Impact of COVID-19: Base Oil Market is Projected to Reach a Value of Over USD 43.1 Billion by 2027
The Global Base Oil Market is projected to reach a value of over USD 43.1 billion by 2027 at a CAGR of around 3.1%.
All lubricants contain base oil and it serves as the foundation of the lubricant before it is blended additives or a thickener in the case of grease. The base oil is most commonly used as lubricants in automotive vehicles to increase the efficiency of engines. They are produced by means of refining mineral oil, synthetic oil, and bio-based oil. Viscosity, viscosity index, pour point, and purity are the four physical properties that describe the base oil and state how they will perform when in service. Based on their ingredients and characteristics they are classified into five groups.
Base Oil Market: Drivers & Challenges
Market Driver:
Growing Automotive Industry
According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automotive sales of commercial vehicles and passenger cars in 2018 was 95 million units globally. Rise in luxury trucks by end-users associated with off-roading and rugged work, growing use electric vehicles, rising purchasing habits by millennials, and use factors influencing mobility vehicles are some of the factors driving the growth of the automotive industry. For instance, according to IEA, the global electric car deployment was 5 million in 2018, an increase of 63% from the previous year.
Thus, the growing automotive industry has anticipated boosting the growth of the base oil market during the forecasted period.
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Rising Demand for Synthetic Base Oil
When properties are influenced by extreme temperatures, such as oxidation and thermal stability synthetic oil offers benefits that contribute towards the extended service life of the engine. Synthetic oil such as Polyalphaolefin (PAOs) performs better than that of mineral oil in situations where lubricants will encounter lower temperatures and high operating temperatures. It also exhibits improved characteristics in relation to demulsibility and hydrolytic stability, which influence the lubricant’s ability to handle water. Additionally, some advantages of synthetic oil than conventional oil such as greater engine wear protection helps keep engine cleaner and protecting critical turbocharger parts. Thus, owing to these factors the demand for synthetic oil has expected to surge the demand for product-market during the forecasted period.
Market Restraint:
Fluctuating Crude Oil Price
Organization of Petroleum Exporting Countries (OPEC), is the main influencer of fluctuations in oil prices. Its production levels to meet global demand and can influence the price of oil and gas by increasing or decreasing production. Additionally, supply and demand impact, natural disaster and political weigh, and others are factors that implicated the fluctuation of crude oil prices. For instance, in March 2020, the outbreak of coronavirus outside China may take a heavy toll on global oil demand. According to IEA, the global oil demand has expected to fall 435 kb/d in the first quarter of 2020, the lowest since 2011. Thus, fluctuating crude oil prices is one of the major factors restraining market growth.
Base Oil Market: Key Segments
- On the basis of the group: Group I, Group II, Group III, and Others
- On the basis of type: Mineral, Synthetic, and Bio-based
- Based on application: Automotive Oil, Industrial Oil, Hydraulic Oil, Metalworking Fluid, Grease, and Others
- Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa, and South America with individual country-level analysis.
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Base Oil Market: Report Scope
The report on the base oil market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the Base Oil Market include:
- Royal Dutch Shell plc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Exxon Mobil Corporation
- Total
- Nynas AB
- Evonik Industries AG
- Chevron Corporation
- Neste
- Eni Austria GmbH
- Petroleum Service Company
- Saudi Arabian Oil Co.
- GS Caltex Corporation
- S-OIL CORPORATION
- Ergon, Inc.
- Indian Oil Corporation Ltd
- AVISTA OIL AG.
- Other Key Companies
Base Oil Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Base Oil Market, by Group
- Group I
- Group II
- Group III
- Others
Base Oil Market, by Type
- Mineral
- Synthetic
- Bio-based
Base Oil Market, by Application
- Automotive Oil
- Hydraulic Oil
- Industrial Oil
- Metalworking Fluid
- Grease
- Others
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Base Oil Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
Table of Content
- INTRODUCTION
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
- INDUSTRY TRENDS — PORTERS FIVE FORCES ANALYSIS
- GLOBAL BASE OIL MARKET BY GROUP, Market Size in USD Million & Kiloton (2019–2027)
- GLOBAL BASE OIL MARKET BY TYPE, Market Size in USD Million & Kiloton (2019–2027)
- GLOBAL BASE OIL MARKET BY APPLICATION, Market Size in USD Million & Kiloton (2019–2027)
- GLOBAL BASE OIL MARKET BY REGION, Market Size in USD Million & Kiloton (2019–2027)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
- APPENDIX
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