Global Paraffinic Base Oil Market Revenue Projected Around USD 18.52 Billion by 2032

Zion Market Research has authored “Paraffinic Base Oil Market – By Type (Semi Refined Paraffin Wax Oil, Fully Refined Paraffin Wax Oil, and Others) and By Application (Kerosene, Diesel, Solvent Oil, Lubricating Oil, Commodity Paraffin, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032”. Based on our analysis, the global demand for the global Paraffinic Base Oil Market was valued at USD 10.23 Billion in 2023 and is projected to hit USD 18.52 Billion by 2032, with a compound annual growth rate (CAGR) of 6.82% during the forecast period 2024-2032.

Paraffinic crude oil is one of the common types of crude oil used to produce base oil. The paraffinic base oil is represented in Groups I, II, and III, which offers a higher viscosity index and a higher flash point in comparison to naphthenic base oils, which have lower pour points and better additive solvency. The paraffinic base oil is produced from paraffinic crude oil by using the solvent separation technique, as this technique offers a good yield of high viscosity index stocks containing a large amount of wax. Moreover, paraffinic have good oxidative and thermal stability and high-temperature viscosity characteristics. Generally, there are two types of paraffinic base oil which include semi refined and fully refined paraffin wax oil.

This review is based on a report by Zion Market Research, titled “Paraffinic Base Oil Market – By Type (Semi Refined Paraffin Wax Oil, Fully Refined Paraffin Wax Oil, and Others) and By Application (Kerosene, Diesel, Solvent Oil, Lubricating Oil, Commodity Paraffin, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032” report at https://www.zionmarketresearch.com/report/paraffinic-base-oil-market-by-type-semi-refined

The rising number of vehicles, growth in the automobile business and logistics, and rise in investment in the automotive sector by the government are some of the factors driving the global paraffinic base oils market. With the growing population and rising disposable income, the number of vehicles is also expected to increase across the globe. In 2019, the automotive industry manufactured around 30,915,420 vehicles including commercial vehicles, passenger vehicles, two-wheelers, three-wheelers, and quadricycle. Therefore, this is estimated to augment the growth of the global paraffinic base oils market. Moreover, the demand for lubricating oils is increasing rapidly in various industrial and automotive sectors. The paraffinic base oil is used as the base to manufacture industrial oils, maritime lubricants, railway lubricants, and lubricating greases, therefore, this is expected to boost the consumption of paraffinic base oils, thereby, propelling the market growth. However, the fluctuating price of crude oil is likely to hamper the global paraffinic base oils market. Conversely, the key manufacturers of the paraffinic base oils are focusing on innovation in the production process to reduce the overall cost of production, which is further projected to offer lucrative opportunities for market growth in the upcoming years. 

Semi refined paraffin wax is cheaper than other types of paraffinic wax. It is widely used in laminate, PVC, paint, candle making, fireworks and matches industry. Therefore, in 2019, the semi-refined paraffin wax oil category dominated the global paraffinic base oils market and is expected to maintain its dominance throughout the forecast period. Based on the application, the kerosene category accounted for the largest market share of the global paraffinic base oils market, in 2019. The increasing use of kerosene as a fuel component in jet engines and a solvent for insecticides and greases is likely to propel the consumption of paraffinic base oils. Moreover, the commodity paraffin category is anticipated to grow at the fastest growth rate in the next few years due to the increasing use of commodity paraffin in a pathology laboratory and numerous industrial applications.

Geographically, the Asia Pacific region dominated the global paraffinic base oils market and accounted for more than 40% of the global market. The region is also projected to grow at the fastest pace during the forecast period of 2024-2032. China and India are the major markets for the paraffinic base oil within the region. The growth in the region is primarily attributed to the rising usage of paraffinic base oils in personal care, packaging, rubber, and pharmaceutical industries.

Some of the major players operating in the global paraffinic base oils market are ExxonMobil, PetroChina Company Limited, Shell, Chevron, Kuwait Petroleum, Corp., Gandhar Oil Refinery India, Saudi Aramco, Gazprom, National Iranian Oil Company, BP, and 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
• Others

Global Paraffinic Base Oil Market: By Application Segment Analysis

• Kerosene
• Diesel
• Solvent Oil
• Lubricating Oil
• Commodity Paraffin
• Others

Global Paraffinic Base Oil Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-East Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• The Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

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