What is Base Oil Market?
Base Oils are fluids that are used to manufacture Motor oils, lubricating greases, and metal processing fluids. Few of the base oil components are produced by refining crude oil. Different base oils have a different set of properties and objectives or use. Some of the properties which base oil have are thermal stability, viscosity limitation, viscosity index, volatility, oxidation, pour point, hydraulic stability, and aniline point. With the expansion of industrialization, and commercialization naturally the base oil market is expected to expand.
The market study is being classified by Type (Group I, Group II, Group III, Group IV and Group V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases and Others) and major geographies with country level break-up.
Royal Dutch Shell Plc (Netherlands), ExxonMobil Corporation (United States), Chevron Corporation (United States), Avista Oil AG (Germany), Repsol S.A. (Spain), Saudi Aramco (Saudi Arabia), PETRONAS (Malaysia), ADNOC (UAE), PetroChina Company Limited (China) and S-Oil Corporation (South Korea) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are SK Innovation Co., Ltd. (South Korea), Hindustan Petroleum Corporation Limited (India) and PJSC Rosneft Oil Company (Russia).
Analyst at AMA have segmented the market study of Global Base Oil market by Type, Application and Region.
On the basis of geography, the market of Base Oil has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- With an Overall Increase in Population and the Rise of Middle Income Households in Asia, the Number of Automobile Sold will Also Go Up, which will Eventually Benefit the Base Oil Industry Because of its Broad Application in Automotive Industry.
- Asia and Africa are Witnessing Rapid Expansion of Industrialisation which Again will Lead to Rising in Demand for Base Oils
- Group, I Base Oilís Sale are Dropping Year on Year Because of Inclination of North American and EU Governments Towards More Cleaner and Sustainable Base Oils.
- Highly Polluting and Toxic Substance if Not Properly Disposed
- Volatility in Oil Markets Especially the Rising Differences Between OPEC and Non-OPEC Allies
- Rapid Industrialisation and Promising Auto Industry
- Group II Oils will Serve as a Growing Opportunity as Industry Shifts to Group II Oils as Default Because of Relative Lower Costs and Cleaner Fluid than Group I
- Production of Base Oil Using Sustainable Components, as Rising of Stringent Environment Protection and Climate Change Policies will Draw in Producers of Base Oils in Limelight
- Educate the Industries and Consumers about Proper Way of Disposing of the Used Oil
- Innovation and Increased Investment in Vegetable Oil will be Required
Market Leaders and some development strategies
In 2020, Nayara Energy (a subsidiary of Rosftnet) has signed an agreement with Shell to sell Shellís lubricants and base oils through its vast network of around 5,900 fuel Stations in India. With this Shell plans to penetrate deep into Indian markets which are mostly captured by local Indian players.
Key Target AudienceBase Oil Manufacturers, Suppliers, and Others, Crude Oil Suppliers, New Entrants/ Investors, Venture Capitalists and Private Equity Firms, Government Regulatory Bodies, End-User Industries and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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