Base Oil Market to Grow with a CAGR of 7.55% through 2027
Increasing demand for
greases, industrial lubricants, thermal oils, and hydraulic fluids derived from
raw stock fluids such as base oil is fueling the growth of Global Base Oil Market
in the forecast period, 2023-2027.
According to TechSci Research
report, “Base Oil Market - Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the Global Base Oil market
stood at USD37050.88 million in 2021 and is projected to grow at a CAGR of 7.55%
in the forecast period. Players in the automotive industry have found an
ingenious way to optimize fuel engine efficiency by conducting meticulous
technology research. The fact that oil does more than just help an engine run
smoothly pushes motorists to set an aim to attain better fuel economy, which
has put huge pressure on scientists and engineers to invent new formulations
that can efficiently utilize the engine oil and help motorists accomplish their
targets. Engine Oil degrades over time, reducing fuel efficiency by greater
limits. Meeting new lubricant standards to aid automakers in providing a boost
to gas mileages has become significant in the automotive industry. These
imperative targets have made lucrative opportunities for investments in the
automotive industry which has fueled the demand for Group 2 and Group 1 Base
Oil, driving the growth of the Global Base Oil Market in the forecast period.
The development of suitable infrastructure, modern refining facilities, and
production assistance with incentives are promoting market growth for base oil
over the forecast period.
COVID 19 has severely
impacted the industries that cater to the growth of the Global Base Oil Market.
Crucial revamping in the automotive operations and other prominent end-user
industries that were thought to be implemented before covid got delayed, and
growth of the overall Global Base Oil Market went off the track. Post-pandemic,
essential steps were taken to recover the situation, and significant growth is
witnessed across all the sectors that contribute to the overall growth of the
Global Base Oil Market.
Browse over 146
market data Figures spread through 110 Pages and
an in-depth TOC on "Global Base Oil Market"
The Global
Base Oil market is
segmented into Source, Type, Application, End-Use, Region, and Competitive
landscape.
Based on Application,
the market is divided into Engine Oils, General Industrial Oils, Process Oils,
Greases and Others. Automobile fluids are in high demand from a variety of
automobile systems, including engine oil systems, automatic transmission
systems, power steering systems, automated cooling systems, and brake systems,
as a result of the burgeoning automotive industry. The growing demand for
electric vehicles is fostering the expansion of the sector. Engine Oils are
likely to surpass other application-based segments with an impressive CAGR
of 5.26% over the course of the forecast period.
The Asia-Pacific
region dominates the market and held a market share of 43.09% in 2021 and is
expected to maintain its dominance through the next five years. Countries like China
and India are undergoing massive technological advancements and are the fastest
growing countries in the region. Due to a rise in both production and sales of vehicles,
China is currently holding the dominance worldwide. The expansion of the
automotive industry and the resulting demand for finished lubricants to enhance
engine life and boost operating efficiency will both influence the region's
base oil market's expansion over the course of the projected period. The need for base oil
products will be fueled by this surge, which is predicted to persist in the
forthcoming years as it supports efforts to increase fuel efficiency and boost
performance. The demand and consumption of base oil in India are, however,
being bolstered by a wide range of strategic activities being carried out by
major market players. In light of this, the Asia-Pacific base oil market is
expected to experience considerable expansion throughout the forecast period.
Major market players operating in the Global Base Oil Market are:
o
S-Oil
o
ENEOS
Corporation (erstwhile JXTG Nippon Oil & Energy Corporation)
o
TotalEnergies SE
o
Sinopec
o
Calumet
Specialty Products Partners, L.P
o
ExxonMobil
o
SK lubricants-Repsol
o
ADNOC
o
Rosneft
o
Formosa Petrochemical Corporation
o
Shanxi
Lu’An Taihang Lubricants Co. Ltd
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“Based on the use, base oil's
composition typically varies as a raw material used to manufacture lubricants.
One of the main causes of the base oil market expansion in the world is the
rapid modernization of oil refineries. Additional factors that are anticipated
to support the advancement of the base oil market over the foreseeable future
include the fast-expanding automotive industry. Further encouraging the demand
for the product is the expanding use of oils in several end-user industries.
Furthermore, it is projected that the expansion of the logistics, aviation, and
trade sectors will strongly contribute to the growth of Global base oil
market over the forecast period” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Base Oil Market - Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027
Segmented By Source (Mineral, Synthetic, and Vegetable) By Type (Group 2, Group
1, Group 3, Group 5, and Group 4), By Application (Engine Oils, General Industrial
Oils, Process Oils, Greases, and Others), By End-Use (Automotive, Industrial,
Personal Care, and Others), By Region”, has evaluated the future
growth potential of Global Base Oil market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Base Oil Market.
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