Chicago, March 29, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, base oil market to grow at a CAGR of 5% during 2021-2027. Industrialization has been a major advantage for growing economies as it contributes significantly to the market development. The rise in industrial production across developing countries is expected to accelerate the demand for base oil in the agriculture, construction, mining, and automotive sectors during the forecast period.
Base Oil Market Report Scope
| REPORT ATTRIBUTES | DETAILS |
| MARKET SIZE (REVENUE) | $41 Billion (2027) |
| MARKET SIZE (SHIPMENTS) | 49 Million Tons (2027) |
| CAGR (REVENUE) | 5% (2021-2027) |
| BASE YEAR | 2021 |
| FORECAST YEAR | 2022-2027 |
| MARKET SEGMENTS | Group (Group I, Group II, Group III, Group IV, and Group V), and End-User (Automotive Oil, Industrial Oil, Process Oil, Metalworking Fluids, Greases, and Others) |
| GEOGRAPHICAL ANALYSIS | Europe, North America, APAC, Latin America, and Middle East and Africa |
| COUNTRIES COVERED | US, Canada, Brazil, Mexico, Saudi Arabia, UAE, Iran, Germany, Russia, France, Spain, UK, China, India, Japan, Indonesia, and South Korea |
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The growth of the base oil market is linked to the performance of the global economies in general, Therefore, vendors must diversify or expand the scope of their operations to negate the recessionary trends in certain regions. The decline in the use of group I base oils worldwide has created new opportunities for market entrants in terms of leveraging the latest technologies to meet the rise in demand for group II and group III base oils from numerous end-use markets, such as automotive, shipping, and industrial manufacturing.
Group II Base Oil to Dominate
The Group II base oil market has the largest revenue share and is projected to lead the market in terms of value during the forecast period. Despite being expensive, automotive, and industrial lubricant manufacturers highly prefer group II base oils over the group I variants due to the low sulfur content, low volatility, and lower viscosity.
The demand for group II base oils is highly dependent on the growth of the automotive sector owing to the considerably high consumption of lubricants by vehicles. The Group II base oil market is expected to grow at the fastest pace. The growth across the aviation, commercial road transport, mining, and food processing machinery sectors is expected to contribute to the rise in demand for group II base oils. North America and APAC have the highest revenue shares in the market and are expected to witness the highest growth at a CAGR of approx. 6% and 7%, respectively.
Base Oil Market Segmentation
Market Segmentation by Group
- Group I
- Group II
- Group III
- Group IV
- Group V
Market Segmentation by End-User
- Automotive Oil
- Industrial Oil
- Process Oil
- Metalworking Fluids
- Greases
- Others
Market Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- Russia
- France
- Spain
- UK
- APAC
- China
- Japan
- India
- Indonesia
- South Korea
- Latin America
- Mexico
- Brazil
- Middle East and Africa
- UAE
- Saudi Arabia
- Iran
Strategies Adopted by Vendors in the Base Oil Market
The key players have undertaken various strategies such as joint venture and mergers & acquisitions to expand in the market and further reach their customers to fulfil requirements. The data center server market concentration in developed countries such as the US and other Western European countries is high and developing economies such as China and India are thriving due to the entry of many international brands. Some of the parameters on which vendors compete in the market include product portfolio, product quality, geographical presence, brand image, and cost differentiation. Large players have been aggressively adopting inorganic growth strategies to expand their operations in many regions, which is intensifying the competition in the base oil market.
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 (HPCL
- 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
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