Paraffinic Base Oil Market Size, Type, Application, Industry Analysis 2030
22-Feb-2023 | Market Research Store
Key Insights from Primary Research
According to the primary respondents, the global paraffinic base oil market is set to grow annually at a rate of around 1.5%
The market was valued at around USD 12,200 million, in 2019 and is projected to reach around USD 13,600 million, in 2026.
In 2019, the “semi refined paraffin wax” category dominated the type segment of the market and accounted for more than 35% of the market share.
Based on the application segmentation, the “kerosene” category held the leading share at more than 40%, in 2019.
The Asia Pacific accounted for the largest market share of the global paraffinic base oil market, in 2019.
Key Recommendations from Analysts
As per our analysts, the global paraffinic base oil market is expected to grow moderately in the upcoming years. The growing demand for paraffinic base oils in the automotive and industrial sectors is anticipated to boost the market growth.
The growing industrialization is likely to enhance the demand for paraffinic base oil in industrial sectors for operating several machines and equipment.
The Asia Pacific is the potential region for the global paraffinic base oil market. The surging automotive industry in emerging countries such as China, Japan, and India, is increasing the consumption of paraffinic base oil.
Growing at a CAGR around 1.5%, the global paraffinic base oil market provides several opportunities for all of the involved stakeholders across the entire value chain.
According to our analysts, the “kerosene” category is the major contributor to the global paraffinic base oils market.
The key market players are focusing on regional expansion and strategic alliances for enhancing their market share in the industry. For instance, ExxonMobil has recently expanded its Singapore refinery to improve the EHC Group II base stock production.
Global Paraffinic Base Oil Market Key players:
PetroChina Company Limited
Kuwait Petroleum Corp.
Gandhar Oil Refinery India
National Iranian Oil Company
Pemex among others.
The taxonomy of the paraffinic base oil industry by its scope and segmentation is as follows:
Global Paraffinic Base Oil Market: By Type Segment Analysis
Semi Refined Paraffin Wax Oil
Fully Refined Paraffin Wax Oil
Global Paraffinic Base Oil Market: By Application Segment Analysis
Global Paraffinic Base OilMarket: Regional Segment Analysis
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
The Middle East & Africa
Rest of Middle East & Africa
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