A few passing clouds. Low near 70F. Winds NNE at 5 to 10 mph..
A few passing clouds. Low near 70F. Winds NNE at 5 to 10 mph.
DUBLIN--(BUSINESS WIRE)--Sep 30, 2022--
The "Global Base Oil Market Segmented By Source, By Type, By Application, By End-Use, By Region, Competition, Forecast and Opportunities , 2017-2027" report has been added to ResearchAndMarkets.com's offering.
Global Base Oil Market is expected to reach at USD57543.56 million in 2027F, registering a CAGR of 7.55% due to massive advancements in manufacturing facilities and development in automotive engine to drive better fuel economy.
Growing demand in the automobile industry for high-grade oils
The demand for high-grade lubricants to ensure compatibility with fast-moving parts at high temperatures is being driven by advanced engine technology. The final lubricant's overall performance is significantly influenced by the base oil choice. Engine oils constitute 10-30% additives and 70-90% base oil. Therefore, it is estimated that the increased demand for high-grade engine oils would help accelerate the base oil industry.
High-performance engine oils can enable diesel vehicles, passenger cars, light-duty trucks, and stationary engines to sustain difficult and demanding conditions. The majority of engine oils are made of base oil. As a result of the rising need for high-grade oils in the automotive industry, the base oil market is growing. Global demand for base oil is projected to increase due to rising investments and tremendous automotive sector growth. The market for base oil is anticipated to boost in the coming years as electric vehicles grow increasingly mainstream in developed nations such as the United States and China.
Temperature bearing capacity makes the base oil & its market more promising
Technological innovations in automotive engine fabrication are driving the demand for lubricants with higher grade composition. This state-of-the-art technology provides compatibility with high pace moving parts at extremely high temperatures. The basis on which the selection of base oil is made makes a significant impact on the total performance of the finished lubricants. Compositionally, engine oils are 70 -90% of base oils and 10-30% additives. Hence, the rising demand for high-grade engine oils is likely to bolster the market for base oil. Base oils are utilized in manufacturing industrial oils, including lubricating greases. Due to their extreme temperature endurance capacity, base oil builds a huge spectrum as a significant application for a variety of automobiles.
Rapid rise in Industrialization in developing economies
The expansion of end-user industries in emerging economies is fuelling the continuous rise of the Asia-Pacific base oil market. The need for lubricants and its derivatives, such as finished lubricants, is being driven by growth in industries including industrial machinery, automotive, and energy in rising economies like India, Indonesia, Thailand, and South Korea. Due to the depletion of underground hydrocarbon reserves and the enhanced attention towards environmental protection, there has been an increase in the demand for eco-friendly synthetic hydraulic oils or hydraulic fluids.
Many different end-use industries, including aviation, manufacturing, construction, and automotive, use these oils. The functions of hydraulic fluids include power transmission, lubrication, machine protection against corrosion and wear, and heat transfer. Hydraulic fluid demand is increasing because of the mechanisation and rapid industrialisation of various industries. As a result, the Asia Pacific base oil market is being driven.
In this report, Global Base Oil Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Base Oil Market, By Source:
Base Oil Market, By Type:
Base Oil Market, By Application:
Base Oil Market, By End-Use:
Base Oil Market, By Region:
4. Impact of COVID-19 on Global Base Oil Market
6. Global Base Oil 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
16. About the Publisher & Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/msseue.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220930005525/en/
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INDUSTRY KEYWORD: OIL/GAS ENERGY
http://www.businesswire.com/news/home/20220930005525/en
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