DUBLIN--(BUSINESS WIRE)--The "Base Oil Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The report considers the present scenario of the base oil market and its market dynamics for the period 2022-2027. It covers a detailed overview of several market growth enablers, restraints, and trends.
The study covers both the demand and supply sides of the market. It also profiles and analyses leading companies and several other prominent companies operating in the market. The global base oil market is expected to grow at a CAGR of 5.12%.
KEY HIGHLIGHTS
- One of the major changes happening in the global base oil market is the shift from group I base oils to group II & group III base oils. Factors such as the stringent regulatory standards, circular economy, and high demand for high-quality lubricants are driving this change
- Presently, the group II base oil segment dominates the market as group II base oils have low levels of sulfur and aromatics, which is effective to meet vehicle emission standards, high demand for lubricants with low volatility, and improve fuel economy
- The automotive oil segment is a dominating end-use segment as it consumes the major chunk of base oil
- The rise in demand for lightweight vehicles in the developing and developed regions presents lucrative market growth opportunities for vendors of automotive oil
MARKET OPPORTUNITIES AND TRENDS
- High Demand from Automotive Oil Segment
- Rising Demand for Group II& Group III Base Oils
MARKET GROWTH ENABLERS
- Growing Demand for Bio-Based Lubricants
MARKET RESTRAINTS
- High Demand for Electric Vehicles
GEOGRAPHICAL ANALYSIS
APAC is the largest market for base oil during the forecast period. Owing to the rapid urbanization, rising disposable income, and growing industrialization in the field of automotive, food processing, cosmetics, textile, and other manufacturing sectors are creating a demand for base oil in APAC. China is the leading base oil market in APAC during the forecast period. This can be attributed to the increasing demand from the automotive & transportation sector, increasing mining activities, manufacturing & machinery sector is also supporting the strong growth of the base oil market in the country Additionally, the availability of low-cost labor and the raw material is further fueling the market.
COMPETITIVE LANDSCAPE
The demand for base oil products is highly dependent on the consumption of industrial lubricants in the market, including hydraulic oils, metalworking fluid, industrial gear oils, turbine oils, and compressor lubricants. These lubricants are used across various industries, such as construction, power, railways, metals and mining, iron and steel, chemicals, cement, oil and gas, and general manufacturing. During the COVID-19 outbreak, these industries were severely impacted due to the temporary halt in production, the slowdown in logistics, low labor force participation, and a decline in demand.
The base oil market is competitive with the presence of well-diversified global and regional manufacturers. Industry participants are continuously focusing on various operational strategies that are likely to gain them an edge in the competitive market space.
The key players have undertaken various strategies to grow in the base oil market. Strategies such as joint ventures, mergers & acquisitions, and others to expand in the market and further reach their customers to fulfill requirements.
PROMINENT VENDORS
- Exxon Mobil Corporation
- Chevron Corporation
- Petro-Canada Lubricants
- Saudi Arabian Oil Co.
- Philips 666
OTHER PROMINENT VENDORS
- Asian Oil Company
- Hindustan Petroleum Corporation
- Neste
- Avista Oil Deutschland GmbH
- Sepahan Oil Company
- GS Caltex Corporation
- PBF Energy
- HollyFrontier Corporation
- Abu Dhabi National Oil Company
- Ergon
- SBZ Corporation
- Petroyag
- Ishtar Company
- Yunitco
- San Joaquin Corporation, Co. Ltd
- Grupa Lotos S.A
- Mol Group
- Vertex Energy Inc
For more information about this report visit https://www.researchandmarkets.com/r/jlsey1
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