The latest report by IMARC, titled "Base Oil ๐๐ซ๐ข๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐๐: ๐๐ซ๐ข๐๐ ๐๐ซ๐๐ง๐, ๐๐ก๐๐ซ๐ญ, ๐๐๐ซ๐ค๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ, ๐๐๐ฐ๐ฌ, ๐๐๐ฆ๐๐ง๐, ๐๐ข๐ฌ๐ญ๐จ๐ซ๐ข๐๐๐ฅ ๐๐ง๐ ๐ ๐จ๐ซ๐๐๐๐ฌ๐ญ ๐๐๐ญ๐," delivers a comprehensive analysis of base oil prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Base Oil Prices December 2023:
- United States: $1576 MT
- China: $ 800 MT
- Saudi Arabia: $ 1405 MT
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The study delves into the factors affecting base oil price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Base Oil Price Trend- Q4 2023
The base oil market has been experiencing a dynamic phase, particularly in North America, influenced significantly by the interplay of supply-demand balance and market sentiment. During the fourth quarter of 2023, this market saw substantial fluctuations, primarily driven by the tight supply and demand scenario for Group I and II base oils. This tension in the market ecosystem led to a pronounced surge in base oil prices in October, underpinned by constrained refinery outputs amidst routine turnarounds and unforeseen production issues. The situation was somewhat stabilized by Chevron and Motiva's price reductions in December, which, along with a strategic decrease in year-end inventories by buyers to dodge tax burdens, contributed to a price softening. The overarching trend transitioned from bullish to bearish, encapsulating the market's reactive nature to immediate supply chain adjustments and broader economic indicators.
The global base oil market size reached 33.2 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 39.9 Million Tons, at a projected CAGR of 2.00% during 2023-2032. In North America, the initial price surge was a reaction to the tight supply of Group I and II base oils, with refineries facing output limitations due to maintenance and unexpected production disruptions. This scenario was exacerbated by previous price increments and led to an escalated cost environment, compelling independent lubricant manufacturers to adjust their pricing strategies. The scenario shifted with price decrements announced by industry stalwarts, which, alongside a strategic inventory reduction by buyers, influenced a downward price trajectory entering December. Conversely, Europe's market remained robust despite a seasonal demand dip, attributed to high borrowing costs and holiday slowdowns. ExxonMobilโs hikes notably influenced price escalations, propelling Group I base oil prices to unprecedented levels in key markets like Germany, Netherlands, and Belgium.
Besides this, in the Asia-Pacific (APAC) region, the base oil market oscillated between bullish and bearish trend, with China's market showcasing a peculiar yet minimal correlation between crude oil and base oil prices. The variances in demand for different base oil grades underscored the market's segmented nature, with Group I SN experiencing heightened consumption contrary to the sluggishness in Group II. Moreover, the Middle East (MEA) region presented a moderated market landscape, where the high supply influx, particularly from Saudi Arabia, played a crucial role. However, the pricing dynamics were complicated by geopolitical factors like war risk insurance premiums. December witnessed a strategic inventory clearance by blenders, aligning with a global trend of stock optimization before the fiscal year-end.
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Key Points Covered in the Base Oil Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Base Oil Prices
- Base Oil Price Trend
- Base Oil Demand & Supply
- Base Oil Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Base Oil Price Analysis
- Base Oil Industry Drivers, Restraints, and Opportunities
- Base Oil News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
๐๐ซ๐จ๐ฐ๐ฌ๐ ๐๐จ๐ซ๐ ๐๐ซ๐ข๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ฒ ๐๐๐๐๐ ๐๐ซ๐จ๐ฎ๐ฉ:
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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IMARC is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCโs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companyโs expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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