Growth of Automotive Industry to Drive Base Oils Market
While the global demand for base oils is anticipated to rise by 2020, the value of the base oil market is likely to witness a slump, according to Transparency Market Research. In a report titled “Base Oil Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2020”, Transparency Market Research states that the demand for base oil was pegged at 36,614.3 kilo tons in 2014 and is anticipated to rise to 39,614.7 kilo tons by 2020, developing at a 1.4% CAGR during that period. However, in terms of value, the global base oil market is projected to drop from US$34,514.1 million in 2014 to US$30,973.1 million by 2020.The global base oil market is driven by the development of the automotive industry around the world and the resultant demand for finished lubricants, rapid industrialization in developing countries, and rigid emission standards. In contrast, diminishing crude oil prices and shift by refiners to heavy, sour crude oil are likely to restrict the growth of the base oil market.
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On the basis of product type, the base oil market is segmented into Group I, Group II, and Group III. Market analysts predict that by the end of 2020, Group I base oils will witness a fall in demand mainly owing to its substitution by superior quality Group II and Group III base oils in industrial and automotive segments of Europe and North America. However, certain grades of Group I such as Bright Stock will continue their popular streak in regions such as South America, Asia Pacific, and the Middle East. As emission standards get more rigid, the demand for high quality lubricants especially in the automotive sector are likely to rise, making Group III the most preferred base stock for the manufacturing of finished lubricants.
By application, the base oil market is segmented into industrial oils, automotive oils, metalworking fluids, process oils, hydraulic oils, and others. Among these, the automotive oils segment held the largest share of the base oil market in 2014 and is projected to retain its lead by the end of the forecast period. The automotive sector uses naphthenic oils as greases, lubricating oils, or cutting fluids during metalworking processes.Geographically, the global base oil market is divided into North America, Europe, Asia Pacific, South and Central America, and the Middle East and Africa.
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The leading players operating in the global base oil market include Royal Dutch Shell plc, GS Caltex Corporation, Chevron Corporation, S-Oil Corporation, MOGoil GmbH, SK Lubricants Co. Ltd., Sinopec Group, British Petroleum plc, PetroChina Company Limited, Phillips 66 Company, and Exxon Mobile Corporation. These companies have been profiled in the research report on the basis of attributes such as company and financial overview, product portfolio, business strategy, and recent developments.
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Global Base Oil Market: Product Analysis
Global Base Oil Market: Application Analysis
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Hydraulic Oils
Global Base Oil Market: Regional Analysis
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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