Increasing R&D Efforts and Innovation to Propel the Expansion of Base Oil Market by 2020

A recent intelligence study by Transparency Market Research has observed that the global base oil market is divided among a large number of players and that the competition is highly intense. The report picks out SK Lubricants Co. Ltd., Royal Dutch Shell plc, Exxon Mobile Corporation, and Chevron Corporation as some of the most promising companies in the global base oil market, expecting them increment their shares and consolidate their position via dedicated focus on diversifying their product portfolio as well as expanding their geographical presence via mergers and acquisitions.

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As per the estimations of the TMR report, the demand in the global base oil market will increase at a CAGR of 1.4% during the forecast period of 2015 to 2020, projecting it to reach a valuation of US$30.9 bn by the end of 2020, up from its evaluated worth of US$34.51 bn in 2014. The report also highlights S-Oil Corporation, Phillips 66 Company, Sinopec Corporation, BP plc, GS Caltex Corporation, PetroChina Company Ltd., and MOGoil GmbH as some of the other key vendors operating in the global market for base oil.

Stringent Environment Regulations Driving Pushing for Higher Quality Products

Product-wise, the report segments the global base oil market into Group 1 including SN150, BS150, and SN500, Group II including 150N, 500N, and 600N, and Group III, which includes 2cSt, 4cSt, 6cSt, and 8cSt. Among these, although Group I segment of base oil serves the maximum demand, its dominance over the market is expected to soften-up towards the end of the forecast period due to increasing preference among the consumers for superior quality Group II and Group III base oils. Both industrial as well as the automotive sector are making the shift to the quality product, especially in developed regions such as North America and Europe. That being said, cost-dependent developing regional market in Asia Pacific is expected to sustain the demand for Group 1 base oil. In this region too, stringent regulations against greenhouse gas emission is expected to make the shift towards improved quality base oils shortly after the forecast period ends.

Application-wise, the report bifurcates the global base oil market into automotive, industrial, process oils, metalworking fluids, and hydraulic oils, and rates automotive oils as the most promising segment.

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Asia Pacific Most Profitable Region

Geographically, the report takes stock of the potential of base oil market in the regions of North America, Asia Pacific, Europe, Central and South America, and the Middle East and Africa. Currently, vastly populated region of Asia Pacific, which houses two of the fastest growing economies in India and China, is most profitable, accounting for 41.4% of the demand in 2014. In Asia Pacific, the automotive sector and the manufacturing industry are flourishing with increasing disposable income and rapid urbanization in those two countries. Other emerging economies in the regions of the Middle East and Africa and Central and South America are also expected to increment the demand in the base oil market in the near future.

Rapid Industrialization Driving Demand

Some of the primary factors driving the global base oil market are: growing automotive industry in the region of Asia Pacific, with which the demand for finished lubricants is escalating, massive industrialization in Asia Pacific, growing adoption of superior quality products, positive outlook towards group VI base oils and naphthenic, and stringent emission standards. On the other hand, gradual shift to heavy and sour crude oil by the refiners and plummeting crude oil prices are some of the challenges faced by the global base oil market. Nevertheless, the vendors operating in this market can expect new opportunities to come from gas-to-liquid technology, which will increase the supply of high pure and efficient base oils.

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This release was published on openPR.