Base Oil Market by Product (Group I, Group II, Group III, and Others) and by Application (Automotive Oils, Process Oils, Industrial Oils, Metalworking Fluids, Hydraulic Oils, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2020
Albany, NY -- (SBWIRE) -- 12/09/2015 -- Transparency Market Research has released a new market study on the global base oil market, titled "Base Oil Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2020". According to the report estimates, the market, which had a valuation of US$34.5 bn in 2014, will be worth US$30.9 bn by 2020, depreciating in valuation during the forecast horizon. By volume, however, the demand for base oils will expand at a CAGR of 1.40% from 2015 to 2020 to rise to 39,614.7 kilo tons by 2020.The report points out that the flourishing automobile industry has been exhibiting increased demand for finished lubricants for improved vehicle performance. With strict emission standards in place across the globe, lubricant formulation methods have undergone significant change in recent years, thereby complementing growth of the market.
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Rapid industrialization in emerging economies, where lubricants are needed in large volume across a large number of end-use industries, is benefitting the global base oil market. However, plummeting crude oil prices, along with refiners' gradual shift towards heavy, sour crude oil, will have a negative impact on the global market for base oil. Nevertheless, the introduction of gas-to-liquid technology holds immense promise for the market, since it will open opportunities for pure and efficient base oils to be available at competitive prices in the future.On the basis of product, Group I, Group II, Group III, and others are the segments of the base oil market. According to the report findings, the demand for Group I base oils will drop significantly by 2020 due to the increasing preference for superior grade Group II and Group III base oils for industrial and automotive applications in North American and European countries.
However, in Asia Pacific, South America, and the Middle East, the demand for certain grades of Group I, such as Bright Stock, will be on the rise. With strict emission control standards in place, the demand for Group III base oil is expected to be higher, especially due to its usage in finished lubricants in the automotive sector. By application, process oils, metalworking fluids, hydraulic oils, industrial oils, automotive oils, and others are the segments of the global base oil market. In 2014, it is the automotive oils application segment that dominated the overall market, and the segment is expected to retain its lead position during the forecast period. Automotive oils exhibit the highest demand from Europe, due to the region being an established base for the automotive industry.Some of the major companies that are listed in the global base oil market are Sinopec Corporation, Royal Dutch Shell plc., S-Oil Corporation, Chevron Corporation, GS Caltex Corporation, PetroChina Company Limited, Phillips 66 Company, ExxonMobil Corporation, SK Lubricants Co. Ltd., BP plc., and MOGoil GmbH.
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The research study has been segmented as below:
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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