Global Base Oil Market Share Analysis, Impact of Covid-19,

Base Oil Market: Introduction
The global base oils market was valued at ~ US $ 34 billion in 2019 and is expected to grow at a CAGR of around 2% during the forecast period. Among the grades, the Group I segment accounted for a significant share of the global base oil market in 2019. However, the demand for Group I base oil is likely to decline during the forecast period, due to their replacement by base oils of groups II and III. oils. Group II base oils are able to replace Group I base oils in many industrial applications at minimal additional costs. Among the applications, the automotive fluids segment held a significant share of the global base oils market in 2019. Asia-Pacific is expected to offer immense growth potential for the base oils market in the coming years.
Main drivers and constraints of the base oils market
The increase in the production and sale of automobiles is a major factor in the global base oils market. Base oils are used as base fluids in the formulation of various types of lubricants. The automotive industry is a key end user of lubricants. The automotive industry uses lubricants such as engine oils, transmission oils, and greases. The rapid increase in population and urbanization is leading to a constant increase in the production of vehicles across the world. According to the International Organization of Motor Vehicle Manufacturers (OICA), new vehicle sales increased from 87.5 million in 2013 to 95.05 million in 2018.
Request a PDF brochure
https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=288
The increasing need for emission controls in various sectors, such as the marine industry, and for stringent standards to reduce emissions of CO2, NOx, sulfur and other particulate substances imposed by the governments of various countries as well as the ‘European Union have forced oil companies to develop better methods of formulating lubricants. This has led to an increase in the adoption of Group II, Group III, naphthenic and blended base oils for the production of lubricants. This factor is driving the growth of the global base oils market.
Asia-Pacific, a very lucrative region in the base oil market
Asia-Pacific dominated the global base oils market in 2019. This trend is expected to continue during the forecast period. Rapid industrialization in China, India and Indonesia is driving the demand for base oil in industrial applications such as process oils, hydraulic oils, metalworking fluids and white oils. This is boosting the base oil market in the region. Most companies around the world are moving their manufacturing bases to India, Indonesia and Vietnam, mainly due to the availability of cheap labor and raw materials and favorable government regulations. This increases the base oil market in these countries. Major players operating in the base oils market in Asia-Pacific include China Petrochemical Corporation, PetroChina Company Limited, GS Caltex Corporation, Apar Industries Ltd. and SK Lubricants Co. Ltd.
More trend reports
https://www.prnewswire.com/news-releases/companies-in-ethylene-bis-stearamide-market-leverage-e-commerce-channels-to-build-up-steady-revenue-streams-for-various- final-industries-tmr-301283167.html
Europe is another important region in the global base oil market. The region’s market is expected to develop at a significant rate during the forecast period. The increased demand for hybrid electric vehicles (HEVs) and electric vehicles (EVs) to comply with government regulations on CO2 emissions is also having a positive impact on the base oil market in Europe.
Base oil market: key developments
In June 2019, Nynas AB launched process oils for use in low temperature ink production and silicone fluid substitution. By introducing NYFLEX 2120B, an extremely low viscosity hydro-treated naphthenic oil, the company has provided an ideal process oil for use as a printing ink distillate in thermosetting formulations as well as a reliable and cost effective alternative for traditional silicone fluids. In March 2018, Nynas AB launched a new product called NYNAS T 600, a highly refined naphthenic oil having a viscosity of approximately 600 CST at 40 ° C. NYNAS T 600 is suitable for use in several formulations of industrial lubricants such as gear oils, metal rolling and forming.
Request an inquiry before buying
https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=288
In November 2017, Royal Dutch Shell Plc opened an integrated lubricants and grease production plant in Tuas, Singapore. It is the company’s third-largest lubricants plant in the world and the second-largest in Asia-Pacific. It is capable of producing up to 430 million liters of lubricants and greases each year.
Competitive landscape of the base oils market
The global base oils market is highly fragmented, with the presence of a large number of players. High capital investment for plant, equipment and technology and the strong market position of established players are barriers to entry of new players into the global base oil market. The major players operating in the global base oil market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, LP, SAC Petrobras SA, Apar Industries Ltd. , Gulf Petrochem FZC, Resolute Oil, LLC and UniSource Energy, Inc.
Custom search request
https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=288
About Us
Transparency Market Research is a global market intelligence company, providing trade information reports and services on a global basis. Our proprietary blend of quantitative forecasting and trend analysis provides forward-looking information to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to collect and analyze information.
Our data repository is continually updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analytical capacity, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Contact
Market research on transparency
90 Sate Street, Suite 700
Albany, NY 12207
Phone: + 1-518-618-1030
United States – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com/
This version was posted on openPR.