Chicago, March 30, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the Group II & III base oil market will grow at a CAGR of 7% during the forecast period 2022-2027. The global market for group II & III base oil is intensifying due to the need for low sulfur content, low viscosity, and a higher saturation of chemical bonds that effectively meet the current market trends of reducing carbon footprint and improving fuel economy.
The growing trends towards better fuel economy, increasing engine oil durability, vehicle emission standards, and reduced pollution levels drive the demand for group II & group III base oils.
Group II & III Base Oil Market Report Scope
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE | $30 billion | |
| MARKET SIZE (UNIT SHIPMENT) | 40 Million Tons | |
| CAGR | 7% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Technology (Hydrocracking, Hydrotreating, Catalytic Dewaxing) and Application (Automotive oil, Industrial oil, Process oil, and others) | |
| GEOGRAPHICAL ANALYSIS | North America, Europe, APAC, Latin America, and Middle East & Africa | |
| COUNTRIES COVERED | US, Canada, China, India, Japan, South Korea, Rest of APAC, Germany, Russia, France, UK, Spain, Rest of Europe, Brazil, Mexica, Rest of Latin America, Saudi Arabia, UAE, Iran, and Rest of Middle East & Africa | |
| KEY VENDORS | Chevron Corporation, Exxon Mobil Corporation, Hyundai and Shell Base Oil Co., Petro-Canada Lubricant, and Saudi Arabian Oil Co. | |
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Increasing Demand For Imo-Compliant Marine Fuel
High antioxidant properties, low sulfur content, enhanced viscosity control, and low volatility are the key characteristics of group II and group III base oils. The evolvement of marine regulations such as IMO-2020 to reduce emissions is driving the high growth of group II and group III base oils.
There are fewer manufacturing plants for group II and group III base oils in Europe. As local demand shifted toward high-quality base oils, Europe transitioned from an exporter to a significant importer of base oils. Several marine companies are moving to Group II marine lubricants after detecting considerable changes in performance after using group II base oils in combination with high-viscosity naphthenic base oils.
Key Offerings:
- Market Size & Forecast by Revenue| 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by technology, application, and geography
- Competitive Landscape – 5 key vendors and 15 other prominent vendors
Group II & III Base Oil Market Segmentation Analysis
Market Segmentation by Technology
- Hydrocracking
- Hydrotreating
- Catalytic Dewaxing
- Others
Market Segmentation by Application
- Automotive Oil
- Industrial Oil
- Process Oil
- Others
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Catalytic Dewaxing Technology to Reach $6 Billion By 2027
Catalytic dewaxing technology is in high demand as it provides high-quality base oil. Installation of a catalytic dewaxing unit is inexpensive, provides excellent performance at low temperatures, and produces both lubricant base stock and light distillates. As a result, demand for catalytic dewaxing technology for group II and III base oils increases.
Key players such as Shell, Pure Performance, and Resolute Oil use catalytic dewaxing technology to produce group II & III base oil at the refineries. Moreover, the Indian Oil Corporation is building its second catalytic dewaxing unit at the Haldia refinery in India. The unit is expected to be completed by April 2023.
North America – Best Region to Invest
The Group II & III base oil market in North America is expected to reach $11 billion by 2027. In North America, the US and Canada are the major markets for Group II & III base oil. The North American Free Trade Agreement (NAFTA) reforms have forced US-based auto manufacturers to use North American manufactured tools to boost their supply chain. Under the new deal, automobile companies are required to produce at least 75% of the car parts in Canada and the US. Such developments in the automobile manufacturing sector drive the demand for Group II & III base oil in the region.
Market Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- Russia
- France
- UK
- Spain
- Rest of Europe
- APAC
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Iran
- Rest of the Middle East & Africa
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