Global base oil market stood nearly at 36,614.3 kilo tons in 2014 and is projected to reach 39,614.7 kilo tons by 2021, expanding at a CAGR of 1.4% between 2014 and 2021.
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Base oils are heavy hydrocarbons of refined crude oil. It is important in the production of its derivative oil products such as motor oil, metal processing fluids and lubricating greases. Chemical additives are auxiliary to these end products’ quality requirement. Base oils are classified based on its refining method and properties into Group I to Group V. Group I comprise of conventional paraffinic base oils. Groups II and III include pure paraffinic base oils owing to advanced technology. Group IV contains of synthetic oils, whereas Group V comprises naphthenic oils and others.
Group I base oils are the leading product that are further segmented into SN150, BS150, SN500, and others. Group II base oils include 150N, 500N, 600N, and others. Group III baseoils are bifurcated into 2cSt, 4cSt, 6cSt, and 8cSt. Group IV and Group V base oils are included in others. Global base oils market finds applications in automotive oils, industrial oils, process oils, metalworking fluids, hydraulicoils, and others including greases. Automotive oils are the major application segment in terms of demand in the global base oil market.
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Owing to quality Group I base oils are been dominated by Group II and Group III base oils. Leading companies in the global base oil market are ExxonMobil Corporation, BP plc, Chevron Corporation, GS Caltex Corporation, MOGoil GmbH, Phillips 66 Company, PetroChina Company Ltd., Royal Dutch Shell plc, SK Lubricants Co. Ltd., Sinopec Corporation, and S-Oil Corporation.
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