Austin, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Base Oil Market Outlook 2030:
- The global base oil market was valued at USD 20.8 Billion in 2021
- It is estimated to grow at a CAGR of 4.5 % from 2022 to 2030
- The global base oil market is expected to reach USD 30.9 Billion by the end of 2030
Beyond Market Insights published a new research report titled “Base Oil Market Size, Share, and Growth Report by Group (I, II, III, IV, V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil), Geography Analysis and Competitive Landscape: Premium Insights, Industry Analysis, and Forecast From 2022 to 2030” in its research database.
Base Oil Market Dynamics:
The exponential development of the automotive Industry is one of the major factors boosting the demand for base oil to enhance the performance of high-grade lubricants. Base oils are extensively used in the manufacturing of lubricants. Base oils are manufactured through a chemical synthesis process or by refining crude oil. Accordingly, surging demand for high-performance base oils, as well as rising application of base oils across the marine industry is likely to have a positive impact on the global base oil market.
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The automotive oil segment is expected to dominate the base oil market.
Based on application, the market is fragmented into automotive oil, industrial oil, metalworking fluid, greases, hydraulic oil, and others. The other oil segment includes the scope of additives, agriculture, and detergents or dispersants. The demand for automotive oil is on rising owing to the high demand for automotive vehicles majorly from developing countries such as China, India, Thailand, Cambodia, Ethiopia, and many others. Moreover, the rapidly increasing population, along with the rising purchasing capacity of persons in the Asia Pacific is leading the demand for the automotive industry, which, in turn, presents various growth prospects for segment growth in the forthcoming years.
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Asia Pacific is estimated to be the largest market for Base Oil and is expected to lead in the market in the foreseen period.
The Asia Pacific is expected to dominate the Base Oil Markets globally with the highest number of market shares in 2021. Factors such as the high availability of raw materials and the presence of cheap labor are primarily attributed to regional market development. In addition, the presence of emerging economies, along with increasing industrialization are further acting as catalyzing factors that have increased the demand for base oil in this region. China is expected to drive the APAC base oil market over owing to the growing population, easy accessibility of raw materials, and rapid industrialization. The market in China is also supported by the surging demand for automobiles, increased foreign investments, and the flourishing growth of the manufacturing industry. The expansion of the base oil market in the Asia Pacific region is also a result of the development of transportation, energy, mining, and other industries as well as a significant rise in base oil producers, and quick infrastructure development. Therefore, these aforementioned factors present lucrative opportunities for regional market growth in the forecasting years. Learn more- https://beyondmarketinsights.com/report/base-oil-market/
Furthermore, Europe accounted for the second-largest revenue share in the global base oil market for the year 2021. The growth of the market is driven by the growing use of lubricants because lubricants are considered as they are majorly composed of base oil. Moreover, the increase in the consumption of base oil is reflected in the development of the industrial and transportation sectors. According to Eurostat, with an increase of 9.7% from 2015 to 2020, the number of passenger automobiles registered in the EU surpassed 250 million. Germany is recorded with the highest number of passenger cars with about 48 million subsequent by Italy (40 million automobiles) and France (38 million cars). Consequentially, the rising adoption of automobiles in the region is significantly accelerating the market growth with a considerable growth rate.
There are some leading market players are constantly taking strategic initiatives that lead the market development;
- In September 2022, OQ Chemicals- a chemical company declared the launch of its new ester base oil Oxlube L7‑NPG, which is specifically designed to boost the efficiency and performance of electric vehicles with its excellent thermal and dielectric properties as well as high oxidative and hydrolytic stability.
- In August 2019, ExxonMobil Corporation announced that the company successfully completed its development project of the Singapore refinery that aims on enhancing its geographical footprint.
- In May 2018, Chevron Corporation declared its agreement with Novvi, LLC (US) with the objective of the commercialization and development of renewable base oil technologies. This initiative supports Chevron Corporation to provide sustainable and quality renewable base oils around the world.
Browse Complete Base Oil Market Details with Table of Content Here https://beyondmarketinsights.com/report/base-oil-market/
A list of the Key Players in the Global Base Oil Market is:
Some of the major key players operating in the market are Chevron Corporation (US), Motiva Enterprises LLC (US), Exxon Mobil Corporation (US), Calumet Specialty Products Partners, L.P. (US), Nynas AB (Sweden), SK innovation Co., Ltd. (South Korea), S-OIL CORPORATION (South Korea), Sinopec Corp. (China), AVISTA OIL AG (Germany), Royal Dutch Shell Plc (Netherlands), H&R Group (Germany), Neste Oyj (Finland), Ergon, Inc. (US), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited or HPCL (India).
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| Base Oil Market Report Scope | |
| Report Attribute | Details |
| Market Size Value in 2022 | USD 21.7 billion |
| Revenue Forecast in 2028 | USD 30.9 billion |
| Growth Rate | CAGR of 4.5 % from 2022 to 2030 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 - 2021 |
| Forecast Years | 2022 - 2030 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, Trends competitive landscape, and growth factors |
| Segments Covered | Group, Application, and Region |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
| Key Companies Profiled | Chevron Corporation (US), Motiva Enterprises LLC (US), Exxon Mobil Corporation (US), Calumet Specialty Products Partners, L.P. (US), Nynas AB (Sweden), SK innovation Co., Ltd. (South Korea), S-OIL CORPORATION (South Korea), Sinopec Corp. (China), AVISTA OIL AG (Germany), Royal Dutch Shell Plc (Netherlands), H&R Group (Germany), Neste Oyj (Finland), Ergon, Inc. (US), Repsol S.A. (Spain), and Hindustan Petroleum Corporation Limited or HPCL (India) |
The Beyond Market Insights research has segmented the Global Base Oil Market report on the basis of Group, Application, and region:
Base Oil Market, Group Outlook:
- Group I
- Group II
- Group III
- Group IV
- Group V
Base Oil Market, Application Outlook:
- Automotive Oil
- Industrial Oil
- Metalworking Fluid
- Greases
- Hydraulic Oil
- Others
Base Oil Market, Regional Outlook
- North America
- United States
- Canada
- United States
- Europe
- France
- Germany
- United Kingdom
- Italy
- Rest of the Europe
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of the APAC
- China
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
- Rest of the Middle East & Africa
- UAE
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