Base Oil Market Forecast to Grow at 2.1% CAGR between 2014 and 2020

From: Transparency Market Research
Published: Fri May 29 2015

According to the findings of the research report, in terms of volume, the demand for base oil in the global market was 36168.4 kilo tons in 2013 and is expected to be 41441.3 kilo tons by the end of 2020. On the basis of revenues, in 2013, the global base oil market was worth US$40599.6 million and is projected to reach US$46724.3 million by the end of 2020, exhibiting 2.1% CAGR between the years 2014 and 2020.

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The increased growth of automotive industry and rapid industrialization are boosting the demand for finished lubricants in the global base oil market. Moreover, the rigid emission regulations in developing economies are also fueling the demand for lubricants by different end use industries. However, the constant shifts to sour and heavy crude oil by refiners are expected to hamper the production of base oil during the forecast period.The global base oils market has been segmented on the basis of its products into group I, group II, and group III. The group I is sub-segmented into BS150, SN150, SN500, and others. The group II has been further sub-segmented into 600N, 500N, 150N, and others. Furthermore, the group III has been sub-segmented into 6cSt, 4cSt, and others. In the recent few years, in terms of consumption and production, group I segment dominated the global base oils market however, it is losing the market share at a fast pace. Group II and Group III bear high-quality, due to which they cater to the emission norms.

The research report has segmented the global base oil market on the basis of its application into hydraulic oils, industrial oils, process oils, metalworking fluids, automotive oils, and others. In 2013, the automotive oils segment dominated the global base oil market, accounting for 45.0% of the total consumption. In the present scenario, the automotive oils segment prefers using high-quality Group II and Group III base oils, instead of Group I for the purpose of formulation of lubricants. Similarly, industrial oils also prefer using Group II base oils rather than Group I base oils.The global base oils market has been geographically segmented into Central and South America, North America, Middle East and Africa, Asia Pacific, and Europe. In 2013, Asia Pacific led the global base oils market, accounting for 39.7% of the overall share and is expected to continue with its dominance through the forecast period. The dominance of Asia Pacific can be attributed to the fast developing countries such as China and India. The consumption of Group I is expected to remain dominant in Middle East and Africa, Asia Pacific, and South America in the forecast period.

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The research report has provided with detailed analysis of the players operating in the global base oil market. Some of the prominent players include Chevron Corporation, SINOPEC Corporation, SK Lubricants, MOGoil GmbH, Philips 66 Company, PetroChina Company Limited, BP plc, ExxonMobil Corporation, S-Oil Corporation, Royal Dutch Shell Plc, and GS Caltex Corporation.

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