Base oil, often known as base stock, is a lubricating oil used as a primary component in the production of other lubricants. It is a refined petroleum product created by refining crude oil using a number of methods such as distillation, hydrocracking, and solvent extraction.
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The viscosity of base oil, which relates to its thickness or reluctance to flow, is often what distinguishes it. Different types of base oil are classed based on their viscosity index (VI), which measures how much the viscosity of the oil changes with temperature.
Oils with a lower viscosity index are more susceptible to temperature fluctuations, whereas oils with a higher viscosity index are more stable across a broader temperature range.
The United States, Saudi Arabia, and Russia are the top base oil-producing countries across the globe.
Key Details About the Base Oil Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Base Oil price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Base Oil Price chart, including India’s Base Oil price, and USA’s Base Oil price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Base Oil Price Trend:
Base oil is a critical component in the production of many lubricants and other industrial goods. One of its most popular uses is as a key component in the production of motor oils, which are used to lubricate the engines of automobiles, trucks, and other vehicles. The basic lubricating features of base oil protect engine components from wear and tear, minimise friction, and aid to extend engine life.
It is also used to make hydraulic oils, which are utilised in hydraulic systems to transmit power and regulate mechanical movement.
Base oil is utilised in the manufacture of gear oils, which are used to lubricate gears in many types of machinery. Gear oils must be able to endure high loads and high pressures, while base oil provides the lubrication required to prevent gears and other components from wear and damage.
Key Players:
- Chevron Corporation
- Exxon Mobil Corporation
- Hyundai and Shell Base Oil Co
- Petro-Canada Lubricant
- Saudi Arabian Oil Co.
Recent News:
- January 5, 2023: The US base oil market will most likely begin 2023 with a sufficient supply surplus, particularly for Group II grades, prior to the start of a significant turnaround at a base oil refining company in late January.
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