Base Oil Market to Reach Valuation of ~USD 42 Billion by 2030: Transparency Market Research

- Growing automobile sales is leading to more production and increase in demand for base oil; increasing disposable income is supporting sales in a major way

- Urbanization, increasing population will drive demand for transportation, propelling market on to a high growth trajectory

- Asia Pacific to be a profitable regional market

News provided by

Transparency Market Research

Jun 22, 2020, 05:30 ET

ALBANY, New York, June 22, 2020 /PRNewswire/ -- Moderate growth would be charted by the global base oil market over the forecast period of 2020 to 2030. The compound annual growth rate anticipated for the market over this period will be about 2%. This is set to lead the market to a worth of approximately USD 42 billion by the end of this period from about USD 34 billion in the year 2019.

Transparency Market Research elaborates, "Multiple factors of growth such as increase in population and growing demand for automobiles – a result of improving disposable incomes and massive industrialization – is leading to growth in the global base oil market over the forecast period."

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Key Findings of Global Base Oil Market Study:

Group I segment has held a sizeable share of the market previously but will lose some of it to grade II and III over the forecast period
In the applications category, automotive fluids segment will witness significant growth, accounting for a notable share in the market
Asia Pacific (APAC) region will be a fertile ground for growth

For a detailed analysis of global base oil market by grade, application, and region, visit https://www.transparencymarketresearch.com/pressrelease/base-oils-lubes-market.htm

Key Drivers of Growth in Global Base Oil Market:

Transparency Market Research has identified a host of trends and drivers that are helping the global base oil chart positive growth over the forecast period. A glimpse into some of the most prominent growth factors is delineated below:

Increase in population is creating demands on automotive industry, paving way for growth in base oil market
Growth in E-commerce, retail, manufacturing would create demand for robust logistics, creating demand in base oil market
Improvement in disposable incomes is generating demand for automotives, driving the market base oil on a high growth trajectory
Innovation is marking the landscape, paving way for development of better and greener products

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Regional Analysis of Global Base Oil Market:

The Asia Pacific region is a lucrative market, which dominated the landscape in 2019; the region is set to witness a robust CAGR over the forecast period
Improvement in disposable incomes is leading to higher demand for self-owned vehicles, driving up demand for base oil in the market
North America to be another prominent market over the forecast period; it will benefit from stringent government norms on emission
The region will also capitalize upon increasing preference of consumers for high quality base-oil

Analyze global base oil market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

Competitive Landscape of Global Base Oil Market:

The global base oil market is competitive and includes a large number of players in its vendor landscape. This leads to its fragmented nature. Some of the most notable players that operate in this market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SAC Petrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC, and UniSource Energy, Inc., among others. It is significant to note here that technological advancement and innovation is what these players have a keen eye on. Other organic and inorganic strategies are also observed being resorted to by top players, striving to capture a higher share of the market.

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Global Base Oil Market: Segmentation

Base Oil Market, by Grade

Group I

SN 150
BS 150
SN 250
SN 500
Others

Group II

N 150
N 500
N 600
Others

Group III

2 cSt
4 cSt
6 cSt
8 cSt

Group IV (PAO)
Group V (Excl. Naphthenic)
Naphthenic

35–60 SUS
80–130 SUS
200–300 SUS
400–800 SUS
Above 1,200 SUS

Re-refined

Base Oil Market, by Application

Automotive Fluids

Lubricants
Gear Oils
Transmission Fluids
Power Steering Fluids
Brake Fluids
Others

Process Oils

Rubber Process Oils
Textile Process Oils

Industrial Oils

Transformer Oils
Turbine Oils
Food-grade Oils
Others

Metalworking Fluids

Emulsions
Neat Oils

Hydraulic Oils

Petroleum-based
Biodegradable

Others (including White Oil and Prevention Oil)

Base Oil Market, by Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Wax Market - The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.

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