Base Oil Market

Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) - Global Forecast to 2024

Report Code: CH 4087 Nov, 2019, by marketsandmarkets.com

[480 Pages Report] The base oil market size is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. Surging demand for high-grade oils in the automotive industry and increasing GDP in Asia Pacific led by the increasing industrial activities are fueling the growth of the market across the globe. Lucrative market opportunities from BRIC nations (Brazil, Russia, India, and China) and rising demand for renewable energy are expected to boost the market’s growth.

Base Oil Market

Group II segment to register the highest CAGR from 2019 to 2024

Based on group, the Group II segment accounted for the largest base oil market share in 2018. This segment is projected to lead the market in terms of both value and volume during the forecast period. Group II base oil can be employed in a multitude of applications, such as marine and gas engines, in trunk piston engine oils, and other applications in the base oil industry. The high consumption of Group II base oil is mainly attributed to its higher performance and affordability in comparison to the other groups of base oil.

Automotive oil segment to dominate the base oil market from 2019 to 2024

Based on application, the base oil industry has been segmented into automotive oil, industrial oil, hydraulic oil, grease, metalworking fluid, and others. The other applications include agriculture, additives, and detergents/dispersants. The automotive oil application segment is projected to lead the market during the forecast period in terms of both value and volume. The growth of this segment can be attributed to the growth of the automotive sector in developing countries, such as India and China. In Asia Pacific, the population growth is increasing the demand for automobiles, thus propelling the market for base oil in the automotive oil application segment.

Base Oil Market

Asia Pacific to lead the base oil market during the forecast period

The Asia Pacific region is estimated to be the largest market for base oil in 2019. China, Japan, and India are the significant consumers of base oil in this region. Increasing GDP led by the rising industrial activities has increased the demand for base oil in this region. The growth of transportation, power generation, mining, and other sectors are also responsible for the growth of the base oil market in the Asia Pacific region.

Key Market Players

Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) are some of the leading players operating in the base oil market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.

Scope of the Report:

Report Metric

Details

Market Size Available for Years

2017–2024

Base Year Considered

2018

Forecast Period

2019–2024

Forecast Units

Value (USD Billion) and Volume (Kilotons)

Segments Covered

Group, Application, and Region

Geographies Covered

Asia Pacific, Europe, North America, Middle East & Africa, and South America

Companies Covered

Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE).
Total 24 major players covered.

This research report categorizes the base oil market based on group, application, type (qualitative), and region.

Based on Group

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

Based on Application

  • Automotive Oil
  • Industrial Oil
  • Hydraulic Oil
  • Grease
  • Metalworking Fluid
  • Others
    • Agriculture
    • Additives
    • Detergents/Dispersants

Based on Type (qualitative)

  • Mineral
  • Synthetic
  • Bio-based

Based on Region

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America

Key Questions Addressed by the Report

  • How are developments undertaken by various companies expected to affect the base oil market in the mid- to long-term?
  • What are the upcoming industry applications of base oil?
  • What is the impact of changes in government policies on the base oil market?
  • What is the estimated size of the base oil market in 2019?
  • What are the different applications of base oil?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Analyst Insights
    1.2 Market Definitions
    1.3 Market Segmentation & Aspects Covered

2 Research Methodology
    2.1 Arriving at Base Oil Market Size
    2.2 Market Size Estimation
    2.3 Top Down Approach
    2.4 Bottom Up Approach
    2.5 Demand (Consumption) Side Analysis

3 Executive Summary

4 Premium Insights

5 Market Overview
    5.1 Introduction
    5.2 Overview of Base Oil Market
    6.3 Features of Base Oil By Type
    5.4 Evolution of Base Oil Technology
    5.5 GTL Base Oil 
    5.6 Market Dynamics
           5.6.1 Market Drivers
                    5.6.1.1 Increase in Demand for High Grade Oils in Automotive Industry
                    5.6.1.2 Demand for Synthetic Base Oils
           5.6.2 Restraints
                    5.6.2.1 Declining Demand for Group I
           5.6.3 Opportunities
                    5.6.3.1 Industrial Growth in the Middle East and Africa
                    5.6.3.2 Bric Countries Expected to Be the Lucrative Markets
           5.6.4 Challenges
                    5.6.4.1 Fluctuating Price of Crude Oil
                    5.6.4.2 Downsizing of Engine Based Cars
    5.7 Industry Trends
    5.8 Porters Five Forces Analysis
           5.8.1 Bargaining Power of Suppliers
           5.8.2 Bargaining Power of Buyers
           5.8.3 Intensity of Rivalry
           5.8.4 Threat of New Entrant
           5.8.5 Threat of Substitute
    5.9 Price Trend Analysis
           5.9.1 Crude Oil
           5.9.2 Base Oil
           5.9.3 Lubricants
    5.10 Regulations and Policies
    5.11 Patent Analysis

6 Base Oil Market, By Type
    6.1 Introduction
    6.2 Group I
    6.3 Group II
    6.4 Group III 
    6.5 Group IV
    6.6 Group V

7 Base Oil Market, Formulation By Application
    7.1 Introduction
    7.2 Automotive Oil
    7.3 Industrial Oil
    7.4 Metalworking Fluids
    7.5 Hydraulic Oil
    7.6 Greases
    7.7 Others

8 Re-Refined Base Oil Market
    8.1 Introduction
    8.2 Group I Re-Refined Base Oil
    8.3 Group II Re-Refined Base Oil
    8.4 Major Manufacturers of Re-Refined Base Oil
           8.4.1 AGIP Lubrindo
           8.4.2 Avista Oil
           8.4.3 ECO Huile
           8.4.4 Heartland
           8.4.5 Heritage-Crystal Clean
           8.4.6 PKN Orlen Oil
           8.4.7 Safety-Kleen
           8.4.8 Southern Oil
           8.4.9 Unilube
           8.4.10 Viscolube
    8.5 Capacity of Major Manufacturers of Re-Refined Base Oil

9 Base Oil Market, By Region
    9.1 Introduction
    9.2 Asia Pacific
           9.2.1 Base Oil Market By Type
           9.2.2 Base Oil Market By Application
           9.2.3 Base Oil Production By Type
           9.2.4 Base Oil Production Capacity
                    9.2.4.1 China
                               9.2.4.1.1 Base Oil By Type
                               9.2.4.1.2 Base Oil By Application
                    9.2.4.2 India
                               9.2.4.2.1 Base Oil By Type
                               9.2.4.2.2 Base Oil By Application
                    9.2.4.3 Indonesia
                               9.2.4.3.1 Base Oil By Type
                               9.2.4.3.2 Base Oil By Application
                    9.2.4.4 Japan
                               9.2.4.4.1 Base Oil By Type
                               9.2.4.4.2 Base Oil By Application
                    9.2.4.5 Malaysia
                               9.2.4.5.1 Base Oil By Type
                               9.2.4.5.2 Base Oil By Application
                    9.2.4.6 Thailand
                               9.2.4.6.1 Base Oil By Type
                               9.2.4.6.2 Base Oil By Application
                    9.2.4.7 Singapore
                               9.2.4.7.1 Base Oil By Type
                               9.2.4.7.2 Base Oil By Application
                    9.2.4.8 Rest of Asia-Pacific
                               9.2.4.8.1 Base Oil By Type
                               9.2.4.8.2 Base Oil By Application
    9.3 North America
           9.3.1 Base Oil Market By Type
           9.3.2 Base Oil Market By Application
           9.3.3 Base Oil Production By Type
           9.3.4 Base Oil Production Capacity
           9.3.5 U.S.
                    9.3.5.1 Base Oil By Type
                    9.3.5.2 Base Oil By Application
           9.3.6 Canada
                    9.3.6.1 Base Oil By Type
                    9.3.6.2 Base Oil By Application
           9.3.7 Mexico
                    9.3.7.1 Base Oil By Type
                    9.3.7.2 Base Oil By Application
    9.4 Europe
           9.4.1 Base Oil Market By Type
           9.4.2 Base Oil Market By Application
           9.4.3 Base Oil Production By Type
           9.4.4 Base Oil Production Capacity
                    9.4.4.1 Germany
                               9.4.4.1.1 Base Oil By Type
                               9.4.4.1.2 Base Oil By Application
                    9.4.4.2 France
                               9.4.4.2.1 Base Oil By Type
                               9.4.4.2.2 Base Oil By Application
                    9.4.4.3 U.K.
                               9.4.4.3.1 Base Oil By Type
                               9.4.4.3.2 Base Oil By Application
                    9.4.4.4 Russia
                               9.4.4.4.1 Base Oil By Type
                               9.4.4.4.2 Base Oil By Application
                    9.4.4.5 Italy
                               9.4.4.5.1 Base Oil By Type
                               9.4.4.5.2 Base Oil By Application
                    9.4.4.6 Rest of Europe
                               9.4.4.6.1 Base Oil By Type
                               9.4.4.6.2 Base Oil By Application
    9.5 South America
           9.5.1 Base Oil Market By Type
           9.5.2 Base Oil Market By Application
           9.5.3 Base Oil Production By Type
           9.5.4 Base Oil Production Capacity
                    9.5.4.1 Brazil
                               9.5.4.1.1 Base Oil By Type
                               9.5.4.1.2 Base Oil By Application
                    9.5.4.2 Argentina
                               9.5.4.2.1 Base Oil By Type
                               9.5.4.2.2 Base Oil By Application
                    9.5.4.3 Rest of South America
                               9.5.4.3.1 Base Oil By Type
                               9.5.4.3.2 Base Oil By Application
    9.6 Middle East & Africa
           9.6.1 Base Oil Market By Type
           9.6.2 Base Oil Market By Application
           9.6.3 Base Oil Production By Type
           9.6.4 Base Oil Production Capacity
                    9.6.4.1 Saudi Arabia
                               9.6.4.1.1 Base Oil By Type
                               9.6.4.1.2 Base Oil By Application
                    9.6.4.2 UAE
                               9.6.4.2.1 Base Oil By Type
                               9.6.4.2.2 Base Oil By Application
                    9.6.4.3 Egypt
                               9.6.4.3.1 Base Oil By Type
                               9.6.4.3.2 Base Oil By Application
                    9.6.4.4 Rest of Middle East & Africa
                               9.6.4.4.1 Base Oil By Type
                               9.6.4.4.2 Base Oil By Application

*Note: Further Breakdown of Middle East and Rest of Asia-Pacific Countries Can Be Provided, as Per the List of Countries the Client Asks For.

10 Base Oil Competitive Landscape
     10.1 Introduction
     10.2 Market Structure and Dive Matrix
     10.3 Company Market Share in Base Oil Market
     10.4 Competitive Situation & Trends 

11 Base Oil Market, Company Profiles
     11.1 Royal Dutch Shell PLC
     11.2 Chevron Corporation
     11.3 Neste Oil
     11.4 Avista Oil AG
     11.5 Nynas AB
     11.6 Petronas
     11.7 Repsol
     11.8 Lotos Oil Sp. Z O.O.
     11.9 Ergon Inc.
     11.10 Calumet Specialty Products Partners LP
     11.11 Exxon Mobil Corporation
     11.12 Total S.A.
     11.13 H&R Ölwerke Schindler GmbH
     11.14 Saudi Aramco
     11.15 GS Caltex Corporation 
     11.16 S-Oil Corporation
     11.17 Petrochina Company Limited
     11.18 SK-Pertamina/ Pertamina
     11.19 Sinopec
     11.20 HPCL
     11.21 Cnooc
     11.22 Formosa
     11.23 Sepahan
     11.24 Hengli Petrochemical
     11.25 Shandong Qingyuan
     11.26 Luberef
     11.27 Adnoc

Note: The Company Profiles Include SWOT, Competitive Benchmarking, and Product Portfolios.

The study involved four major activities in estimating the current size of the base oil market. Exhaustive secondary research was done to collect information on the base oil market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the base oil value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Market breakdown and data triangulation were then used to estimate the market size of segments and subsegments of the base oil market.

Secondary Research

As a part of the secondary research process, various secondary sources such as Hoovers, Bloomberg, BusinessWeek, and Dun & Bradstreet have been referred to, for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, and articles by recognized authors, authenticated directories, and databases.

Secondary research was mainly conducted to obtain key information about the supply chain of the industry, a monetary chain of the market, the total pool of players, and market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments undertaken from both the market and technology oriented perspectives.

Primary Research

The base oil market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain.
As a part of the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report on the base oil market. Primary sources from the supply side included industry experts such as chief executive officers (CEOs), vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the base oil market. Primary sources from the demand side included directors, marketing heads, and purchase managers from various end-use industries. Following is the breakdown of the primary respondents.

Base Oil Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the base oil market. These methods were also used extensively to estimate the size of various segments and subsegments of the market. The research methodology used to estimate the market size included the following:

  • The key players in the industry and markets were identified through extensive secondary research.
  • The industry’s supply chain and market size, in terms of value and volume, were determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall base oil market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. In addition to this, the market size was validated using both top-down and bottom-up approaches.

Report Objectives

  • To define, describe, and forecast the size of the base oil market based on group, application, and region
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the revenue of market segments with respect to five main regions (along with countries), namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America
  • To strategically profile key players and comprehensively analyze their market share and core competencies
  • To track and analyze competitive developments, such as agreements & contracts, mergers & acquisitions, new product launches, expansions, investments & divestments, and research & development activities in the market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs.

The following customization options are available for the report:

Regional Analysis

  • Further breakdown of the North America, Europe, and Asia Pacific base oil markets

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiles of additional market players (up to five)
Report Code
CH 4087
Published ON
Nov, 2019
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