Overview:
Base oil is generally referred to as the refined petroleum synthetic or mineral material produced by a refinery to a required set of specifications. Base oils are generally used to manufacture products which include motor oil, metal processing fluids, and lubricating greases. They have a boiling point range of 550 and 1050 F, consisting of carbon atoms and hydrocarbons. Base oils normally make up 70% to 90% of a lubricant’s formulations. The quality of base oils depends on various factors such as consistency, viscosity index, compatibility, oxidation stability, appearance, volatility, and safety. The types of base stocks used to manufacture base oils are mineral based, derived from petroleum base stocks which include paraffinic, naphthenic and aromatic; and synthetic, which are produced using different chemical bases and components such as esters, PAG, and PAO, among others. Another type of base oil manufactured is a synthetic blend, a combination of synthetic and mineral base fluids. Approximately 95% of lubricating base stocks are derived from petroleum.
Base oils are categorized based on their physical characteristic and refining process. Depending on these factors, the base oil is segmented into Group I, Group II, Group III, Group IV, and Group V. Base oils are segmented into these groups based on the percentage of saturates, sulfur, viscosity index, and temperature. Each Group of oil has specific applications. Base oil is used for a wide range of applications in the market. Based on types and their use, the base oil market is segmented into the automotive, process, industrial, metalworking fluids, and hydraulic oils, among others.
Increasing demand for automobiles in emerging economies such as the Asia Pacific, especially India and China, has fueled the growth of the automobile industry. Therefore, the growing automotive industry has increased demand for finished lubricants, creating a high demand for base oils. In addition, rapid industrialization in regions such as the Asia Pacific, especially in China, India, and Japan, has also led to high demand for base oils from various end-users in the market. Base oils are therefore projected to gain high demand from various end-user industries worldwide in the near future.
The global base oils market is segmented on the following bases:
Types
- Group I
- Group II
- Group III
- Group IV
- Group V
Applications
- Automotive
- Process Oils
- Industrial Oils
- Metalworking Fluids
- Hydraulic Oils
- Others
Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- Latin America
Key Players Identified for Base Oil Market Include but are Not Limited to:
China Petroleum Corporation, Chevron Corporation, Exxon Mobil Corporation, S-Oil Corporation, PetroChina Company Limited, SK Lubricants, MOGoil GmbH, GS Caltex Corporation, Royal Dutch Shell Plc, Philips 66 Company, and British Petroleum p.l.c.
This report offers the following:
- An overview of the global markets for the base oil market
- Market trends assessment for the period 2014-2022, with historical information for 2014 & 2015, and projections through 2022, with respective CAGRS during 2016-2022
- Qualitative assessment tools such as market drivers, challenges and future prospects, market attractiveness, and positioning of key players
- Focus on each level of market segmentation based on product approvals, launches, and current and anticipated market dynamics.
- A general overview of the industry structure
- Company profiles highlighting key information about the major players operating in the base oil market
