BaseOil Market: Introduction
Theglobal base oil market wasvalued at ~US$ 34 Bn in 2019 and isanticipated to expand at a CAGR of ~2% duringthe forecast period. Among grades, the Group I segment accounted for a majorshare of the global base oil market in 2019. However, the demand forGroup I base oil is likely to decline during the forecast period, owing totheir replacement by Group II and Group III base oils. Group II base oils arecapable of substituting Group I base oils in several industrial applications atminimal additional costs. Among applications, the automotive fluids segmentheld a significant share of the global base oil market in 2019. AsiaPacific is estimated to offer immense growth potential to the base oil marketin the next few years.
KeyDrivers and Restraints of Base Oil Market
Risein production and sale of automobiles is a major factor driving the global baseoil market. Base oils are used as base fluids in the formulation of varioustypes of lubricants. The automotive industry is a key end user of lubricants.The automotive industry employs lubricating products such as engine oils,transmission oils, and greases. Rapid increase in population and urbanizationis leading to consistent rise in vehicle production across the globe. Accordingto the International Organization of Motor Vehicle Manufacturers (OICA), salesof new vehicles increased from 87.5million in 2013 to 95.05 million in 2018.
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Increasein the need for emission control in various sectors, such as marine, andstringent norms to curb emissions of CO2, NOx, sulfur, and other particulate substances imposed bygovernments of various countries as well as the European Union have compelledoil companies to develop better methods of lubricant formulation. This has ledto increase in the adoption of Group II, Group III, naphthenic, and blendedbase oils for production of lubricants. This factor promotes growth of theglobal base oil market.
AsiaPacific a Highly Lucrative Region of Base Oil Market
AsiaPacific dominated the global base oil market in 2019. Thistrend is anticipated to continue during the forecast period. Rapidindustrialization in China, India, and Indonesia is boosting the demand forbase oil in industrial applications such as process oils, hydraulic oils,metalworking fluids, and white oils. This drives the base oil market in theregion. Most companies across the globe are shifting their manufacturing basestoward India, Indonesia, and Vietnam, primarily due to availability ofinexpensive labor and raw materials and supportive government regulations. Thisis augmenting the base oil market in these countries. Key players operating inthe base oil market in Asia Pacific include China Petrochemical Corporation,PetroChina Company Limited, GS Caltex Corporation, Apar Industries Ltd., and SKLubricants Co. Ltd.
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Europeis another major region of the global base oil market. The market in the regionis expected to expand at a significant pace during the forecast period. Rise inthe demand for hybrid electric vehicles (HEVs) and electric vehicles (EVs) inorder to comply with government regulations on CO2 emissions is also positivelyimpacting the base oil market in Europe.
BaseOil Market: Key Developments
In June 2019, Nynas ABlaunched process oils for use in low-temperature ink production and siliconefluid substitution. By introducing NYFLEX 2120B, a hydro-treated naphthenic oilwith extremely low viscosity, the company offered a process oil ideal for useas a printing ink distillate in heat-set formulations as well as a reliable andcost-efficient alternative for traditional silicone fluids. In March 2018, NynasAB launched a new product called NYNAS T 600, which is a highly refinednaphthenic oil having viscosity of approximately 600 CST at 40°C. NYNAS T 600is suitable for use in several industrial lubricant formulations such as gearoils, metal rolling, and metal forming.
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In November 2017,Royal Dutch Shell Plc opened an integrated lubricants and grease productionfacility in Tuas, Singapore. It is the company’s third-largest lubricants plantin the world and the second largest in Asia Pacific. It is capable of producingup to 430million liters of lubricants and greases every year.
CompetitionLandscape of Base Oil Market
Theglobal base oil market is highly fragmented, with the presence of a largenumber of players. High capital investment for facilities, equipment, andtechnologies and strong market position of established players pose barriers tothe entry of new players in the global base oil market. Key players operatingin the global base oil market are PetroChinaCompany Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery(India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SACPetrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC,and UniSource Energy, Inc.
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