The report “Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) – Global Forecast To 2025″, The global Base Oil Market is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The growing demand for high-grade oils in the automotive industry and the increasing GDP in the Asia Pacific driven by increasing industrial activities are the key factors fueling the growth of the base oil market across the globe.
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- 340 Market data Tables
- 55 Figures
- 301 Pages and in-depth TOC on “Base Oil Market – Global Forecast to 2025”
Some of the prominent key players are:
· Chevron Corporation (US)
· Exxon Mobil Corporation (US)
· S-OIL Corporation (South Korea)
· Motiva Enterprises LLC (US)
· SK innovation Co., Ltd. (South Korea)
· Royal Dutch Shell plc (Netherlands)
· Neste Oyj (Finland)
· AVISTA OIL AG (Germany)
· Nynas AB (Sweden)
· Repsol S.A. (Spain)
· Ergon, Inc. (US)
· Calumet Specialty Products Partners, L.P. (US)
· H&R Group (Germany)
· Sinopec Corp. (China)
· PetroChina Company Limited (China)
· Saudi Aramco (Saudi Arabia)
· Abu Dhabi National Oil Company (ADNOC) (UAE)
· PT Pertamina (Persero) (Indonesia)
Driver: Increasing demand for high-grade oils in the automotive industry
Advanced engine technology is propelling the demand for high-grade lubricants to provide compatibility to fast-moving parts and high temperatures. The selection of base oil has a huge impact on the overall performance of the finished lubricants. Engine oils are composed of 70–90 percent base oil and 10–30 percent additives. Thus, the growing demand for high-grade engine oils is expected to fuel the market for base oil as well. High-performance engine oils can help withstand extreme and rigorous conditions for diesel trucks, passenger cars, light-duty trucks, and stationary engines. Engine oils are majorly composed of base oil. Therefore, the growing demand for high-grade oils in the automotive industry is driving the base oil market growth.
The Group II base oil segment of the base oil market is projected to grow at the highest CAGR from 2020 to 2025.
The Group II base oil segment accounted for the largest base oil market share in 2019. The Group II base oil segment is projected to lead the market in terms of both value and volume during the forecast period. Group II base oil can be employed in a multitude of applications such as marine and gas engine applications, in trunk piston engine oils, and other applications in the base oil industry. The growth in this market is attributed mainly to the high performance and the affordability of Group II base oil in comparison to the other base oil (Group) segments.
Based on application, the automotive oil segment is projected to dominate the base oil market from 2020 to 2025
Based on the application, the base oil industry has been segmented into automotive oil, industrial oil, hydraulic oil, grease, metalworking fluid, and others. The other application in base oils includes agriculture, additives, and detergents/dispersants. The automotive oil application segment is projected to lead the market during the forecast period in terms of both value and volume. The growth of this segment can be attributed to the increase in the automotive sector in the developing regions. Furthermore, the surge in the population in the regions of Asia Pacific is driving the demand for the automotive industry, and thus propelling the market for the automotive oil application segment of the base oil.