DUBLIN, January 26, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/qpw9rq/base_oil_market) has announced the addition of the "Base Oil Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" report to their offering.
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Base oils are lubricant grade oils produced either through crude oil refining (mineral base oil) or chemical synthesis processes (synthetic base oil). Depending upon their chemical structure, base oils may be classified as either paraffinic or naphthenic. Base oils are generally obtained from secondary processing units of refineries. Currently, base oils are obtained using two processes: refining of crude oil and synthesis of relatively pure compounds.
They are primarily utilized in the manufacture of lubricants. The base oils utilized for formulation of lubricants are mineral, synthetic, or vegetable-based. The American Petroleum Institute (API) has developed a base oil classification system, which segments the base oils into major groups (Group I, II, III, IV, and V). These groups are classified on the basis of percentage of saturates, sulfur content, and viscosity index.
The automotive industry is one of the key end users of lubricants. The automotive industry preferably uses naphthenic oils as lubricating oils, greases, or as cutting fluids during metalworking activities. Rapid growth in the automotive sector globally will increase demand for base oils and lubricants. Rapid population growth and urbanization is bolstering the continuous rise in vehicle production volumes globally. The rapid rise in automobile demand is likely to increase the demand for finished lubricants and base oils during the forecast period.
Furthermore, the shift toward stricter emission norms and better fuel economy will entail the use of better quality lubricants. However, dwindling supply of sweet crude, particularly in regions such as North America and Europe coupled with less impurity and lower prices of sour crude, are forcing refiners to change their preference of crude oil to sour crude. A shift in preference for sweet crude to sour crude by refiners will decrease the yield of base oils from crude oil. This is likely to negatively impact growth in the base oils market and the impact of this restraint is likely to be alleviated during the forecast period.
Rapid industrialization in emerging economies, especially Brazil, Russia, India, and China (BRIC) is likely to stimulate the demand for base oils in the near future. Moreover, technological advances such as gas-to-liquid (GTL) technology will be one of the key opportunity areas of growth in the market. The lubricant base stocks produced from the GTL refining process is commonly referred to as ISO Paraffin. These have currently emerged as viable alternatives for the conventional Group III and Group IV lubricants used for manufacturing high efficiency lubricants.
Key players in the market include: Exxon Mobile Corporation, Royal Dutch Shell, SK Lubricants, and Chevron Corporation. Other market players profiled in this research report include British Petroleum p.l.c, Sinopec Group, GS Caltex Corporation, MOGoil GmbH, PetroChina Company Limited, Philips 66 Company, and S-Oil Corporation.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Global Base Oil Market - Industry Analysis
Chapter 4 Global Base Oil Market - Product Segment Analysis
Chapter 5 Global Base Oil Market - Application Segment Analysis
Chapter 6 Global Base Oil Market - Regional Analysis
Chapter 7 Company Profiles
- British Petroleum p.l.c
- Chevron Corporation
- China Petroleum Corporation (Sinopec Group)
- Exxon Mobil Corporation
- GS Caltex Corporation
- MOGoil GmbH
- PetroChina Company Limited
- Philips 66 Company
- Royal Dutch Shell Plc
- S-Oil Corporation
- SK Lubricants
For more information visit http://www.researchandmarkets.com/research/qpw9rq/base_oil_market
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SOURCE Research and Markets