Paraffinic Base Oil Market Detailed Qualitative Analysis Report By 2028
26th April 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.
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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.
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