Base Oil Market, Share, Size, Tends, Globally Industry Growing at a CAGR of around 4.71%
MRFR recognizes the following companies as the key players in the global base oilmarket—GS Caltex Corporation (U.S.), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Chevron Corporation (U.S.), Exxon Mobil Corporation (U.S.), Saudi Aramco (Saudi Arabia), Royal Dutch Shell plc (The Netherlands), Sinopec Corp (China), Petrochina Company Limited China), Abu Dhabi National Oil Company (ADNOC) (UAE), ENEOS Corporation (Japan), Hindustan Petroleum Corporation Limited (India), Repsol S.A. (Spain), and Eni S.p.A. (Italy).
Market Highlights
The global Base Oil Market is projected to be valued at USD
39,683.45 million by the end of 2028,registering a CAGR of
around 4.71% during the forecast period.
Base oil forms the primary raw material for any types of lubricant or grease
used across the world. Lubricants are obtained by adding various additives to
base oil in order to improve its viscosity, hydraulic stability,
high-temperature performance, and cleaning properties. Whilelubricating greases
are manufactured by blending base oil with additives and thickener. Base Oils Market are
mainly derived from three types of sources, namely mineral oil, synthetic oil,
vegetable oils. Out of these three, the mineral oil source accounts for over
70% of the lubricants and greases used in the world.
Lubricants are widely used in various types of machines, including
automobile engines, hydraulic systems, and industrial machinery. Lubricants
play a key role in the trouble-free operation of a machine assembly by reducing
the friction between moving parts and help in managing the machine
temperature.Changing lubricants at regular intervals helps minimize the wear
& tear and instance of machine breakdown. As a result, modern-day machines
and automotive engines are often accompanied by specific instructions about
lubricants to be used with assembly and lubricant change intervals.The growth
of the automotive sector is expected to provide a major boost to the base oil
demand over the forecast period.
Lubricants based on synthetic base oils such as PAO
(Polyalphaolefin) are extensively used in various automotive applications such
as hydraulic oils, gear, and bearing oils. These oils exhibit a superior
operating temperature range than mineral oils and a high viscosity index. They
are also employed as base fluids in some wide temperature range greases. With
growing sales of modern automobiles in Asia-Pacific and growing demand for
fuel-efficient vehicles is expected to drive the demand for synthetic
lubricants and thereby the demand for base oil over the forecast period.
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Segment Analysis
The global base oil market has been segmented on the
basis of the group, application, and region.
Based on group, the base oil market revenue has
been segmented into Group I, Group II, Group III, Group IV, and Group V. Among
these, the Group II base oil segment is expected to grow at the fastest CAGR of
6.58% over the forecast period. Progressive replacement of Group I base oils
with the Group II base oils due to changes in automotive engine designs and
adoption of strict emission control norms such as Bharat Stage IV (BS-IV) in
India and China 6 in China isanticipated to drive the demand for Group II base oils
over the forecast period. Moreover, the growing adoption of synthetic
lubricants is expected to drive the growth of the Group IV segment in the
upcoming period.
On the basis of application, the global base oil market has been
divided into engine oils, gear oils, metalworking fluids, general industrial
oils, greases, process oils, others. The other applications segment is
inclusive of base oil usage in agriculture, additives, and
detergents/dispersants. The engine oil segment with a 58.34% share dominated
the global base oil market in 2020. The growing use of engine oils in the
after-market segment in order to ensure the optimum performance and increase
the longevity of an engine assembly wasthe primary factor responsible for
segment growth.
Key Findings of the Study:
- The
global base oilmarket is projected to reach a value of USD
39,683.45 millionby 2028,with a CAGR of around 4,71%during
the forecast period from 2021 to 2028.
- Asia-Pacific
accounted for the largest market share in 2020 on account of
its large vehicle population and well-established industrial
manufacturing base.
- Grade
II oil-based lubricants ensure the optimum performance of
engine assembly and help in improving fuel efficiency and
reducing particulate emission from the automotive engines.
Thus, the progressive adoption of strict vehicular emission
norms across emerging economies of India, China, Brazil, Vietnam,
and Indonesia are expected to drive the demand for Group II base
oils over the forecast period.
- The
covid-19 is likely to hamper the growth of the market. As
various countries observed strict lockdowns in order to stop
the spread of virus which impacted the supply chain of the
market.
- Asia-Pacificis
expected to generate significant demand for base oil in the
upcoming period owing to the ever-increasing vehicle
population in the region. As a result, major players in the
base oil market are making significant investments in
capacity expansion activities to satisfy the future base oil demand of the
region. For instance, in April 2019, ExxonMobil Corporation
announced the expansion of base oil production capacity
located at integrated refining and petrochemical complex in
Singapore.
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