Growing demand for bio-based base oils for use in products such as bio-lubricants and synthetic lubricants is also contributing to the market growth for base oil.
LONDON: The procurement research report on the base oil market is an indispensable part of SpendEdge’s chemicals category portfolio and offers an exclusive assessment of the key factors influencing the supply market, procurement best practices, procurement decisions, and pricing models. Furthermore, it also offers an in-depth analysis of the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.
The increasing demand for base oil from industries such as automobiles and its growing use as hydraulic oil in industrial engines such as pumps are driving the growth of the global base oil market. The demand for bio-based base oils due to the growth of the bio-lubricants market is contributing to the market growth as well.
“Purchasing managers must collaborate with suppliers that provide customized base oils based on end-use applications,” says Anil Seth, a chemicals industry procurement research specialist at SpendEdge. “They must look for the specifications based on their specific requirements such as viscosity level, sulfur content, and pour point,” added Anil.
The logistical costs for base oils are high. This is because transportation of base oil requires utmost care during shipment, apart from adequate packaging to prevent spoils and leakage. Moreover, these costs are passed on to purchasing managers, which increases their procurement costs.
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