Global $39.6B Base Oil Market by Group, Application and Region - Forecast to 2024
DUBLIN, Dec. 13, 2019 /PRNewswire/ -- The "Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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The market for base oil is estimated to be USD 33.7 billion in 2019 and is projected to reach USD 39.6 billion by 2024, at a CAGR of 3.3% between 2019 and 2024.
The growing demand for high-grade oils in the automotive industry and the rising GDP in the Asia Pacific region are positively impacting the base oil markets. The increasing inclination toward cleaner and better-quality base oil is restraining the growth of this market.
The Group II segment is projected to lead the base oil market, by group, from 2019 to 2024
Based on group, the Group II segment accounted for the largest share of the base oil market in 2018. Group II base oil is used in a multitude of applications, such as marine and gas engines, in trunk piston engine oils, and other applications in the base oil industry. The high consumption of Group II base oil is mainly attributed to its higher performance and affordability in comparison to the other groups of base oil. The Group II segment is also projected to lead the market during the forecast period.
The automotive oil segment is projected to lead the base oil market, by application, during the forecast period
Based on application, the automotive oil segment led the base oil market in 2018. The growth of this segment can be attributed to the increasing population and rise of the automotive sector in developing countries of the Asia Pacific region.
Asia Pacific is projected to lead the base oil market, by region, during the forecast period
Asia Pacific is expected to lead the base oil market from 2019 to 2024 in terms of both value and volume, owing to the growing automotive industry in the region. The increasing GDP of countries in this region, such as India and China, is expected to fuel the demand for automobiles, thus driving the base oil market growth. Asia Pacific is also projected to continue its market dominance, in terms of both value and volume, from 2019 to 2024, owing to rising industrial activities in developing countries of the region.
Key Topics Covered
1 Introduction
1.1 Analyst Insights
1.2 Market Definitions
1.3 Market Segmentation & Aspects Covered
2 Research Methodology
2.1 Arriving at Base Oil Market Size
2.2 Market Size Estimation
2.3 Top-Down Approach
2.4 Bottom-Up Approach
2.5 Demand (Consumption) Side Analysis
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Overview of Base Oil Market
6.3 Features of Base Oil By Type
5.4 Evolution of Base Oil Technology
5.5 GTL Base Oil
5.6 Market Dynamics
5.6.1 Market Drivers
5.6.1.1 Increase in Demand for High-Grade Oils in Automotive Industry
5.6.1.2 Demand for Synthetic Base Oils
5.6.2 Restraints
5.6.2.1 Declining Demand for Group I
5.6.3 Opportunities
5.6.3.1 Industrial Growth in the Middle East and Africa
5.6.3.2 Bric Countries Expected to Be the Lucrative Markets
5.6.4 Challenges
5.6.4.1 Fluctuating Price of Crude Oil
5.6.4.2 Downsizing of Engine Based Cars
5.7 Industry Trends
5.8 Porters Five Forces Analysis
5.8.1 Bargaining Power of Suppliers
5.8.2 Bargaining Power of Buyers
5.8.3 Intensity of Rivalry
5.8.4 Threat of New Entrant
5.8.5 Threat of Substitute
5.9 Price Trend Analysis
5.9.1 Crude Oil
5.9.2 Base Oil
5.9.3 Lubricants
5.10 Regulations and Policies
5.11 Patent Analysis
6 Base Oil Market, By Type
6.1 Introduction
6.2 Group I
6.3 Group II
6.4 Group III
6.5 Group IV
6.6 Group V
7 Base Oil Market, Formulation By Application
7.1 Introduction
7.2 Automotive Oil
7.3 Industrial Oil
7.4 Metalworking Fluids
7.5 Hydraulic Oil
7.6 Greases
7.7 Others
8 Re-Refined Base Oil Market
8.1 Introduction
8.2 Group I Re-Refined Base Oil
8.3 Group II Re-Refined Base Oil
8.4 Major Manufacturers of Re-Refined Base Oil
8.4.1 AGIP Lubrindo
8.4.2 Avista Oil
8.4.3 ECO Huile
8.4.4 Heartland
8.4.5 Heritage-Crystal Clean
8.4.6 PKN Orlen Oil
8.4.7 Safety-Kleen
8.4.8 Southern Oil
8.4.9 Unilube
8.4.10 Viscolube
8.5 Capacity of Major Manufacturers of Re-Refined Base Oil
9 Base Oil Market, By Region
9.1 Introduction
9.2 Asia Pacific
9.3 North America
9.4 Europe
9.5 South America
9.6 Middle East & Africa
10 Base Oil Competitive Landscape
10.1 Introduction
10.2 Market Structure and Dive Matrix
10.3 Company Market Share in Base Oil Market
10.4 Competitive Situation & Trends
11 Base Oil Market, Company Profiles
11.1 Royal Dutch Shell PLC
11.2 Chevron Corporation
11.3 Neste Oil
11.4 Avista Oil AG
11.5 Nynas AB
11.6 Petronas
11.7 Repsol
11.8 Lotos Oil Sp. Z O.O.
11.9 Ergon Inc.
11.10 Calumet Specialty Products Partners L.P.
11.11 ExxonMobil Corporation
11.12 Total S.A.
11.13 H&R lwerke Schindler GmbH
11.14 Saudi Aramco
11.15 GS Caltex Corporation
11.16 S-Oil Corporation
11.17 Petrochina Company Limited
11.18 SK-Pertamina/ Pertamina
11.19 Sinopec
11.20 HPCL
11.21 Cnooc
11.22 Formosa
11.23 Sepahan
11.24 Hengli Petrochemical
11.25 Shandong Qingyuan
11.26 Luberef
11.27 Adnoc
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