Global Blown Oil Base Oil Market Size To Exceed USD 5.0 Billion By 2033 | CAGR of 6.76%
Category: Chemicals & MaterialsGlobal Blown Oil Base Oil Market Size To Exceed USD 5.0 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Blown Oil Base Oil Market Size Expected to Grow from USD 2.6 Billion in 2023 to USD 5.0 Billion by 2033, at a CAGR of 6.76% during the forecast period 2023-2033.
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Browse key industry insights spread across 249 pages with 106 Market data tables and figures & charts from the report on the "Global Blown Oil Base Oil Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Mineral Oil, Synthetic Oil, Bio-based Oil), By Application (Automotive, Industrial, Marine, Aviation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/blown-oil-base-oil-market
Oil blown base oils are modified forms of base oils that are generated by processing natural oils such as castor oil, soybean oil, and linseed oil in combination with air heating using oxygen streams. The blasted oil boosts viscosity, improves oxidation, and provides film-strength oxidation stability. As a consequence, by upgrading lubricants, the product becomes more useful and may be used in a variety of automotive and industrial applications. Moreover, increased industrial automation, a greater emphasis on energy-efficient machinery, and a growing need for environmentally friendly lubricants are driving market expansion. The blown oils' particular viscosity and thermal stability fulfil changing industrial needs. Expanding applications in a variety of areas, combined with manufacturing process advances and favourable environmental legislation, stimulate demand, particularly in developing nations seeking innovative solutions. However, the market is confronting concerns such as raw material price volatility due to reliance on natural oils, synthetic alternatives based on cost and performance value, and stringent environmental regulations. Limited awareness in emerging regions, as well as the expensive cost of acquiring high-tech manufacturing technology, hamper market expansion.
The bio-based oil segment is expected to hold the largest share of the global blown oil base oil market during the projected timeframe.
Based on product type, the global blown oil base oil market is categorized as mineral oil, synthetic oil, bio-based oil. Among these, bio-based oil segment is expected to hold the largest share of the global blown oil base oil market during the projected timeframe. This supremacy can be linked to their eco-friendliness and biodegradability, combined with rising environmental restrictions and sustainability programs.
The automotive segment is expected to grow at the fastest CAGR during the projected timeframe.
Based on the application, the global blown oil base oil market is categorized as automotive, industrial, marine, aviation, and others. Among these, the automotive segment is expected to grow at the fastest CAGR during the projected timeframe. This rise is attributed to rising vehicle production, increased demand from consumers for high-performance lubricants, and stringent emission rules that necessitate improved lubricating systems.
Asia Pacific is projected to hold the largest share of the global blown oil base oil market over the forecast period.
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North America is projected to hold the largest share of the global blown oil base oil market over the forecast period. This is due to increased industrialization, particularly in the automotive, manufacturing, and machinery industries, which are experiencing high demand for sophisticated lubricants. The increasing production of autos in the region, particularly in China and India, together with government initiatives for sustainability.
North America is expected to grow at the fastest CAGR growth of the global blown oil base oil market during the forecast period. This expansion is fueled by strong automotive and industrial sectors in the United States and Canada, which drive demand for high-performance lubricants. Furthermore, North America leads in technological advances and R&D for specialist oils.
Major vendors in the global blown oil base oil market are ExxonMobil Corporation, Royal Dutch Shell PLC, Chevron Corporation, TotalEnergies SE, SABIC (Saudi Basic Industries Corporation), Hindustan Petroleum Corporation Limited (HPCL), BP PLC, Lubrizol Corporation, Neste Corporation, Indian Oil Corporation Limited (IOCL), SK Innovation Co., Ltd., Castrol Limited (BP Group), and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In February 2023, PKN Orlen S.A. invested $312 million to put all the finishing touches together into its API Group II and III base stock plant being built in Gdansk, Poland. The group then has more plans involving raising safety at a terminal coupled with a supply security upgrade.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global blown oil base oil market based on the below-mentioned segments:
Global Blown Oil Base Oil Market, By Product Type
- Mineral Oil
- Synthetic Oil
- Bio-based Oil
Global Blown Oil Base Oil Market, By Application
- Automotive
- Industrial
- Marine
- Aviation
- Others
Global Blown Oil Base Oil Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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