Market Research Report
Base Oil Market: Current Analysis and Forecast (2021-2027)
|Base Oil Market: Current Analysis and Forecast (2021-2027)|
Published: November 1, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 233 Pages
Delivery time: 1-2 business days
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
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