For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Market Overview of Global Base Oil market:
According to our latest research, the global Base Oil market looks promising in the next 5 years. As of 2022, the global Base Oil market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
Base Oil is the name given to lubrication grade oils initially produced from refining crude oil (mineral base oil) or through chemical synthesis (synthetic base oil). The base oil is typically defined as oil with a boiling point range between 550 and 1050 F, consisting of hydrocarbons with 18 to 40 carbon atoms. This oil can be either paraffinic or naphthenic in nature depending on the chemical structure of the molecules.
Limitations
Bangladesh, Nepal, and Sri Lanka are the main agricultural development countries, and most of them are agricultural cultivation. Especially in Sri Lanka, the proportion of the petrochemical industry in the total industrial output value is about 1.3%, and the proportion of the machine manufacturing industry in the total industrial output value is 1.83 %. Industrial development is slow. This will also affect the demand for base oil.
Opportunities
Although the base oil has good performance, with the upgrading of technology and the diversification of people's needs, lower viscosity fractions, lower volatility, high viscosity index, oxidation resistance, lower friction, and improved fuel Economy, improved heat dissipation, longer oil change periods and meeting the desire for sustainable development are the development directions of base oil manufacturing. This is an unmissable opportunity for enterprises to improve product performance and increase product sales to obtain greater market share.
Market Restraints
Petroleum-based mineral oils work well as lubricants in approximately 90% of industrial applications. They are cost-effective and, if used properly, can provide a reasonable service life, but have certain limitations, depending on the specific type of base oil used, refining technology, type and content of blended additives, and encountered Working conditions. The main service difficulty of mineral oil is: the presence of wax may cause poor fluidity at low temperatures. Poor oxidation stability at sustained high temperatures, which can lead to sludge and acid buildup. As temperature changes, the viscosity changes significantly, which can cause the base oil to become excessively thin at high temperatures. The actual maximum high temperature application limit is about 125 degrees Celsius (250 degrees Fahrenheit), above which the base oil will oxidize quickly. Synthetic base oils are expensive because of the processing involved in making these pure base oils. This has increased costs to a certain extent and expanded production costs.
Company Overview:
Royal Dutch Shell is one of the major players operating in the Base Oil market, holding a share of 10.16% in 2023.
Royal Dutch Shell
Royal Dutch Shell PLC, through subsidiaries, explores, produces, and refines petroleum. The Company produces fuels, chemicals, and lubricants. Royal Dutch Shell owns and operates gasoline filling stations worldwide.
ExxonMobil
Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.
Segmentation Overview:
Among different product types, Group II segment is anticipated to contribute the largest market share in 2028.
Group I
Group I base stocks contain less than 90 percent saturates and/or greater than .03 percent sulfur and have a viscosity index greater than or equal to 80 and less than 120.
Group II
Group II base stocks contain greater than or equal to 90 percent saturates and less than or equal to .03 percent sulfur and have viscosity index greater than or equal to 80 and less than 120.
Group III
Group III base stocks contain greater than or equal to 90 percent saturates and less than or equal to .03 percent sulfur and have viscosity index greater than or equal to 120.
Group IV
Group IV base stocks are polyalphaolefins (PAO).
Group V
Group V base stocks include all other base stocks not included in Groupl, I, II, IV.
Application Overview:
By application, the Automotive Oil segment occupied the biggest share from 2018 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Base Oil market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Base Oil Market Report:
Market Size Estimates: Base Oil market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Base Oil market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Base Oil market
Segment Market Analysis: Base Oil market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Base Oil market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Base Oil Market: Revenue and sales volume of major countries in each region
Base Oil Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Base Oil market in major regions.
Base Oil Industry Value Chain: Base Oil market raw materials & suppliers, manufacturing process, distributors, downstream customers
Base Oil Industry News, Policies & Regulations
Key players in the global Base Oil market are covered in Chapter 12:
GS Caltex Corporation
Nynas AB
Total SA
Royal Dutch Shell
PetroChina
ExxonMobil
BP PLC
Fuchs Group
Phillips 66 Company
Chevron Corporation
SK Lubricants Co. Ltd
Sinopec
Indian Oil
Idemitsu Kosan
JXTG Holdings
Pakistan Petroleum
In Chapter 2 and Chapter 15.1, based on types, the Base Oil market from 2018 to 2028 is primarily split into:
Group I
Group II
Group III
Group IV
Group V
In Chapter 3 and Chapter 15.2, based on applications, the Base Oil market from 2018 to 2028 covers:
Engine Oil
Automotive Oil
Transmission and Hydraulic Fluid
Metalworking Fluid
General Industrial Oil
Power Generation oil
Heavy Equipment Oil
Grease
Gear Oil
Aviation and Marine Oil
Transformer Oil
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Base Oil market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028