The base oil market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024
NEW YORK, Dec. 26, 2019 /PRNewswire/ --
The base oil market is projected to grow at a CAGR of 3.3% from 2019 to 2024, in terms of value
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The base oil market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 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 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.
Profile break-up of primary participants for the report:
-- By Company Type: Tier 1 - 60%, Tier 2 - 20%, and Tier 3 - 20%
-- By Designation: C-level Executives - 33%, Directors - 33%, and Managers - 34%
-- By Region: North America - 20%, Europe - 25%, Asia Pacific - 25%, the Middle East & Africa- 20%, and South America - 10%
As a part of the qualitative analysis of the base oil market, the research provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing the growth of the market across the globe. It also discusses competitive strategies adopted by the leading market players, such as Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India).
Research Coverage:
The report defines, segments, and projects the size of the base oil market based on group, application, and region.It strategically profiles the key players and comprehensively analyzes their market share and core competencies.
It also tracks and analyzes competitive developments, such as expansions, acquisitions, new product launches, and investments undertaken by them in the market.
Reasons to Buy the Report:
This report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the base oil market and its segments.The report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies.
It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
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