Base Oil Market by Group (Group I, Group II, Group III, Group IV), by Type (Mineral, Synthetic, Bio-based), by Application (Automotive Oil, Industrial Oil, Grease, Hydraulic Oil), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast 2019 to 2027

BASE OIL MARKET: SUMMARY

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

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.

  • 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.

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.

Report Features

Specifics

Historical/Estimated/Forecasted Market Size Years

2018-2027

Base Year for Market Calculation

2019

Forecasted Period

2020-2027 (2020 estimated year, forecasted up to 2027)

Measured Units

Value (USD Million), Volume (Kiloton)

Segments Included

Group, Type, Application, and Region

Regional Coverage

North America, Asia-Pacific, Europe, Middle East & Africa, South America

KEY COMPANIES COVERED

  • 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

Base Oil Market, by Region

  • North America
    • US
    • Canada
    • Mexico
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Denmark
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Middle East & 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?

REPORT AUDIENCE

  • Base Oil Market Providers
  • Base Oil Market Solution and Services Suppliers, Distributors and Dealers
  • End-Users of Varied Segments of Base Oil Market
  • Government Bodies and Intellectual Institutions
  • Associations and Industrial Organizations
  • Research & Consulting Service Providers
  • Research & Development Organizations
  • Investment Banks & Private Equity Firms

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE BASE OIL MARKET STUDY

  1. INTRODUCTION
    1. Research Objectives
    2. Market Definition
    3. Research Scope
    4. Regional Coverage
    5. Research Timeline
    6. Assumptions
    7. Limitations
  2. RESEARCH DESIGN & SCOPE
    1. Introduction
    2. Primary Research
      1. Key Industry Expert Insight
    3. Secondary Research
      1. Vital Data from Secondary Sources
    4. Market Size Estimation
    5. Data Validation & Triangulation
  3. EXECUTIVE SUMMARY
  4. MARKET DYNAMICS
    1. Introduction
    2. Drivers
      1. Growing Automotive Industry
      2. Rising Demand for Synthetic Base Oil
    3. Opportunities
      1. Adoption of Gas-to-Liquids (GTL) Technology
    4. Restraint
      1. Fluctuating Crude Oil Price
    5. Challenges
      1. Demand for Engine Downsizing from Car Manufacturers
  5. INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
    1. Introduction
      1. Power of Buyers
      2. Power of Suppliers
      3. Intensity of Competition
      4. Challenges of Substitutes
      5. Challenges of New Entrants
    2. Macro-Economic Indicators
  6. GLOBAL BASE OIL MARKET BY GROUP, Market Size in USD Million & Kiloton (2019-2027)
    1. Introduction
    2. Group I
    3. Group II
    4. Group III
    5. Others
  7. GLOBAL BASE OIL MARKET BY TYPE, Market Size in USD Million & Kiloton (2019-2027)
    1. Introduction
    2. Mineral
    3. Synthetic
    4. Bio-based
  8. GLOBAL BASE OIL MARKET BY APPLICATION, Market Size in USD Million & Kiloton (2019-2027)
    1. Introduction
    2. Automotive Oil
    3. Hydraulic Oil
    4. Industrial Oil
    5. Metalworking Fluid
    6. Grease
    7. Others
  9. GLOBAL BASE OIL MARKET BY REGION, Market Size in USD Million & Kiloton (2019-2027)
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Asia-Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of Asia-Pacific
    3. Europe
      1. Germany
      2. France
      3. Italy
      4. UK
      5. Russia
      6. Rest of Europe
    4. Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of Middle East & Africa
    5. South America
      1. Brazil
      2. Argentina
      3. Rest of South America
  10. COMPETITIVE LANDSCAPE
    1. Introduction
    2. Market Ranking/Share Analysis of Key Companies
    3. Company Benchmarking
  11. COMPANY PROFILES
    1. Royal Dutch Shell plc.
      1. Company Overview
      2. Financial Overview
      3. Products/Solutions/Services Offered
      4. Key Developments
      5. SWOT Analysis
    2. Exxon Mobil Corporation
    3. Total
    4. Nynas AB
    5. Chevron Corporation
    6. Evonik Industries AG
    7. Neste
    8. Eni Austria GmbH
    9. Petroleum Service Company
    10. Saudi Arabian Oil Co.
    11. GS Caltex Corporation
    12. S-OIL CORPORATION
    13. Ergon, Inc.
    14. Indian Oil Corporation Ltd
    15. AVISTA OIL AG.
    16. Other Key Companies
  12. APPENDIX
    1. Key Industry Expert Insights
    2. Primary Discussion Guide
    3. Customization Options

Note1: Tentative table of contents, may get updated during the course of research.

Note2: Company financial information is subject to availability in public domain

60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY

Rep Id : CM 0103

Published : March, 2020


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