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.
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 base oil 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.
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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.
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, 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.
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