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Base Oil Market: Analysis by Top Key Players, Current Industry Status, Growth Opportunities, Target Audience and Forecast to 2030
The study further opines that growing focus on reducing toxic pollutants and shift toward electric vehicles can induce a decline in demand.
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Key Takeaways from Base Oil Market Report
Base oil market is anticipated to witness growth of nearly 2% CAGR during the forecast period from year 2020 to 2030
Application-wise, automotive fluid is expected to dominate the market
Asia Pacific market is anticipated to lead all other regions
Grade-wise, group III base oil will generate highest revenue
Asia Pacific base oil market is anticipated to exhibit highest growth followed by Europe
Commercialization of advanced Gas-to-Liquid (GTL) technology creating novel opportunities
The capacity expansion of group II base oils, especially in Europe and Asia Pacific market will grow strongly through 2030
“Recovery in the automobile sector is crucial for base oil industry, so market players are eagerly looking out for a strong recovery,” says a Fact.MR analyst.
Increase in Lubricants Production Steering Market Growth
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Due to high solvency, proper viscosity, and other properties, base oils are widely used in lubricants manufacturing. Lubricants being the main type of automotive fluids are highly required by the automotive industry.
As automobile industry continues on a steady recovery, the demand for lubricants is also growing, which in turn is likely to drive demand for base oil during the forecast period.
According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity of dissolving deposits and oxidizing products during the use phase of the lubricants.
COVID-19 Impact
The COVID-19 pandemic has heavily impacted the base oil market due to several factors such as closing down of manufacturing units during lock-down periods, non-operational supply chain, scarcity of raw materials, financial constraints, unavailability of labors, job recession, and others.
Automotive sector being the major end-use industry has resulted in declined market growth as consumers focus has shifted towards more emergency services instead of automotive products.
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More Valuable Insights on Base Oil Market
In its latest report, Fact.MR has provided an unbiased detailed analysis on the global base oil market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2020 and 2030.
The report discusses critical insights on the base oil market in terms of grade (group I, group II, group III, group IV (PAO), group V (exc. Naphthenics), re-refined), application
(automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic oils), across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).
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The Global Base Oil Market held a volumetric turn-over of 41,907.3 kilotons in 2019 that is expected to level-up to 48,879.3 kilotons by 2030, witnessing a CAGR of 1.3% from 2020-2030.
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