Global Lubricating Oil Market
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Contents |
Overview
The global lubricating oil market has been affected by the following[1] since the mid nineties[2]
- improved product efficiency
- developments in refining process technology
- a decline in demand for Group I base oil
- increased base oil production in the Middle East and Asia
- more stringent product specifications
- ongoing competition for OEM (Original Equipment Manufacturer) contracts particularly with automobile manufacturers.
Global market forecasts
- Singh[3] quotes the Centre for European Economic Research[1] forecast for 2010 global lubricant consumption as about 40 MT - with Asian demand growing 28% in the decade to 2010 and Western Europe falling 10%.
- Lubricant base oil production can offer significant upside benefits to GTL projects. Base oils have the highest commodity value of any of the potential high-volume GTL products. [2]
- Purvin and Gertz[4] have forecast [1] the Group I production to decline significantly in Europe between 2010 and 2020, with a limited decline in other regions, as seen in the figure below:
Figure 1: Changes in paraffinic base oil production 2010 -2020
Global players
The top fifteen lubricant manufacturers control more than 60% global volume[3].
Figure 2: Global base oil refining capacity 2002 - by region[3]
