22 May 2019 - Global Paraffinic
Base Oil Market is estimated to
grow considerably in the forecast period owing to the speedy industrialization
of the developing economies. Paraffinic base oil is one of the most common
types of crude oils, which is used as a lubricant in various applications. They
are used in the manufacture of metal processing fluids, lubricating greases and
motor oil. Paraffinic oil, aka kerosene is a highly refined mineral oil used
for medical application and cosmetics. This oil has an exceptional oxidative,
thermal stability and extreme temperature viscosity features.
The
key drivers of paraffinic base oil market are increase in demand for vehicles
on the global scale, rise in logistics and automobile business and increasing
government investment in automotive sector. Increase in demand for vehicles is
directly demanding lubricants, which accelerates the demand for paraffinic oil.
Moreover, growing industrialization requires installation and operating of
several machines and equipment, which ultimately drives the paraffinic base oil
market. Additionally, rise in adoption of hybrid and electric vehicles is also
propelling the market growth.
Rise
in applications of paraffinic oil is an emerging trend in the market.
Nonetheless, growing demand from various industries is an opportunity for the
market players to improve their products and expand their customer base.
Paraffinic
base oil market is categorized on the basis of group, application, and
geography. Based on group, market is divided into group I, group II, group III,
group IV (PAO), group V, naphthenic, and re-refined. Group I is expected to
lead the market in future. It includes (SN 150, BS 150, SN 250, SN 500, and
others). However, group II, III, IV, V are expected to hold larger share of the
market due to better efficiency offered in comparison to group I.
Based
on application, market is divided into process oils, metalworking fluids,
automotive fluids, hydraulic oils, industrial oils, and others. Automotive
fluids segment is anticipated to lead the market due to increased applications
in the automotive sector. These applications comprise engine oils, transmission
oils, suspension fluids, brake fluids, grease and coolants. Automotive fluids
are also used in defense industry in aircrafts, locomotives, and ships.
Geographically,
market is segmented as North America, South America, Europe, Asia Pacific, and
Middle East & Africa. North America is expected to dominate the market in
the near future owing to increased demand from various industries and
developments in industries. Europe is also expected to contribute significantly
to the paraffinic base oil market due to the presence of large market players.
Asia pacific is also expected to lead the market due to high adoption of base
oils.
The
leading players in paraffinic base oil market include Nynas AB, British
Petroleum, China Petrochemical Corporation, Royal Dutch Shell Plc, The Phillips
66 Company, SK Lubricants Co. Ltd, ExxonMobil Corporation, PetroChina Company
Limited, Chevron Corporation., and GS Caltex Corporation.
Market Segment:
Leading players of Paraffinic Base Oil
including:
•
Saudi Aramco
•
Gazprom
•
National Iranian
•
ExxonMobil
•
PetroChina
•
BP
•
Shell
•
Pemex
•
Chevron
•
Kuwait Petroleum Corp.
•
Daqing
Market split by Type, can be divided
into:
•
Semi Refined Paraffin Wax Oil
•
Fully Refined Paraffin Wax Oil
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