Base Oil Market Research Report and Forecast up to 2024

Even though there are several factors working in favor of the global base oil market, analysts predict that the value of this market is estimated to drop during the course of the forecast period. The recent slump in prices of crude oil is mainly responsible for the negative performance of the base oil market, especially in terms of revenue.

The research report segments the global base oil market on the basis of product, application, and region in order to provide a detailed understanding of the structure and elements of the overall market. By product, the base oil market is categorized into Group I, Group II, Group III, and others. By application, the market is broken down into industrial oils, hydraulic oils, automotive oils, process oils, metalworking fluids, and others. Geographically, the base oil market comprises Europe, North America, South and Central America, Asia Pacific, and the Middle East and Africa. An in-depth evaluation of these segments and sub-segments gives readers a clear picture of the leading, profitable, and lucrative segments of the base oil market and those that have scope for improvement.

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Overview of the Base Oil Market

The research report indicates that the demand for base oil is estimated to reach 39,614.7 kilo tons in 2020, developing at a 1.40% CAGR from 2015 to 2020. In terms of value, the global base oil market was pegged at US$34,514.1 Mn and it is projected to drop to US$30,973.1 Mn by 2020.

The rapid growth in the automotive industry has resulted in the rising demand for finished lubricants, which in turn has boosted the demand for base oil. Large-scale

industrialization in emerging economies has led to the demand for lubricants in several end users. This, too, has propelled the base oil market in recent years. Another factor responsible for the development of the base oil market is rigid emission standards that have brought about a change in lubricant formulation methods. In contrast, plunging prices of crude oil and gradual shift by refiners from light, sweet crude to the heavy, sour version is likely to hamper the base oil market.

The automotive industry is one of the most significant consumers of lubricants, making it a major end-use segment of the base oil market. A strong presence of leading auto manufacturers makes Europe a crucial market for base oil. Among the major product categories of base oil, the demand for Group I is estimated to drop by 2020, owing to growing preference for Group II and III base oils.

Companies Mentioned in the Report

The most notable companies featured in the research report are S-Oil Corporation, Chevron Corporation, MOGoil GmbH, GS Caltex Corporation, Philips 66 Company, Royal Dutch Shell Plc, Exxon Mobil Corporation, PetroChina Company Limited, British Petroleum p.l.c, China Petroleum Corporation (Sinopec Group), and SK Lubricants. Each of the players are evaluated in the report based on company overview, financial conditions, product portfolio, business strategy, and recent developments.

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Global Base Oil Market: Product Analysis
Group I
SN150
BS150
SN500
Others
Group II
150N
500N
600N
Others
Group III
2cSt
4cSt
6cSt
8cSt
Others

Global Base Oil Market: Application Analysis

Automotive Oils
Industrial Oils
Process Oils
Metalworking Fluids
Hydraulic Oils
Others

Global Base Oil Market: Regional Analysis
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa

This report gives you access to decisive data such as:
Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for the coming years

Key highlights of this report

Overview of key market forces propelling and restraining market growth
Up-to-date analyses of market trends and technological improvements
Pin-point analyses of market competition dynamics to offer you a competitive edge
An analysis of strategies of major competitors
An array of graphics and SWOT analysis of major industry segments
Detailed analyses of industry trends
A well-defined technological growth map with an impact-analysis
Offers a clear understanding of the competitive landscape and key product segments

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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