Base Oil Market to Reach US$ 42.31 Bn by 2031: TMR Study

• Widespread utilization of base oils for range of automotive lubricants driving ample opportunities; firms in Base Oil Market witness lucrative avenues in rising demand for naphthenic base oils and refined paraffinic oils
• Stability and compatibility with elastomers key product attributes of newly launched base oils; demands for automotive & metalworking fluids underpin massive avenues for Asia Pacific

WILMINGTON, Del., Nov. 3, 2022 /PRNewswire/ -- A Detailed Base Oil Market segmentation found that massive demand for automotive lubricants presents a vast lucrative avenue. Stridently, rising use of metalworking fluids and hydraulic fluids and oil in wide range of heavy machinery is spurring the demand of Base Oil Market. The Base Oil Market size was pegged at US$ 35.47 Bn in 2021.

New blended formulations in refined paraffinic and naphthenic oils have opened up new growth frontiers. They are expected to gain utilization in the manufacture of lubricants and oils that are environmentally sustainable to meet the demands in aviation, construction, automotive, and manufacturing. Eco-friendly hydraulic oils have created a long-term value proposition for Base Oil Market manufacturers.

The global market study on base oil found that demand for high-performance lubricants from global tire and rubber industry creates enormous growth opportunities. Rise in use of heavy machinery in various industries in emerging economies will augment the Base Oil Market size during the forecast period of 2022-2031.

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Key Findings of Base Oil Market Study

• Massive Demand from Automotive Lubricants Manufacturers Propelling Revenues: The study found that polyalphaolefin (PAO) is widely utilized as a synthetic base oil in automotive lubricants. Several other industries are generating the demand for group I base oils. A case in point is utilization of lubricants in HVAC. Rise in new vehicle sales has spurred the demand for base oils. The uptake in the automotive industry is expected to stay lucrative.
• Utilization in Manufacture of Metalworking Fluids and Marine Lubricants Present Abundant Growth Opportunities: Rise in demand for base oils for metalworking fluids. The segment is projected to expand at a CAGR of 1.9% during the forecast period.
• Launch of Improved Blended Base Oil Products Expanding Avenues: Stakeholders in the Base Oil Market are leaning on commercialization of novel blended base oils. Manufacturers are unveiling base oils that are thermally stable and are remarkably compatible with elastomers. Furthermore, there is substantial demand for base oils to reduce heat generation for automotive parts. Of note, base oils with specialized properties for use in the shipping industry and metal cutting applications.

Base Oil Market: Key Drivers

• Rapidly expanding demand from automotive industry presents ebullient opportunities for base oil manufacturers. Rising production of automobiles in various developing and developed regions is a key driver of the Base Oil Market
• Strides made in metalworking activities in several industrialized nations is a key driving factor for Base Oil Market. Rapid pace of industrial expansion in some emerging economies, thus generated a robust impetus to the market growth

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Base Oil Market: Regional Growth Dynamics

• North America held a key share of the global Base Oil Market in 2021. The regional market prospects have been enriched by substantial R&D on novel formulations in blended base oils. Prominently, the demand for high-performance lubricants in the automotive and other industries especially in the U.S. has fueled the growth opportunities in the North America Base Oil Market.
• Asia Pacific held a major market share in 2021 in terms of volume amounting to 41.57%. The TMR study found that the volume-driven growth is propelled by tremendous demand potential in the automotive sector.

Base Oil Market: Competition Landscape

• Authors of the research study on the Base Oil Market have observed that eco-friendly products are a major value proposition for firms. Key market players are UniSource Energy, LLC, Resolute Oil, LLC, Gulf Petrochem FZC, Apar Industries Ltd., Petróleo Brasileiro S.A., Repsol S.A., S-OIL Corporation, Nynas AB, and Shell plc.

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Base Oil Market Segmentation

Grade

• Group I
1. SN 150
2. BS 150
3. SN 250
4. SN 500
5. Others
• Group II
1. N 150
2. N 500
3. N 600
4. Others
• Group III
1. 2 cSt
2. 4 cSt
3. 6 cSt
4. 8 cSt
• Group IV (PAO)
• Group V (exc. Naphthenic)
• Naphthenic
1. 35-60 SUS
2. 80-130 SUS
3. 200-300 SUS
4. 400-800 SUS
5. Above 1200 SUS
• Re-refined

Application

• Automotive Fluids
1. Lubricants
2. Gear Oils
3. Transmission Fluids
4. Power Steering Fluids
5. Brake Fluids
6. Others
• Process Oils
1. Rubber Process Oils
2. Textile Process Oils
• Industrial Oils
1. Transformer Oils
2. Turbine Oils
3. Food-grade Oils
4. Others
• Metalworking Fluids
1. Emulsions
2. Neat Oils
• Hydraulic Oils
1. Petroleum-based
2. Biodegradable
• Others (White Oil, Prevention Oil, etc.)

Regions Covered

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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