Base Oil Market by Type (Group I, Group II, Group III, Group IV, and Group V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Greases, and Others) - Global Opportunity Analysis and Industry Forecast, 2020 – 2030
Industry: Materials and Chemical | Publish Date: 08-Sep-2020 | No of Pages: 426 | No. of Tables: 248 | No. of Figures: 215 | Format: PDF | Report Code : N/A
Market Definition
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.
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 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.
However, fluctuating prices of crude oil, slump in crude oil market stakes, and stringent environmental standards regarding emission norms, are expected to hamper the market growth during the forecast period.
Moreover, new product launches, facility expansions and collaborations by the key players, are expected to create lucrative opportunities in the global market in coming 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.
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 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 industry, 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.
For instance, in April 2019, Total S.A. announced complete acquisition over all the share capital of Chevron Denmark Inc. including Chevron’s 12% share of Danish Underground Consortium (DUC), a 12% interest in License 8/06, and a 13.5% interest in the Tyra West pipeline. This acquisition strengthens Total’s strategic commitment to Denmark and its presence in the Danish North Sea – an area with future resource potential.
Furthermore, in April 2020, Petronas Pvt. Ltd. made an oil discovery in the Monument exploration well, offshore United States (US) Gulf of Mexico. The well was drilled to a total depth of 10,164 meters and encountered approximately 60 meters of net oil-bearing sands in the Lower Wilcox of Paleogene sandstone. This is Petronas’s first entrance and discovery into oil and gas operations in the US Gulf of Mexico. The discovery marks a significant milestone for Petronas’ in strengthening and developing its ventures in the Americas.
Key Benefits
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The base oil market report provides quantitative analysis of the current market and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the market trend including current and future trends for depicting the prevalent investment pockets in the market.
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The report provides detailed information related to key drivers, restraints, opportunities and their impact on the market.
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The report incorporates competitive analysis of the market players along with their market share in the global market.
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The study elaborates SWOT analysis and Porters Five Forces model for the global market.
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Value chain analysis in the base oil market study provides a clear picture of the stakeholders’ roles.
Base Oil Market Key Segments
By Type
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Group I
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Group II
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Group III
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Group IV
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Group V
By Application
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Automotive Oil
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Industrial Oil
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Metalworking Fluids
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Greases
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Others
By Geography
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North America
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U.S.
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Spain
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Rest of Europe
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Asia-Pacific
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China
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India
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Japan
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South Korea
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Australia
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Rest of Asia-Pacific
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RoW
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Brazil
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Argentina
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UAE
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Remaining Countries
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Report Scope and Segmentation
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Parameters |
Details |
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Analysis Period |
2019–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2020–2030 |
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Market Size Estimation |
Billion (USD) |
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Market Segmentation |
By Type (Group I, Group II, Group III, Group IV, Group V) By Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases, Others) |
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Geographical Segmentation |
North America (U.S., Canada, Mexico) Europe (UK, Germany, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, Rest of APAC), Rest of the World (Brazil, Argentina, UAE, Remaining Countries) |
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Companies Profiled |
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. |
KEY PLAYERS:
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BP PLC
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Ergon Inc.
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Chevron Corporation
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Evonik Industries AG
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H&R Ölwerke Schindler GmbH
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Exxon Mobil Corporation
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Nynas AB
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Royal Dutch Shell PLC
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Petronas Pvt. Ltd.
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Total S.A.
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SK Lubricants Co. Ltd
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