Overview:
Base oil is generally referred as the refined petroleum synthetic or mineral material that is 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 of range 550 and 1050 F which consists hydrocarbons with carbon atoms. 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 which are 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 oils manufactured is known as synthetic blend which is a combination of synthetic and mineral base fluids. Among these, approximately 95% of lubricating base stocks is derived from petroleum.
Base oils are categorized based on their physical characteristic and refining process. Depending on these factors, base oil is segmented into groups which are Group I, Group II, Group III, Group IV and Group V. Base oils are segmented in 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 wide range of applications in the market. Based on types and its use, base oil market is segmented into applications which include automotive, process oils, industrial oils, metalworking fluids and hydraulic oils among others.
Increasing demand for automobiles in the emerging economies such as Asia Pacific, especially India and China has fueled the growth of automobiles industry. Therefore, growing automotive industry has led to rise in demand for finished lubricants, thereby creating high demand for base oils. Rapid industrialization in the region such as 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:
1. Types
a. Group I
b. Group II
c. Group III
d. Group IV
e. Group V
2. Applications
a. Automotive
b. Process Oils
c. Industrial Oils
d. Metalworking Fluids
e. Hydraulic Oils
f. Others
3. Geography
a. North America
i. US
ii. Canada
b. Europe
i. UK
ii. Germany
iii. France
iv. Rest of Europe
c. Asia-Pacific (APAC)
i. Japan
ii. China
iii. India
iv. Rest of APAC
d. Middle East and Africa (MEA)
i. South Africa
ii. Saudi Arabia
iii. Rest of MEA
e. Latin Amarica
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.
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