Product ID: SQSG55B2002
Report ID: SQSG55B2002 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 68 | Figures: 75
Base Oil Market size was valued at USD 18.45 billion in 2021 and is poised to grow from USD 19.46 billion in 2022 to USD 30.22 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
Base oil is obtained by refining crude oil and it is useful in manufacturing of various products such as lubricating greases, motor oil and metal processing oils. With the increasing demand for high viscosity lubricant from different industries the demand for base oil is also gradually increasing. Base oils are frequently used in the manufacturing of lubricants. Various chemical such as additives are added to base oil so as to increase their quality according to needs. Base oils are created either through the refinement of crude oil or through chemical synthesis. After being extracted from refineries they are given to lubricant factories for use in creating finished lubricants. The benefits of base oils should result in significant growth opportunities over the future years. With growing industrialization in developing countries like India and China, base oil manufacturers are expanding their production units in these nations.
US Base Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
To get more reports on the above market click here to Buy The Report
The global base oil market is segmented on the basis of group, application, and region. On the basis of group the base oil market is sub segmented into Group I, Group II, Group III, Group IV and Group V. Based on application, the base oil market is segmented into automotive oil, industrial oil, metalworking fluid, greases, hydraulic oil and others. According to region, the Base Oil Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Base Oil Market Analysis by Group
Group II accounted for the highest market share of base oil market in 2021. It is expected to maintain its dominance in terms of both and volume and revenue share in the market during the forecast period. Group 1 base oil dominated the global market. This can be attributed to the increasing switching towards cleaner and higher quality base oils. Group I base oils have higher sulfur contents which makes it difficult to meet SAPS specification and also its doesn't match the performance of other grade oils. Hence, people are inclined to other grades of base oil. Various applications of group II base oil include marine and gas engine oil, truck piston engine oils, and many others. There is a high demand for group II base oil as it can be used to improve performance and it is affordable.
Base Oil Market Analysis by Applications
The automotive oil segment holds the highest market share and is expected to lead the global base oil market in terms of application during the forecast period. Engine oils contain 70-90% base and 10-30% of lubricant additives to improve performance. Thus, increasing demand for high quality engine oils is expected to increase the demand for base oil. The expansion of the automotive sector in the developing region can be the reason for the increasing demand for base oil from automotive sector. Hydraulic oils used in aircraft control systems, gearboxes, steering system, excavators because of their excellent heat transfer, high viscosity and better thermal as well as oxidative states. Hydraulic oil is used as lubricant in automotive sector as it can cool automobile components in specific situation. In addition to that, the increasing population in the Asia-Pacific region is leading to increasing demand for automobiles which is driving the global base oil market.
To get detailed analysis on other segments, Request For Sample Report
Asia-Pacific region dominated the base oil market in 2021 and is projected to register the highest growth rate of CAGR 3.53% in terms of revenue and 4.05% in terms of volume during the forecast period. The growth of the base oil market in Asia-Pacific region is mainly attributed to the rise in the number of automobiles in developing countries of China, India among others. This leads to the increasing adoption of lubricants derived from base oils.
China is expected to be the prominent leading region for base oil market during the forecast period. The availability of raw supplies, greater foreign investment, fast industrialisation, and a rising population all boost the Chinese base oil market. In a similar way, the Indian market is estimated to experience at high growth rate because of the presence if multiple base oil producers. Also, the government of India is focusing on the development of infrastructure to support the expanding market growth. These factors combined contribute to the high demand for base oil and market boost in the Asia Pacific region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Base Oil Market Driver
Base Oil Market Restraint
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The global base oil market is highly fragmented in nature due to presence of many innovative players and the competition between the players is intense and is expected to remain similar during the forecast period. There is high growth potential in the market and many large players are taking advantage of the market potential. Major players include Chevron Corporation, Exxon Mobil Corporation, Evonik Industries AG, S-OIL Corporation, and Royal Dutch Shell PLC. They are engaging in inorganic expansion by acquiring smaller and medium sized firms. Innovation and launching of newer products is one of the key strategies to maintain market dominance.
Key Players in the Global Base Oil Market
Base Oil Market Recent Developments
BRIC countries (Brazil, Russia, India, and China) are expected to be lucrative markets for base oil during the forecast period. According to World Bank estimates, the BRIC countries account for approximately 41% of the world's population, and this population is expected to grow further. Governments in these countries are heavily focused on industrial development in order to meet the demands of their massive populations. Foreign and domestic investments are expected to increase exponentially in these countries over the next five years as financial infrastructure is strengthened. This will benefit all associated sectors, accelerating the growth of related industries such as base oil and lubricants.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global base oil market analysis, increasing use of engine oils in industries such as metallurgy, automotive, chemicals, heavy equipment, and power generation is driving growth. The market is highly fragmented, with a large number of highly innovative players present. The competition is fierce as participants compete to keep their customers in order to gain a competitive advantage over one another. Companies are implementing collaborative business strategies to increase productivity, provide consumers with highly regarded products, and expand their regional presence.
|Market size value in 2021||USD 18.45 billion|
|Market size value in 2030||USD 19.46 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Base Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Base Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Base Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Base Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.