Growing demand in the automotive industry for high quality oil reinforcements sector

Global base oil market

Dublin, Sept. 29, 2022 (GLOBE NEWSWIRE) — The “Global Base Oils Market Segmented by Source, by Type, by Application, by End-Use, by Region, Competition, Forecast, and Opportunity, 2017-2027” report has been added to from ResearchAndMarkets.com offer.

The global base oil market is expected to reach $57543.56 million in 2027F, registering a CAGR of 7.55% owing to massive advancements in manufacturing facilities and development of automotive engines for better fuel economy.

Growing demand in the automotive industry for high quality oils

The demand for high quality lubricants to ensure compatibility with fast moving parts at high temperatures is driven by advanced engine technology. The overall performance of the final lubricant is strongly influenced by the choice of base oil. Motor oils contain 10-30% additives and 70-90% base oil. Therefore, it is estimated that the increased demand for high quality motor oils would help accelerate the base oil industry.

High performance engine oils can enable diesel vehicles, passenger cars, light trucks and stationary engines to withstand harsh and demanding conditions. The majority of motor oils are made up of base oil. Due to the growing need for high quality oils in the automotive industry, the market for base oils is growing. Global base oil demand is expected to increase due to increased investment and tremendous growth in the automotive sector. The base oil market is expected to grow in the coming years as electric vehicles become more mainstream in developed countries such as the United States and China.

Temperature bearing capacity makes the base oil and its market more promising

Technological innovations in automotive engine manufacturing are driving the demand for lubricants with superior composition. This state-of-the-art technology provides compatibility with high-speed moving parts at extremely high temperatures. The basis on which base oil selection is made has a significant impact on the overall performance of finished lubricants. In terms of composition, motor oils consist of 70 to 90% base oils and 10 to 30% additives. Hence, growing demand for high quality motor oils is expected to drive the base oil market. Base oils are used in the manufacture of industrial oils, including lubricating greases. Due to their ability to endure extreme temperatures, base oil has a wide range of important applications for a variety of automobiles.

Rapid increase in industrialization in developing economies

The story continues

The expansion of end-user industries in emerging economies is fueling the continued growth of the base oil market in Asia-Pacific. The need for lubricants and its derivatives, such as finished lubricants, is driven by growth in sectors such as industrial machinery, automotive and energy in booming economies like India, Indonesia , Thailand and South Korea. Due to the depletion of underground hydrocarbon reserves and increased attention to environmental protection, there has been an increase in demand for synthetic hydraulic oils or environmentally friendly hydraulic fluids.

Many different end-use industries, including aviation, manufacturing, construction, and automotive, use these oils. Functions of hydraulic fluids include power transmission, lubrication, protection of machinery against corrosion and wear, and heat transfer. The demand for hydraulic fluids is increasing due to mechanization and rapid industrialization of various industries. As a result, the base oil market in Asia-Pacific is boosted.

Report Scope:

In this report, the global base oil market has been segmented into the following categories, in addition to industry trends which have also been detailed below:

Base oil market, by source:

• Mineral

• Synthetic

• Vegetable

Base Oils Market, By Type:

• Group 2

• Group 1

• Group 3

• Group 5

• Group 4

Base Oils Market, By Application:

Base oil market, by end use:

• Automotive

• Industrial

• Personal care

• Others (Navy, Defense)

Base Oil Market, By Region:

• Asia Pacific

• China

• India

• Indonesia

• Thailand

• Philippines

• Malaysia

• North America

• United States

• Canada

• Mexico

• Europe

• Germany

• France

• Italy

• Spain

• Poland

• Netherlands

• Middle East and Africa

• Iran

• Saudi Arabia

• Egypt

• South Africa

• Nigeria

• Iraq

• United Arab Emirates

• South America

• Brazil

• Argentina

• Peru

• Colombia

Main topics covered:

1. Product introduction

2. Research methodology

3. Executive Summary

4. Impact of COVID-19 on the global base oil market

5. Voice of the customer

6. Global Base Oils Market Outlook

7. Asia-Pacific Base Oil Market Outlook

8. North America Base Oil Market Outlook

9. Europe Base Oil Market Outlook

10. Middle East & Africa Base Oil Market Outlook

11. South America Base Oil Market Outlook

12. Market dynamics

13. Market trends and developments

14. Competitive landscape

15. Strategic Recommendations

16. About the publisher and disclaimer

Companies cited

• Floor

• ENEOS Corporation (formerly JXTG Nippon Oil & Energy Corporation)

• TotalEnergies SE

• Sinopec

• Calumet, LP Specialty Product Partners

• ExxonMobil

• SK-Repsol Lubricants

• ADNOC

• Rosneft

• Formosa Petrochemical Corporation

• Shanxi Lu’An Taihang Lubricants Co. Ltd.

For more information on this report, visit https://www.researchandmarkets.com/r/7fiz6x

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