The global Base Oil Market was stood around $30 billion in 2020 and is expected to grow at a CAGR of ~4% between 2021-2027.
A comprehensive overview of the global Base oil market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the base oil market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Base oil market at regional and country levels. The global Base Oil Market was stood around $30 billion in 2020 and is expected to grow at a CAGR of ~4% between 2021-2027.
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Market Overview
Increasing industrialization activity in developing nations like Brazil, China, India, Argentina, and Mexico among others and growing penetration of farm mechanization in agricultural sector is likely to propel the market of base oil. For instance, the level of farm mechanization in India stands at about 40-45% with states such as UP, Haryana, and Punjab having very high mechanization levels, but north-eastern states having negligible mechanization. This level of farm mechanization is still low as compared to the countries such as the US (95 %), Brazil (75%) and China (57%). Therefore, changing and improving dynamics of agriculture sector would boost the farm mechanization market as a result, demand for lubricants or base oil is likely to increase. Further, improving purchasing power of consumers in developing countries resulting in the increasing sales of automobiles and government schemes to promote the adoption of electric vehicles is further propelling the growth of the base oil market. In addition, large base of metalworking industries in countries like China, India, and Japan is boosting the demand of metalworking fluid.
COVID-19 Impact
Industries witnessed decline in production activity in the wake of COVID-19 owing to changed dynamics of the market and consumer behavior. Measures such as lockdown and border closures to reduce the cases had affected the industrial operations due to shutdown of factories, unavailability of workers, and halted supply chain. This has affected the oil refinery throughput thus affected the base oil market. For instance, oil refinery throughput declined in 2020 to 75,512 thousand barrel per day compared to 82,954 barrels in 2019 owing to the COVID thus affected the market of base oil in 2020
Global Base oil market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By group, the market is primarily divided into:
· Group I
· Group II
· Group III
· Group IV
· Group V
During the forecast period, group III base oil is likely to showcase fastest growth rate primarily due to the ability to enable better fuel efficiency, higher quality, and being cleaner and more environment friendly. Group III base oil are produced by the process of hydrogenation or hydrotreating coupled with high pressures and high temperatures. This leads to convert all the undesirable components in the oil into desirable hydrocarbon structures.
By application, the market is mainly categorized into:
· Automotive Oil
· Industrial Oil
· Metalworking Fluid
· Greases
· Hydraulic Oil
· Others
Among these, automotive application held the significant market share owing to large base of automobiles and increasing demand of automobiles in developing regions like Asia Pacific because of rising purchasing power. Further, increasing automotive emission regulation is expected to fuel the market of lubricants globally, as lubricant reduce wear and tear of equipment thus improving the performance of automobiles.
Global Base oil Market Geographical Segmentation Includes:
· North America (United States, Canada, Rest of North America)
· Europe (Germany, UK, France, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
· Rest of World
APAC held the largest demand of base oil in 2020 and is projected to be the highest consuming region during the forecast period. Large base of industries including automotive, manufacturing, and metalworking among others couple with large and growing demography of the region helped the region in attaining the top market position. For instance, countries such as China, Japan, South Korea, and India are among the largest producer of automotive worldwide. In 2020, China produces 25.2 million units of automobiles followed by Japan, South Korea, and India with 8 million units, 3.5 million units, and 3.4 million units, respectively. In addition, the region is the largest producer and consumer of steel and aluminum, therefore the demand of metalworking fluid is further propelling the base oil market growth.
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· Chevron Corporation
· Exxon Mobil Corporation
· S-Oil Corporation
· Motiva Enterprises LLC
· SK Innovation Co. Ltd.
· Saudi Aramco
· Hindustan Petroleum Corporation Limited
· Royal Dutch Shell Plc
· Neste Oyj
· Avista Oil AG
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Base oil market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global Base oil market?
· Which factors are influencing the global base oil market over the forecast period?
· What are the global challenges, threats, and risks in the global Base oil market?
· Which factors are propelling and restraining the global Base oil market?
· What are the demanding global regions of the global Base oil market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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