Base Oil Market Size to Surpass US$ 34.03 Billion by 2030 - Rising Consumer Demand for Automobiles with Better Fuel Efficiency & Enhanced Sustainability, The Brainy Insights
NEWARK, N.J., Aug. 18, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global base oil market is expected to grow from USD 25.81 billion in 2021 to USD 34.03 billion by 2030, at a CAGR of 3.12% during the forecast period 2022-2030.
There is a surge in demand for vehicles in developing nations like China and India, given the rising disposable income of consumers in these economies. The growing demand for cars with less or no carbon footprints is increasing as consumers become more aware of the changing environment and its drastic consequences. The base oil enhances the lubrication of the engine parts, increasing engine efficiency. Vehicles with more efficient engines produced less exhaust, lowering the economies' carbon footprints.
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The global market for base oils will expand due to the rising demand for vehicles in developing nations, which is increasing demand for base oils by the automotive industry. Increasing investments in new processes to create base oils of higher quality will open up attractive market prospects. Group II oils are being exploited to widen their scope of applications in the coming years. For example, the antioxidation abilities of group II oils are being explored to make them more sustainable and practical for use across industries. As a result, the cost of producing group II has decreased with the ongoing research, making it as affordable as group I oils. The growing applications of Group II oils in various oil industry sectors will substantially impact the market's growth over the projected 2022–2030. However, given the rising geopolitical uncertainty surrounding the Russia-Ukraine war, the volatile energy market will limit the market's growth. The increasing demand for electric vehicles will also challenge the market's growth.
Competitive Strategy
To enhance their market position in the global base oil market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Businesses like Exxon Mobil Corporation and ADNOC are concentrating on boosting their market share and production capacity through mergers and acquisitions. For instance, in august 2019, Exxon Mobil Corporation completed its Singapore refinery expansion project. This expansion project will aid Exxon Mobil Corporation in expanding its presence in East Asia.
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Market Growth & Trends
The growing geopolitical tensions are primarily focused on free and open sea routes. Developing secure maritime borders with powerful navies to safeguard national security interests has increased investments in the marine and shipping industries. The development of state-of-the-art, A-grade ships, boats, and submarines have witnessed a renewed surge of capital investments. The marine or shipping industry utilizes group 1 base oils, given their high viscosity, which enhances engine performance. The growth of the shipping industry will propel the demand for marine oils and lubricants, eventually contributing to the development of the global base oil market.
Key Findings
- In 2021, the group 1 segment dominated the market with the largest market share of 45% and market revenue of 11.61 billion.
The product type segment is divided into group I, group II, group III, group IV, and group V. In 2021, the group 1 segment dominated the market with the largest market share of 45% and market revenue of 11.61 billion.
- In 2021, the automotive oil segment accounted for the largest share of the market, with 44% and a market revenue of 11.35 billion.
The application segment is divided into automotive oil, metalworking fluid, hydraulic oil, industrial oil, greases, and process oil. In 2021, the automotive oil segment accounted for the largest share of the market, with 44% and a market revenue of 11.35 billion. The need for lubricants, like engine oil, gear oil, etc., has surged due to the exponential growth of the automobile industry in emerging countries. The increased government pressure on automakers to meet pollution control measures has also pushed them to utilize high-quality base oils to improve engine performance to cut emissions. Additionally, the growing domination of the automotive industry would be aided by the rising need for hydraulic oil in the automobile sector.
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Regional Segment Analysis of the Base Oil Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global base oil market, with a market share of around 37% and 9.54 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The base oil market in the Asia Pacific has been expanding rapidly. China dominates base oil in the Asia Pacific. China is the manufacturing hub owing to low-cost manufacturing. India is an emerging industrial market with low-cost labor and favorable trade policies. However, the increasing pressure on sustainability and conservation of the environment creates a need for sustainable development strategies & solutions. Government initiatives are now promoting a balanced path towards development by encouraging the adoption of high-grade oils and lubricants in the metallurgy, aerospace, industrial, automotive, power generation, chemicals, and heavy equipment industries. Such initiatives bode well for the base oil market.
Key players operating in the global base oil market are:
- Chevron Corporation
- S-OIL Corporation
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
- Saudi Aramco
- Abu Dhabi National Oil Company
- Hindustan Petroleum Oil Company
- Evonik Industries AG
- Neste Oyj
- AVISTA OIL AG
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global base oil market based on the below-mentioned segments:
Global Base Oil Market by Product Type:
- Group I
- Group II
- Group III
- Group IV
- Group V
Global Base Oil Market by Application:
- Automotive Oil
- Metalworking Fluid
- Hydraulic Oil
- Industrial Oil
- Greases
- Process Oil
- Others
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About the report:
The global base oil market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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