Article -> Article Details
| Title | Base Oil Price Forecast, Historical Data, Index, Chart, News 2024, Analysis and Demand |
|---|---|
| Category | Business --> Chemicals |
| Meta Keywords | Base Oil Price Forecast |
| Owner | stephenthomas |
| Description | |
Base Oil Price in USA
During December 2023, the United States saw base oil prices hitting $1576 per metric ton for the fourth quarter. The market experienced a significant 2.1% decline as December began, with buyers seeking to reduce year-end inventories to mitigate tax consequences. The latest report by IMARC Group, titled "Base Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data," provides a thorough examination of the Base Oil Price Trend. This report delves into the Price of Base Oil globally, presenting a detailed analysis, along with an informative Base Oil Price Chart. Through comprehensive Base Oil Price analysis, the report sheds light on the key factors influencing these trends. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores the Base Oil Demand, analyzing how it impacts market dynamics. To aid in strategic planning, the Base Oil Price Forecast section provides insights into price forecast, making this Prices report an invaluable resource for industry stakeholders.
Report Offering:
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.
Request For a Sample Copy of the Report: https://www.imarcgroup.com/base-oil-pricing-report/requestsample
Base Oil Price Trend- Q4 2023 The base oil market is mainly driven by the escalating demand from the automotive and industrial sectors. The automotive industry's growth significantly influences the usage of lubricants, which rely heavily on base oils. Additionally, the rise in industrial activities necessitates a higher demand for machinery maintenance, further propelling the need for high-quality lubricants. Moreover, the growing emphasis on energy efficiency and sustainability is encouraging the adoption of synthetic and bio-based base oils. The global trend towards urbanization and infrastructure development plays a crucial role in driving the base oil market, as these factors lead to increased consumption of lubricants across various industries. Furthermore, the ongoing recovery of the global economy post-pandemic is expected to bolster market growth, with key players investing in capacity expansions and technological innovations to meet the rising demand. The base oil market in North America during Q4 2023 experienced notable fluctuations driven by a complex interplay of supply and demand dynamics, particularly affecting Group I and II grades. October saw a surge in prices because of a tight supply-demand balance, exacerbated by reduced output from refineries on account of maintenance and unplanned production issues. This scarcity prompted independent lubricant manufacturers to raise their prices, reflecting the heightened cost of base oil. However, by December, prices experienced a notable decline, following Chevron and Motiva’s announcement of price decrement. The decrease in demand towards the year-end also played a role as companies sought to minimize inventories for tax reasons. Overall, the market exhibited a volatile trend from bullish to bearish sentiments by the end of December 2023.
Base Oil Market Analysis 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 Europe, the base oil market in Q4 2023 showed a bullish trend despite seasonal slowdowns and high borrowing costs. October began with ample supply but saw prices spike due to ExxonMobil's price hikes, setting record highs for Group I base oils in several key markets like Germany, Netherlands, and Belgium. There was partial increase in prices due to reduced production in other regions and global market dynamics, maintaining high inventory levels. The European market also faced sporadic shortages of API Group I grades, prompting blenders to turn to lighter Group II base oils. Despite these challenges, increased exports from other regions helped supplement supply, which contributed to the overall price hike compared to the previous quarter. In the APAC region, the base oil market in Q4 2023 has been shaped by a combination of factors leading to a varied market landscape. October and November witnessed a bullish trend driven primarily by moderate demand and uncertainties surrounding the downstream lubricant market. This period saw increased activity in Group I SN base oils in China, with prices rising by 2.6% while Group II remained stable. However, December marked a significant downturn as demand decreased, particularly affecting Group II base oils, which experienced sluggish consumption levels. This mixed performance reflected the delicate balance of market forces impacting base oil dynamics in the region. In the Middle East, Q4 2023 witnessed a more moderate market situation influenced by a fluctuating supply scenario. October saw a surplus of base oil cargoes from Saudi Arabia, which stabilized prices in the UAE despite concerns over rising wars that can impact shipping costs. November, however, saw prices rise as international prices surged, particularly for Group I base oils exported from Yanbu and Jeddah. By December, the market saw a reversal growth with traders clearing inventories ahead of the new year, leading to a downtrend in prices for Group III base oils by the end of December.
Key Points Covered in the Base Oil Pricing Report: The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
Regional Price Analysis:
Browse More Pricing Reports by IMARC Group:
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
About Us: 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. IMARC’s 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 company’s 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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