluids, greases, and others. Automotive segment is expected to
hold larger market share of base oil owing to the increase in demand for
finished lubricant items in the automotive segment.
Geographically, base oil market is
segmented as North America, Latin America, Europe, Asia Pacific, and Middle
East & Africa. Owing to the growing industrial development, Asia Pacific is
predicted to hold larger market share of base oil. The prominent players in
base oil industry are BP PLC, Chevron Corporation, Evonik Industries AG, Ergon
Inc., H&R Ölwerke Schindler GmbH, Exxon Mobil Corporation, Royal Dutch
Shell PLC, Petronas Pvt. Ltd., SK Lubricants Co. Ltd., Total S.A., Nynas AB.
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