Market Analysis Of Lubricating Oil Industry
With the continuous development of the global automotive industry, the car ownership has been rising, and the demand for lubricants has been increasing. Although the global supply and demand for lubricants have shocked, they have basically maintained stable growth. China is a big automobile producer, and the car ownership is also increasing year by year. The demand for automobile lubricants is the main factor to promote the scale of China's lubricant industry. At present, the import quantity of lubricating oil industry in China is still larger than that of export. The imported lubricating oil is mainly high-end and special lubricating oil.
Lubricating oil generally consists of Base Oil and additives. Base oil is the main component of lubricating oil, which determines the basic properties of lubricating oil. Additives make up for and improve the deficiencies of base oil performance, and give new performance, which is an important part of lubricating oil. Base oil, as the lower end product of crude oil industry chain, is extracted from petroleum by physical distillation. According to the classification criteria proposed by the American Petroleum Institute (API), base oils can be divided into five categories according to saturated hydrocarbon content, viscosity index and sulfur content. At present, China's base oil consumption is mainly based on API type I base oil and API type II base oil and non-standard products.
According to the use of lubricants in different situations, lubricants are classified into internal combustion engine oil, Gear Oil, cutting fluid and so on. The kinds and proportions of additives need to be used in different situations and under different working conditions are also different. The five additives of modern lubricants are detergent, dispersant, antiwear agent, antioxidant and Viscosity Index Improver. They are universal and core additives.
With the continuous development of the global automotive industry, the car ownership has been rising, and the demand for lubricants has been increasing. Although the global supply and demand for lubricants have shocked, they have basically maintained stable growth. According to the data of China's lubricating oil network, the global consumption of lubricating oil increased from 39.6 million tons to 46.6 million tons in 2013-2018, with an average annual growth rate of 3.53%.
According to the statistics of Frost Sullivan and China Lubrication Oil Network, as the global consumption of lubricating oil increases gradually, the sales revenue of the global lubricating oil industry also shows an upward trend. The price of lubricating oil fluctuates with the price of crude oil year on year, and the fluctuation time lags behind the price of crude oil for 2-3 months. In 2018, global lube oil sales amounted to about 160.83 billion US dollars, with an annual composite growth rate of more than 5%. It is expected that global lube oil sales will reach 178.87 billion US dollars by 2020.
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