Global Base Oil Category - Procurement Market Intelligence Report
About Base Oil Market
The key growth contributors for the global base oil market is the growing demand synthetic lubricants. They provide better functionality due to their high viscosity index and oxidation stability compared with other base oils manufactured by using crude oil or hydroprocessing of mineral oils. These lubricants produced help to enhance the performance of machinery by providing high thermal stability and low friction when compared to lubricants made from mineral oils.
Covered in this report
The report provides actionable insights to improve source-to-contract cycle performance in the Global Base Oil Market. It helps sourcing professionals formulate better category strategies, enhance savings, understand supplier and market challenges, and implement sourcing best practices.
SpendEdge’s report, Global Base Oil Market, provides up-to-date information about market shifts and potential risks, as well as in-depth knowledge of products and services, which can help in planning and in executing category management activities. It focuses on the cost-saving aspects of procurement and on providing insights that can lead to optimization of category spend.
SpendEdge Announces the Publication of its Procurement Research Report – Global Base Oil Category - Procurement Market Intelligence Report 2017-2021.
SpendEdge recognizes the following companies as the key suppliers in the Global Base Oil Category - Procurement Market Intelligence Report: Exxon Mobil, Royal Dutch Shell, Total, Chevron, and China Petrochemical (Sinopec).
Commenting on the report, an analyst from SpendEdge said: “Buyers must procure base oil from suppliers that can assist in demand-supply and pricing forecasts over contract periods. The buyers should engage with suppliers that possess expertise in the use of analytical tools for demand and price forecasting.”
According to the report, one of the key growth contributors for the global base oil market is the growing demand synthetic lubricants. Synthetic lubricants are manufactured using base oils that are produced using a synthetic process. These synthetic base oils can be in the form of Group III, IV, or V base oils.
Further, the report states that a major procurement challenge faced by the buyers is the difficulty in availing inventory management solutions at cost-effective prices. The buyers must engage with suppliers that provide inventory management solutions to help the client lead to cost-effectiveness and higher profit margins.
Exxon Mobil, Royal Dutch Shell, Total, Chevron, and China Petrochemical (Sinopec).