Base Oil Market Global Demand, Supply and Research Synopsis 2020 to 2030
The Global Base Oil Market size valued to USD 36.55 billion in 2019 is predicted to garner USD 41.65 billion by 2030, with a CAGR of 1.1% from 2020-2030.
The Global Base Oil Market held a volumetric
turn-over of 41,907.3 kilotons in 2019 that is expected to level-up to 48,879.3
kilotons by 2030, witnessing a CAGR of 1.3% from 2020-2030.
Base oil is a refined petroleum product obtained from
heavy hydrocarbons by the means of refining crude oil at extreme temperature
ranges. It holds wide applications in manufacturing automotive oil, industrial
oil, metalworking fluids, and lubricating greases and other lubricant base
stock. The quality standards of base oil majorly depend on criteria such as
viscosity, oxidation, vitality, consistency, compatibility, pour point, seal
additive, solubility and thermal stability.
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Market
Dynamics and Trends:
The
global base oil market size, demonstrates a substantial growth, owing to
ever-increasing demand of base oil from various industry verticals,
specifically from the automotive segment, rise in demand to manufacture
sustainable products to reduce carbon foot prints and help in environmental
conservation. Besides, the upsurge in demand for manufacturing
high-performance, low fuel-consumption, energy-efficient products under the
Corporate Average Fuel Economy (CAFE) norms regarding environment conservation;
is anticipated in driving the growth of the global base oil market in coming
future.
Furthermore,
factors such as constantly multiplying population, rapid industrialization,
increasing urbanization, infrastructural advancements, technological
developments, changing lifestyles and increase in per-capita income, are to
supplement the base oil market growth in future.
Market Segmentations and
Scope of the Study:
The
global base oil market share analysis is based on type, application, and
geography.
Based
on type, the market is segmented into Group I, Group II, Group III, Group IV,
and Group V. Based on application, the market is divided into Automotive Oil,
Industrial Oil, Metalworking Fluids, Greases, and Others. Geographic breakdown
and analysis of each of the previously mentioned segments include regions
comprising North America, Europe, Asia-Pacific, and RoW.
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Geographical Analysis:
North
America is expected to account for notable market share over the forecast
period owing to presence of developed infrastructures, increase in
technological advancements coupled with increase in automotive industry.
Besides, stringent regulatory standards regarding environment conservation
leading to formulation of energy efficient fuels with lower GHG emissions, is
expected to fuel-up the growth of global base oil market in this region.
Asia
Pacific region is expected to dominate the global base oil market from in terms
of both value and volume, owing to augmenting industrialization, proliferating
automotive industry, demand for finished lubricants in-order to improve the
operational efficiency, and increasing use of synthetic base oil as a
substitute to traditional oils, for reducing carbon footprints.
Competitive Landscape:
The
base oil market, which is highly competitive, consists of various market
players. Some of the major market players include BP PLC, Ergon Inc., Chevron
Corporation, Evonik Industries AG, H&R Ölwerke Schindler GmbH, Exxon Mobil
Corporation, Nynas AB, Royal Dutch Shell PLC, Petronas Pvt. Ltd., Total S.A.,
and SK Lubricants Co. Ltd. among others.
The
cutting-edge product launches, facility expansions, take-overs, and
collaborations among the market players, is taking the global base oil market
to new-heights.
Key Benefits:
The
base oil market report provides a quantitative analysis of the current market
and estimations through 2020-2030 that assists in identifying the prevailing
market opportunities to capitalize on.
The
study comprises a deep dive analysis of the base oil market trend including
current and future trends for depicting the prevalent investment pockets in the
market.
The
report provides detailed information related to key drivers, restraints,
opportunities and their impact on the base oil market.
The
report incorporates a competitive analysis of the market players along with
their market share in the global base oil market.
The
study elaborates SWOT analysis and Porters Five Forces model for the base oil
market.
Value
chain analysis in the base oil market study provides a clear picture of the
stakeholders’ roles.
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