Base Oil Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Group (Group I, Group II, Group III, Group IV, and Group V); Application (Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil, and Others); and Region/Country

Published:

Nov-2021

Pages:

233

Table:

47

Figure:

102

Report ID:

UMCH21532

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

Base Oil Market 2
Base Oil Market 2

The global base oil market was stood around $30 billion in 2020 and is expected to demonstrate the growth of ~4% during the forecast period (2021-2027). Over the years mechanization of industries played a pivoted role in building up the market of lubricants as they improve the equipment life and aids in maintaining efficiency for a longer time due to its properties which helps in reducing the friction, heat, and wear between the mechanical components that are in contact with each other. However, before lubricant is blended with additives to provide the demanding requirements, it constitutes of just the base oil and in case of grease, the base oil is blended with a thickener. Therefore, selecting an ideal base oil which suffice the requirements becomes a critical task. Refining of crude oil using different techniques such as solvent refining, hydrotreating or hydrogenation produce mineral base oils whereas other process which do not require refining of crude oil provides synthetic base oil.

However, 2020 was a negative year for the industry due to COVID-19 because of the stringent measures taken by the governments across the globe such as implementation of subsequent lockdown in order to curtail the spread of disease which has resulted in the shutdown of industries. 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. Furthermore, change in consumer sentiment is also affected the market.

Insights Presented in the Report

“Amongst group, group II held largest share in the market in 2020.”

Based on group, the market is categorized into group I, group II, group III, group IV, and group V. Among these, Group II base oil accounted for the dominating market share in 2020 and is likely to retain its position during the forecast period owing to its higher efficiency and lower emission relative to group I base oil. Further, industries are finding easy to transit from group I base oil to group II base oil by changing in work techniques, work with new base oil manufacturers, and changing equipment. As a result, penetration of base oil has been increased in the industries.

“Amongst application, automotive oil held the dominating position in the market in 2020.”

Based on application, the market is categorized into automotive oil, industrial oil, metalworking fluid, greases, hydraulic oil, and 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.

“Large base of manufacturing and automotive industries resulted in the Asia Pacific region to obtain considerable market share”

For a better understanding of the market adoption of Aerospace Material, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World.  Asia-Pacific held the dominating position in the global base oil market and is expected to showcase fastest growth rate during the forecast period. This can be mainly attributed to the large and growing demand of automobiles and increasing industrial activities in countries like China, India, and ASEAN region.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country level analysis of the industry

Customization Options:

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1.1.Market Definitions
1.2.Limitation
1.3.Stake Holders
1.4.Currency used in Report
2.1.Research Process of the Base Oil Market
2.2.Research Methodology of the Base Oil Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Base Oil Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5GLOBAL BASE OIL MARKET COVID-19 IMPACT

 

6GLOBAL BASE OIL MARKET REVENUE (USD BN), 2019-2027F

 

7.1.Group I
7.2.Group II
7.3.Group III
7.4.Group IV
7.5.Group V

 

8.1.Automotive Oil
8.2.Industrial Oil
8.3.Metalworking Fluid
8.4.Greases
8.5.Hydraulic Oil
8.6.Others
9.1.North America Base Oil Market 
 9.1.1.United States
 9.1.2.Canada
 9.1.3.Rest of North America
9.2.Europe Base Oil Market 
 9.2.1.Germany
 9.2.2.France
 9.2.3.United Kingdom
 9.2.4.Spain
 9.2.5.Rest of Europe
9.3.Asia Pacific Base Oil Market
 9.3.1.China
 9.3.2.Japan
 9.3.3.India
 9.3.4.Australia
 9.3.5.Rest of Asia Pacific
9.4.Rest of World Base Oil Market 

 

10.1.Market Drivers
10.2.Market Challenges
10.3.Impact Analysis
11BASE OIL MARKET OPPORTUNITIES
12BASE OIL MARKET TRENDS

 

13LEGAL & REGULATORY FRAMEWORK
14.1.Demand Side Analysis
14.2.Supply Side Analysis
 14.2.1.Top Product Launches
 14.2.2.Top Business Partnerships
 14.2.3.Top Business Expansions, Investments and Divestitures
 14.2.4.Top Merger and Acquisitions

 

15VALUE CHAIN ANALYSIS
16.1.Competitive Landscape
 16.1.1.Company Shares, By Revenue

 

17.1.Chevron Corporation
17.2.Exxon Mobil Corporation
17.3.S-Oil Corporation
17.4.Motiva Enterprises LLC
17.5.SK Innovation Co. Ltd.
17.6.Saudi Aramco
17.7.Hindustan Petroleum Corporation Limited
17.8.Royal Dutch Shell Plc
17.9.Neste Oyj
17.10.Avista Oil AG
18DISCLAIMER

 

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Base oil three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Base oil industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Base oil through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Base oil market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by group and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Base oil globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Base oil. Further, we conducted factor analysis using dependent and independent variables such as growing industrial sector and increasing adoption of electric vehicles. A thorough analysis was conducted for demand and supply-side scenario considering increasing investment, top partnerships, merger and acquisition, business expansion, and product launches in the Base oil industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Base oil market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Base oil across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Base oil market in terms of revenue generated. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Base Oil Market 1
Base Oil Market 1

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Base oil market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of group and application.

The main objective of the Base oil market study

The current & future market trends of global Base oil were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Base oil in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of group and application
  • Defined analysis of the regulatory framework for the Base oil industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Base oil for the major countries
  • Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
  • Company profiles of the Base oil market players and the growth strategies adopted by them to sustain in the growing market
  • Deep dive country level analysis of the industry