Base Oil Market Expected to Reach $38,031 Million: Application, Type, Customer Segments, and Top Key Players

The base oil market was valued at $35,430 million in 2016, and is projected to reach at $38,031 million by 2023, growing at a CAGR of 1.0% from 2017 to 2023. Asia-Pacific dominates the base oil market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.

The demand for high-grade lubricant oils in the automotive industry, and stringent environmental legislation leading to strict performance standards drive the growth of the market. However, the fluctuating costs of crude oil and regulations concerning emission norms are expected to hamper the market growth in the future. The global shift from Group I base oils to Group II & III present numerous growth opportunities to market players.

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The global economy profits from declining oil costs because of high financial multiplier in the emerging oil-importing economies. Therefore, base oil utilization in the automotive sector is expected to grow through both increasing purchasing power (new and second-hand automotive deals) and expanding vehicle usage. This growth is estimated to be particularly noticeable in the developing countries, and control the decline in Group I base oil demand.

Key Findings of the Base oil Market:
• In terms of value, the automotive segment is expected to grow at a CAGR of 1.2% during the forecast period.
• In Asia-Pacific, China is estimated to grow at a highest CAGR of 1.3%, in terms of value.
• Industrial oil application in terms of volume occupied around one-third share of the global market in 2016.
• The U.S. accounted for nearly one-sixth share of the base oil market in 2016, and is expected to grow at a significant CAGR of 0.8%, in terms of value.

The major companies profiled in the report include BP PLC, Chevron Corporation, Ergon Inc., Evonik Industries, Exxon Mobil Corporation, H&R lwerke Schindler GmbH, Nynas AB, Petronas, Royal Dutch Shell PLC, SK Lubricants Co. Ltd., and Total S.A.

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