按類型劃分的基礎油市場細分（I、II、III、IV 和 V 組）；依應用（液壓油、機油、金屬加工液、潤滑脂等）；按最終用戶產業（汽車、航空、製造、建築等）劃分 – 2029 年全球需求分析與機會展望

Global Base Oil Market Highlights over 2020-2029

The global base oil market is estimated to garner a significant CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the increasing demand for automobiles across the world, along with the improvement in engine technology of vehicles. The growing demand for high-grade lubricants and engine oils, along with the rising need for optimal fuel for extreme cold and hot conditions, is estimated to promote the market growth. Base oils are used to manufacture lubricants and motor oils, in which 70 to 90 percent base oils are mixed with 30 to 10 percent chemical additives. Growth of the end-user industries, such as, automotive and construction industries, is estimated to positively impact the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT

The global base oil market is segmented by type into group I, II, III, IV, and group V, out of which, the group II segment is anticipated to hold the largest share in the market during the forecast period owing to the commercial viability of group II base oils, as they are affordable with higher quality. The hydrocarbons of this group are saturated, which gives them better antioxidation properties, making them useful for older engines. On the basis of end-user industry, the automotive segment is anticipated to hold the largest share over the forecast period, on the back of the growing sale of automobiles, with more than 65 million cars sold in 2020, backed by the changing life style and higher disposable income of the middle class. The growing demand for engine oil for the increasing number of vehicles is estimated to drive the growth of the segment.

Major Macro-Economic Indicators Impacting the Market Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Base Oil Market Regional Synopsis

Regionally, the global base oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness highest growth over the forecast period on the back of the increasing demand for lubricants amongst the manufacturers of automobile engines backed by the growing automotive industry, and other industrial activities in the region. Furthermore, expansion of power generation, mining, and transportation activities in the region, is expected to boost the market growth. The market in the North America region is estimated to hold the leading share in the market throughout the forecast period, owing to the easy availability of crude oil, in countries, such as, Canada, along with the growing automotive industry in the region. Canada is the fourth largest producer and exporter of crude oil, with production of more than 4.5 million barrel per day in 2019.

The global base oil market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global base oil market includes the following segments:

By Type

• Group I
• Group II
• Group III
• Group IV
• Group V

By Application

• Hydraulic Oil
• Motor Oil
• Metalworking Fluid
• Grease
• Others

By End-User Industry

• Automotive
• Aviation
• Manufacturing
• Construction
• Others

Growth Drivers

• Growing Demand for Engine Oil and Lubricants
• Rising Automotive and Construction Industries

Challenges

• Fluctuating Prices of Crude Oil
• Constantly Depleting Oil Reserves

Top Featured Companies Dominating the Market

• PetroChina Company Ltd.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Repsol group
• Nynas AB
• SK innovation Co. Ltd
• AVISTA OIL Deutschland GmbH
• Neste Oyj
• Exxon Mobil Corporation
• Shell International B.V.
• Motiva Enterprises LLC
• Chevron Corporation