Base Oil MarketBase Oil Market Size Worth $ 48,347.04 Million By 2026 | CAGR: 1.2%
The global Base Oil market size is expected to reach USD 48,347.04 million by 2026 according to a new study by WhipSmart MI Research. The report “Base Oil Market by Type (Group I, Group II, Group III, Group IV and Group V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil and Others) and By Regions, Segments & Forecast, 2019 - 2026” gives a detailed insight into current market dynamics and provides analysis on future market growth.
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Demand for oils in the automotive industry rise over few years, mainly in the Asia Pacific and Europe regions, as a result of increasing population and consumer spending capacity. Growing production of automobiles and demand for the conventional and synthetic products are the key factors driving this industry.
Lubricating oils have traditionally been one of the most attractive areas in the oil and gas value chain, but disruption is on the horizon with the rise of electrification in the transport sector.
Potential applications in motor oils and automatic transmission system generating significant revenue are among key factors driving the base oil market growth. Rising demand for new automobiles accompanied by increasing awareness on existing automotive maintenance will propel the industry demand. High application scope for efficient heavy-duty motor oil (HDMO), passenger car motor oil (PCMO) along with gear oils has enhanced the market size.
In the global Base Oil market, the growth of the base oil market in North America can be attributed to increase in the demand for finished lubricants products from automotive industries in the region. The automotive oil is the biggest application in the North America base oil market.
The key players in the market Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) among others. Development of distribution channels, novel product development and aggressive marketing campaigning are some of the success factors in the industry.
WhipSmart MI Market research has segmented the Base Oil market report on the basis of application, type and region
Base Oil Application Outlook (Revenue, USD Million, 2019 – 2026)
Base Oil Type Outlook (Revenue, USD Million, 2019 – 2026)
Base Oil Regional Outlook (Revenue, USD Million, 2019 – 2026)
Middle East & Africa
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