Understanding Impact of COVID-19 on Base Oil Market

 

Base Oils Fortified with New Additive Combinations for Excellent Anti-wear Performance

There is a growing demand for ultra-high viscosity lubricants that are extensively used in heavily loaded, low speed open gears. This is evident since industrial oils are estimated to account for the second-highest revenue among all applications in the base oil market, where the global value is anticipated to reach ~US$ 42 Bn by the end of 2030. Hence, companies in the base oil market are increasing their production capabilities in supreme performance gear oils. For instance, global leader in bike and car engine oils is increasing its portfolio in lubricants and gear oils with Mobil SHC Gear 22M and 46M that are produced using proprietary additive combinations.

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Base oils are being fortified with new additive combinations to deploy anti-wear performance and excellent gear scuffing protection in shock load situations. Such base oils are gaining increased acceptance by OEMs for customer field tests and other commercial end-use cases.

base oils lubes market infographic

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Non-food Biomass Products Reduce Costs Associated with Making Renewable Lubricants

Lubricants are virtually used in most machines such as refrigerator compressors, engine gears, wind turbines, and the likes. Companies in the base oil market are increasing the availability of lubricants in crucial agricultural equipment, industrial machinery as well as home appliances to ensure proper functioning of machines. However, several base oils and lubricants are made from petroleum, which is a nonrenewable feedstock, resulting in increased greenhouse gas emissions. This explains why the base oil market is expected to progress at a sluggish CAGR of ~2% during the forecast period. Hence, researchers are tapping opportunities in renewable lubricants that are made from products such as wood, switchgrass, and sustainable organic wastes.

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Scientists at the Catalysis Center for Energy Innovation (CCEI) in the University of Delaware are innovating with non-food biomass products to reduce costs associated with the process of making renewable base oils and lubricants. Thus, companies should collaborate with scientists to explore new processes using fatty acids found in vegetable oils and animals.

Shipments Arrive While Plants Function at Low Operating Costs Due to Coronavirus Outbreak

The base oil market in China is bearing the brunt of coronavirus (COVID-19) restrictions, while companies in other countries are taking cautious steps. Base oils editors in Independent Commodity Intelligence Services (ICIS) opine that manufacturing plants in China have been temporarily shut as a direct consequence of the coronavirus outbreak. As such, trade activities in the Middle East have been limited, while local oil refiners of the base oil market in China have been forced to lower their operating costs. This has been carried out to reduce the pressure on inventories due to transportation restrictions in certain provinces of China.

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