Base Oil Market to Reach Valuation of ~USD 42 Billion by 2030: Transparency Market Research

ALBANY, New York, June 22, 2020 /PRNewswire/ -- Moderate growth would be charted by the global base oil market over the forecast period of 2020 to 2030. The compound annual growth rate anticipated for the market over this period will be about 2%. This is set to lead the market to a worth of approximately USD 42 billion by the end of this period from about USD 34 billion in the year 2019.

Transparency Market Research elaborates, "Multiple factors of growth such as increase in population and growing demand for automobiles - a result of improving disposable incomes and massive industrialization - is leading to growth in the global base oil market over the forecast period."

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Key Findings of Global Base Oil Market Study:

    --  Group I segment has held a sizeable share of the market previously but
        will lose some of it to grade II and III over the forecast period
    --  In the applications category, automotive fluids segment will witness
        significant growth, accounting for a notable share in the market
    --  Asia Pacific (APAC) region will be a fertile ground for growth

For a detailed analysis of global base oil market by grade, application, and region, visit

Key Drivers of Growth in Global Base Oil Market:

Transparency Market Research has identified a host of trends and drivers that are helping the global base oil chart positive growth over the forecast period. A glimpse into some of the most prominent growth factors is delineated below:

    --  Increase in population is creating demands on automotive industry,
        paving way for growth in base oil market
    --  Growth in E-commerce, retail, manufacturing would create demand for
        robust logistics, creating demand in base oil market
    --  Improvement in disposable incomes is generating demand for automotives,
        driving the market base oil on a high growth trajectory
    --  Innovation is marking the landscape, paving way for development of
        better and greener products

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Regional Analysis of Global Base Oil Market:

    --  The Asia Pacific region is a lucrative market, which dominated the
        landscape in 2019; the region is set to witness a robust CAGR over the
        forecast period
    --  Improvement in disposable incomes is leading to higher demand for
        self-owned vehicles, driving up demand for base oil in the market
    --  North America to be another prominent market over the forecast period;
        it will benefit from stringent government norms on emission
    --  The region will also capitalize upon increasing preference of consumers
        for high quality base-oil

Analyze global base oil market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

Competitive Landscape of Global Base Oil Market:

The global base oil market is competitive and includes a large number of players in its vendor landscape. This leads to its fragmented nature. Some of the most notable players that operate in this market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SAC Petrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC, and UniSource Energy, Inc., among others. It is significant to note here that technological advancement and innovation is what these players have a keen eye on. Other organic and inorganic strategies are also observed being resorted to by top players, striving to capture a higher share of the market.

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Global Base Oil Market: Segmentation

Base Oil Market, by Grade

    --  Group I
        --  SN 150
        --  BS 150
        --  SN 250
        --  SN 500
        --  Others
    --  Group II
        --  N 150
        --  N 500
        --  N 600
        --  Others
    --  Group III
        --  2 cSt
        --  4 cSt
        --  6 cSt
        --  8 cSt
    --  Group IV (PAO)
    --  Group V (Excl. Naphthenic)
    --  Naphthenic
        --  35-60 SUS
        --  80-130 SUS
        --  200-300 SUS
        --  400-800 SUS
        --  Above 1,200 SUS
    --  Re-refined

Base Oil Market, by Application

    --  Automotive Fluids
        --  Lubricants
        --  Gear Oils
        --  Transmission Fluids
        --  Power Steering Fluids
        --  Brake Fluids
        --  Others
    --  Process Oils
        --  Rubber Process Oils
        --  Textile Process Oils
    --  Industrial Oils
        --  Transformer Oils
        --  Turbine Oils
        --  Food-grade Oils
        --  Others
    --  Metalworking Fluids
        --  Emulsions
        --  Neat Oils
    --  Hydraulic Oils
        --  Petroleum-based
        --  Biodegradable
    --  Others (including White Oil and Prevention Oil)

Base Oil Market, by Region

    --  North America
    --  Europe
    --  Asia Pacific
    --  Latin America
    --  Middle East & Africa

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Oil Filled Distribution Transformers Market - In terms of phase, the oil filled distribution transformers market can be bifurcated into single phase and three phase. Three phase oil filled distribution transformers are used more for industrial and commercial purposes. This trend is likely to continue throughout the forecast period owing to the expansion in industries around the world. Single phase oil filled distribution transformers are primarily used for residential purposes.

Wax Market - The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.

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About Transparency Market Research

Transparency Market Research is a global 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. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.


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