Newark, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global base oil market is expected to grow from 25.81 billion in 2021 to USD 34.03 billion by 2030, at a CAGR of 3.12% during the forecast period 2022-2030. The rising disposable income of developing economies has led to an increase in the demand for automobiles. The rising demand for cars has contributed to the automotive sector's demand for high-grade base oils. The automotive industry also leads the demand for hydraulic oil, engine oil, metalworking fluid, and grease. The growing industrial sector of developing economies like China and India will increase the need for industrial oil, thereby significantly contributing to the development of the base oil market.
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The Brainy Insights launched a study titled Base Oil Market Size by Product Type (Group I, Group II, Group III, Group IV, and Group V), Application (Automotive Oil, Metalworking Fluid, Hydraulic Oil, Industrial Oil, Greases, Process Oil and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2030 | USD 34.03 billion |
| CAGR | 3.12% |
| No. of Pages in Report | 235 |
| Segments covered | Product type, application, and region. |
| Drivers | Increasing demand for automobiles |
| Opportunities | Increased focus on the production of Group II base oils |
| Restraints | Volatile energy market |
Key Findings of Base Oil Market
The group I segment dominated the market, with a market value of around 11.61 billion in 2021.
The product type segment is divided into group I, group II, group III, group IV, and group V. The group 1 segment dominated the market, with a market value of around 11.61 billion in 2021.
The automotive oil segment dominated the market, accounting for around 11.35 billion in global revenue in 2021.
The application segment is divided into automotive oil, metalworking fluid, hydraulic oil, industrial oil, greases, and process oil. The automotive oil segment dominated the market, accounting for around 11.35 billion in global revenue. 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 Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa. 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.
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Competitive Analysis:
The market's major players include 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, and AVISTA OIL AG.
About the report:
The global breakfast cereals 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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