Base Oil Market Share, Future Growth and Analysis Report By 2024

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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