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 2025

Report Code: CH 4087 Oct, 2020, by marketsandmarkets.com

[301 Pages Report] The global base oil market is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The growing demand for high-grade oils in the automotive industry is driving the base oil industry growth.

The agreements, as well as plant expansions made by many prominent players in the base oil industry, are one of the key factors. The lucrative market opportunities in the regions of Brazil, Russia, India, and China (BRIC), as well as the rising demand for renewable energy, are expected to boost the base oil market. 

Attractive Opportunities In The Base Oil Market

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COVID-19 Impact on the Global Base oil Market

The pandemic is estimated to have huge impact on the end-use industries of base oil, which is expected to reflect during the forecast period, especially in the year 2020-2021. The various impact of COVID-19 are as follows:

  • Impact on automotive industry: The demand for cars and commercial vehicles is expected to see decline throughout 2020 and 2021. More than 80% of automobile production in North America has come to a halt due to the COVID-19 pandemic. Europe and Asia Pacific are witnessing a similar situation. Companies such as Ford, General Motors, Fiat Chrysler Automobiles, Honda, and Tesla have stopped production temporarily. Even if these companies resume production after the pandemic subsides, economic instability and reduction in the purchasing power of consumers will have an adverse effect on the automotive industry.
  • Impact on industrial oil: The demand for industrial oil is highly dependent on factors such as economic health and the recovery of the manufacturing sector, among others. The industrial sector has changed dramatically since December 2019 due to the COVID-19 pandemic, which has triggered extreme economic uncertainty. Early indications of global economic fallout are visible in countries severely affected by the contagion. For instance, industrial production, retail sales, and investments dropped dramatically in January and March thereby reducing the demand for industrial oil.
  • Impact on metalworking fluid: The impact of COVID-19 on the metalworking fluid is projected to vary in different regions across the world. It is due to the fact that the demand for metalworking fluid depends on the demand from various end-use industries such as electronics, aerospace, logistics, and manufacturing. However, owing to supply chain disruptions, logistics slowdowns, unavailability of the workforce, and reduced demand have stalled industrial activity globally and impacted many industries—including all end-use industries of metalworking fluids.
  • Impact on Hydraulic oils: Hydraulic oils are commonly used in industrial applications, mostly as heat and power transferring medium. The demand for hydraulic oil is highly dependent on its end users as it is closely associated with the growth of various industries, such as construction, metals & mining, and manufacturing.
  • Impact on Grease: The demand for grease depends on the consumption of grease products from its end-use industries, which include automotive and manufacturing. The automotive industry has seen the impact of the coronavirus crisis evolve from a supply shock to a global demand shock. Automotive sales are expected to drop by 14-22% in 2020 across China, the US, and Europe due to a mismatch of supply and demand. Additionally, with production activities at an all-time low across the globe, spurred by the lack of demand from the consumer end, the production of grease is also likely to be affected.

Base oil Market Dynamics

Driver: Increasing demand for high-grade oils in the automotive industry

Advanced engine technology is propelling the demand for high-grade lubricants to provide compatibility to fast-moving parts and high temperatures. The selection of base oil has a huge impact on the overall performance of the finished lubricants. Engine oils are composed of 70–90 percent base oil and 10–30 percent additives. Thus, the growing demand for high-grade engine oils is expected to fuel the market for base oil as well. High-performance engine oils can help withstand extreme and rigorous conditions for diesel trucks, passenger cars, light-duty trucks, and stationary engines. Engine oils are majorly composed of base oil. Therefore, the growing demand for high-grade oils in the automotive industry is driving the base oil market growth. 

Restraint: Declining demand for Group I base oil

Since the early 20th century, base oil production has been dominated by Group I. However, at present, the Group I base oil is expected to record a significant drop in demand, especially in the European and North American regions. This downsizing is majorly attributed to the increasing inclination toward cleaner and better-quality base oil, as Group I base oil has a high content of impurities, such as sulfur, nitrogen, olefins, and PCNA (Poly-Cyclic Nuclear Aromatics). The high sulfur content of Group I base oil makes it difficult to meet the mid SAPS (Sulfated Ash, Phosphorous, and Sulfur) specifications or match the high performance of lighter viscosity grade oils. 

Opportunity: Lucrative market opportunities from BRIC countries

BRIC countries (Brazil, Russia, India, and China) are expected to be lucrative markets for lubricants during the forecast period. According to the World Bank estimates, approximately 41% of the world’s population is in the BRIC countries, and this population is expected to increase further. To meet the demands of the huge population, governments in these countries are highly focused on industrial development. With the strengthening of financial infrastructure in these countries, foreign and domestic investments are expected to increase exponentially in the next five years. This will boost all the associated sectors, thereby driving the growth of related industries, such as base oil and lubricants, as well. 

Challenge: Fluctuating prices of crude oil

The base oil market is significantly influenced by the variation in the crude oil market. Between 2008 and 2014, the crude oil market enjoyed a profitable run as prices hit the USD 100 barrier per barrel and beyond. The Brent crude was priced at USD 140 per barrel, and WTI was priced at USD 120 per barrel. In 2015, crude prices dropped to record lows. Such volatility in prices affects the margins of the manufacturing companies.

The majority of the base oil types are mineral oil-based, which are sourced from crude oil. Therefore, the prices of base oil highly depend on crude oil prices. With high crude oil prices, manufacturers enjoy higher margins, but the price change has a huge impact on the base oil market. 

The Group II base oil segment of the base oil market is projected to grow at the highest CAGR from 2020 to 2025.

The Group II base oil segment accounted for the largest base oil market share in 2019. The Group II base oil 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 engine applications, in trunk piston engine oils, and other applications in the base oil industry. The growth in this market is attributed mainly to the high performance and the affordability of Group II base oil in comparison to the other base oil (Group) segments. 

Based on application, the automotive oil segment is projected to dominate the base oil market from 2020 to 2025

Based on the application, the base oil industry has been segmented into automotive oil, industrial oil, hydraulic oil, grease, metalworking fluid, and others. The other application in base oils includes 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 increase in the automotive sector in the developing regions. Furthermore, the surge in the population in the regions of Asia Pacific is driving the demand for the automotive industry, and thus propelling the market for the automotive oil application segment of the base oil. 

Base Oil Market By Region

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The Asia Pacific is projected 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 in the Asia Pacific region has increased the demand for base oil in this region. Furthermore, the growth of transportation, power generation, mining, and other sectors are responsible for the growth of the base oil market in the Asia Pacific.

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

2016–2025

Base Year Considered

2019

Forecast Period

2020–2025

Forecast Units

Value (USD Million and Kilotons)

Segments Covered

By Group, By Application, and Region

Geographies Covered

Asia Pacific, North America, Europe, 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), 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). Total 24 Companies

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

Based on Group, the base oil market is segmented as follows:

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

Based on Application, the base oil market is segmented as follows:

  • Automotive Oil
  • Industrial Oil
  • Metalworking Fluid
  • Greases
  • Hydraulic Oil
  • Others 

Based on Region, the base oil market is segmented as follows:

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

Recent Developments

  • In August 2019, ExxonMobil Chemical Company, a subsidiary of Exxon Mobil Corporation, chose Synergy Additives Company S.A. de C.V. (Mexico) as the distributor of its Group IV/V base stocks (synthetic base stocks) in the regions of Mexico, Central America, and the Caribbean. The development helped enhance the company’s geographic presence.
  • In May 2018, Chevron Corporation entered into an agreement with Novvi, LLC (US) through one of the divisions of its subsidiary Chevron U.S.A. Inc. for the development and commercialization of renewable base oil technologies. This will help Chevron Corporation to offer sustainable and quality renewable base oils globally.
  • In February 2017, Saudi Aramco launched its base oil marketing business to supply API Group I, II, and III base stocks. The Group I oils are offered under the DURA brand name, Group II under the PRIMA name, and Group III under the ULTRA brand name. Apart from streamlining its base oil strategy, this development helped establish the company as an active supplier in the base oil market. 

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 37)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
          1.2.1 INCLUSIONS & EXCLUSIONS
                TABLE 1 BASE OIL MARKET: INCLUSIONS & EXCLUSIONS
    1.3 SCOPE OF THE STUDY
          1.3.1 MARKETS COVERED
          1.3.2 REGIONAL SCOPE
          1.3.3 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY CONSIDERED
          1.4.1 PACKAGE SIZE
    1.5 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 41)
    2.1 RESEARCH DATA
        FIGURE 1 BASE OIL MARKET: RESEARCH DESIGN
          2.1.1 SECONDARY DATA
                   2.1.1.1 Key secondary sources
          2.1.2 PRIMARY DATA
                   2.1.2.1 Key data from primary sources
                   2.1.2.2 Key industry insights
                   2.1.2.3 Breakdown of primary interviews
                           FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY, DESIGNATION, AND REGION
    2.2 MARKET SIZE ESTIMATION
          2.2.1 PRIMARY AND SECONDARY RESEARCH
                FIGURE 3 MARKET SIZE ESTIMATION
                FIGURE 4 MARKET SIZE CALCULATION, BY APPLICATION
                FIGURE 5 MARKET SIZE CALCULATION, BY GROUP
                FIGURE 6 FORECAST NUMBER CALCULATION
    2.3 MARKET SIZE ESTIMATION
        FIGURE 7 BOTTOM-UP APPROACH
        FIGURE 8 TOP-DOWN APPROACH
    2.4 DATA TRIANGULATION
        FIGURE 9 DATA TRIANGULATION
    2.5 RESEARCH ASSUMPTIONS
    2.6 LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 51)

4 PREMIUM INSIGHTS (Page No. - 55)
    4.1 ATTRACTIVE OPPORTUNITIES IN BASE OIL MARKET
        FIGURE 13 BASE OIL MARKET IS PROJECTED TO WITNESS SLUGGISH GROWTH DURING FORECAST PERIOD 55
    4.2 ASIA PACIFIC BASE OIL MARKET, BY GROUP & COUNTRY
        FIGURE 14 GROUP II AND CHINA ESTIMATED TO DOMINATE ASIA PACIFIC BASE OIL MARKET IN 2020 (KILOTON
    4.3 BASE OIL MARKET, BY GROUP
        FIGURE 15 GROUP II SEGMENT PROJECTED TO LEAD BASE OIL MARKET DURING FORECAST PERIOD
    4.4 BASE OIL MARKET, BY APPLICATION
        FIGURE 16 AUTOMOTIVE OIL TO DOMINATE BASE OIL MARKET DURING FORECAST PERIOD (KILO TONS
    4.5 BASE OIL MARKET GROWTH
        FIGURE 17 BASE OIL MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD (KILOTON

5 BASE OIL PATENT ANALYSIS (Page No. - 59)
  FIGURE 18 PUBLICATION TRENDS - LAST 5 YEARS
    5.1 INSIGHT
        FIGURE 19 GEOGRAPHICAL REPRESENTATION
        FIGURE 20 TOP ASSIGNEES

6 MARKET OVERVIEW (Page No. - 62)
    6.1 INTRODUCTION
    6.2 MARKET SEGMENTATION
        TABLE 3 BASE OIL MARKET, BY GROUP
        TABLE 4 BASE OIL MARKET, BY TYPE
        TABLE 5 BASE OIL MARKET, BY APPLICATION
        FIGURE 21 BASE OIL MARKET, BY REGION
    6.3 MARKET DYNAMICS
        FIGURE 22 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF THE BASE OIL MARKET 64
          6.3.1 DRIVERS
                   6.3.1.1 Increasing demand for high-grade oils in the automotive industry
                   6.3.1.2 Growing GDP in Asia Pacific led by increasing industrial activities
                           TABLE 6 INDUSTRIAL GROWTH RATE OF DEVELOPING COUNTRIES IN ASIA PACIFIC (2018)
                           TABLE 7 GDP GROWTH OF DEVELOPING COUNTRIES IN ASIA PACIFIC
          6.3.2 RESTRAINTS
                   6.3.2.1 Declining demand for Group I base oil
          6.3.3 OPPORTUNITIES
                   6.3.3.1 Lucrative market opportunities from BRIC countries
                           TABLE 8 BRIC COUNTRIES ACCOUNTED FOR 22% OF THE TOTAL VEHICLES ON ROAD IN 2015
                   6.3.3.2 Growing demand for renewable energy
          6.3.4 CHALLENGES
                   6.3.4.1 Fluctuating prices of crude oil
                   6.3.4.2 Growth in demand for hybrid vehicles and increasing battery price parity
    6.4 TRADE DATA STATISTICS
    6.5 PORTER'S FIVE FORCES ANALYSIS
        FIGURE 23 BASE OIL MARKET: PORTER'S FIVE FORCES ANALYSIS
          6.5.1 BARGAINING POWER OF SUPPLIERS
          6.5.2 BARGAINING POWER OF BUYERS
          6.5.3 THREAT OF SUBSTITUTES
          6.5.4 THREAT OF NEW ENTRANTS
          6.5.5 INTENSITY OF COMPETITIVE RIVALRY
    6.6 INDUSTRY OUTLOOK
          6.6.1 AUTOMOTIVE INDUSTRY
                TABLE 9 SALE OF NEW VEHICLES IN KEY COUNTRIES OF APAC, 2018 (UNITS
                TABLE 10 SALE OF NEW VEHICLES IN KEY COUNTRIES OF NORTH AMERICA, 2018 (UNITS)
                TABLE 11 SALE OF NEW VEHICLE IN KEY COUNTRIES OF EUROPE, 2018 (UNITS
                TABLE 12 SALE OF NEW VEHICLES IN KEY COUNTRIES OF SOUTH AMERICA, 2018 (UNITS)
                TABLE 13 SALE OF NEW VEHICLES IN KEY COUNTRIES OF MIDDLE EAST & AFRICA, 2018 (UNITS)
    6.7 VALUE CHAIN ANALYSIS
    6.8 ECOSYSTEM/MARKET MAP
          6.8.1 CASE STUDY

7 RE-REFINED BASE OIL MARKET (Page No. - 76)
    7.1 INTRODUCTION
    7.2 TECHNOLOGY FOR RE-REFINED BASE OIL
        FIGURE 24 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF THE BASE OIL MARKET
    7.3 REGIONAL ANALYSIS
          7.3.1 NORTH AMERICA
                FIGURE 25 RE-REFINED BASE OIL CAPACITY, BY REGION (2014)
                TABLE 14 CAPACITY OF MAJOR RE-REFINING OIL COMPANIES, BY REGION, 2014 (METRIC TONS)
          7.3.2 EUROPE

8 BASE OIL MARKET, BY TYPE (Page No. - 80)
    8.1 INTRODUCTION
    8.2 MINERAL OIL
          8.2.1 GROWING EMPHASIS ON PREMIUM GRADE PRODUCTS TO AFFECT THE MARKET FOR MINERAL GRADE BASE OIL
    8.3 SYNTHETIC OIL
          8.3.1 HIGH FUEL EFFICIENCY TO DRIVE THE MARKET FOR SYNTHETIC OIL
    8.4 BIO-BASED OIL
          8.4.1 ENVIRONMENT-FRIENDLY NATURE OF BIO-BASED LUBRICANTS TO INCREASE THEIR CONSUMPTION

9 BASE OIL MARKET, BY GROUP (Page No. - 83)
    9.1 INTRODUCTION
        FIGURE 26 GROUP II SEGMENT PROJECTED TO LEAD BASE OIL MARKET DURING FORECAST PERIOD 84
        TABLE 15 BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
        TABLE 16 BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
        TABLE 17 BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
        TABLE 18 BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
    9.2 GROUP I
          9.2.1 HIGH SULFUR AND AROMATICS CONTENT PROJECTED TO AFFECT THE DEMAND FOR GROUP I BASE OIL
                TABLE 19 GROUP I BASE OIL MARKET SIZE, BY REGION, 2016-2019  (USD MILLION)
                TABLE 20 GROUP I BASE OIL MARKET SIZE, BY REGION, 2020-2025  (USD MILLION)
                TABLE 21 GROUP I BASE OIL MARKET SIZE, BY REGION, 2016-2019 (KILOTONS)
                TABLE 22 GROUP I BASE OIL MARKET SIZE, BY REGION, 2020-2025 (KILOTONS)
    9.3 GROUP II
          9.3.1 RISING DEMAND FROM AUTOMOTIVE LUBRICANTS DRIVES THE MARKET FOR GROUP II BASE OIL
                TABLE 23 GROUP II BASE OIL MARKET SIZE, BY REGION, 2016-2019  (USD MILLION)
                TABLE 24 GROUP II BASE OIL MARKET SIZE, BY REGION, 2020-2025  (USD MILLION)
                TABLE 25 GROUP II BASE OIL MARKET SIZE, BY REGION, 2016-2019 (KILOTONS)
                TABLE 26 GROUP II BASE OIL MARKET SIZE, BY REGION, 2020-2025 (KILOTONS)
    9.4 GROUP III
          9.4.1 INCLINATION TOWARD FUEL-EFFICIENT LUBRICANTS PROPELS THE DEMAND FOR GROUP III BASE OIL
                TABLE 27 GROUP III BASE OIL MARKET SIZE, BY REGION, 2016-2019  (USD MILLION)
                TABLE 28 GROUP III BASE OIL MARKET SIZE, BY REGION, 2020-2025  (USD MILLION)
                TABLE 29 GROUP III BASE OIL MARKET SIZE, BY REGION, 2016-2019 (KILOTONS)
                TABLE 30 GROUP III BASE OIL MARKET SIZE, BY REGION, 2020-2025 (KILOTONS)
    9.5 GROUP IV
          9.5.1 HIGH VISCOSITY INDEX CONTRIBUTES TO THE GROWTH OF GROUP IV BASE OIL
                TABLE 31 GROUP IV BASE OIL MARKET SIZE, BY REGION, 2016-2019  (USD MILLION)
                TABLE 32 GROUP IV BASE OIL MARKET SIZE, BY REGION, 2020-2025  (USD MILLION)
                TABLE 33 GROUP IV BASE OIL MARKET SIZE, BY REGION, 2016-2019 (KILOTONS)
                TABLE 34 GROUP IV BASE OIL MARKET SIZE, BY REGION, 2020-2025 (KILOTONS)
    9.6 GROUP V
          9.6.1 ESTERS ARE WIDELY USED IN GROUP V BASE OIL MANUFACTURING
                TABLE 35 GROUP V BASE OIL MARKET SIZE, BY REGION, 2016-2019  (USD MILLION)
                TABLE 36 GROUP V BASE OIL MARKET SIZE, BY REGION, 2020-2025  (USD MILLION)
                TABLE 37 GROUP V BASE OIL MARKET SIZE, BY REGION, 2016-2019 (KILOTONS)
                TABLE 38 GROUP V BASE OIL MARKET SIZE, BY REGION, 2020-2025 (KILOTONS)

10 BASE OIL MARKET, BY APPLICATION (Page No. - 95)
    10.1 INTRODUCTION
         FIGURE 27 AUTOMOTIVE OIL PROJECTED TO LEAD BASE OIL MARKET DURING FORECAST PERIOD
         TABLE 39 BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
         TABLE 40 BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
         TABLE 41 BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
         TABLE 42 BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
    10.2 AUTOMOTIVE OIL
            10.2.1 ASIA PACIFIC IS THE LARGEST CONSUMER OF AUTOMOTIVE OIL GLOBALLY
                   TABLE 43 BASE OIL MARKET SIZE IN AUTOMOTIVE OIL, BY REGION, 2016-2020  (USD MILLION)
                   TABLE 44 BASE OIL MARKET SIZE IN AUTOMOTIVE OIL, BY REGION, 2020-2025  (USD MILLION)
                   TABLE 45 BASE OIL MARKET SIZE IN AUTOMOTIVE OIL, BY REGION, 2016-2019 (KILOTONS)
                   TABLE 46 BASE OIL MARKET SIZE IN AUTOMOTIVE OIL, BY REGION, 2020-2025 (KILOTONS)
                      10.2.1.1 COVID-19 Impact on Automotive
    10.3 INDUSTRIAL OIL
            10.3.1 GROWING INDUSTRIALIZATION TO DRIVE THE MARKET FOR INDUSTRIAL OIL
                   TABLE 47 BASE OIL MARKET SIZE IN INDUSTRIAL OIL, BY REGION, 2016-2019  (USD MILLION)
                   TABLE 48 BASE OIL MARKET SIZE IN INDUSTRIAL OIL, BY REGION, 2020-2025  (USD MILLION)
                   TABLE 49 BASE OIL MARKET SIZE IN INDUSTRIAL OIL, BY REGION, 2016-2019 (KILOTONS)
                   TABLE 50 BASE OIL MARKET SIZE IN INDUSTRIAL OIL, BY REGION, 2020-2025 (KILOTONS)
                      10.3.1.1 COVID-19 Impact on Industrial Oil
10.4 METALWORKING FLUID
            10.4.1 GROWING METAL & MINING INDUSTRY TO DRIVE THE METALWORKING FLUID MARKET 103
                   TABLE 51 BASE OIL MARKET SIZE IN METALWORKING FLUID, BY REGION, 2016-2019  (USD MILLION)
                   TABLE 52 BASE OIL MARKET SIZE IN METALWORKING FLUID, BY REGION, 2020-2025  (USD MILLION)
                   TABLE 53 BASE OIL MARKET SIZE IN METALWORKING FLUID, BY REGION, 2016-2019 (KILOTONS)
                   TABLE 54 BASE OIL MARKET SIZE IN METALWORKING FLUID, BY REGION, 2020-2025 (KILOTONS)
                      10.4.1.1 COVID-19 Impact on Metalworking Fluid
    10.5 HYDRAULIC OIL
            10.5.1 DEMAND FOR HYDRAULIC OILS ESTIMATED TO BE LARGELY DRIVEN BY DEVELOPING COUNTRIES OF ASIA PACIFIC, THE MIDDLE EAST  & AFRICA, AND SOUTH AMERICA
                   TABLE 55 BASE OIL MARKET SIZE IN HYDRAULIC OIL, BY REGION, 2016-2019  (USD MILLION)
                   TABLE 56 BASE OIL MARKET SIZE IN HYDRAULIC OIL, BY REGION, 2020-2025  (USD MILLION)
                   TABLE 57 BASE OIL MARKET SIZE IN HYDRAULIC OIL, BY REGION, 2016-2019 (KILOTONS)
                   TABLE 58 BASE OIL MARKET SIZE IN HYDRAULIC OIL, BY REGION, 2020-2025 (KILOTONS)
                      10.5.1.1 COVID-19 Impact on Hydraulic Oil
    10.6 GREASE
            10.6.1 MINING, CONSTRUCTION, AND TRANSPORTATION SECTORS ARE MAJOR CONSUMERS OF GREASE
                   TABLE 59 BASE OIL MARKET SIZE IN GREASE, BY REGION, 2016-2019  (USD MILLION)
                   TABLE 60 BASE OIL MARKET SIZE IN GREASE, BY REGION, 2020-2025  (USD MILLION)
                   TABLE 61 BASE OIL MARKET SIZE IN GREASE, BY REGION, 2016-2019 (KILOTONS)
                   TABLE 62 BASE OIL MARKET SIZE IN GREASE, BY REGION, 2020-2025 (KILOTONS)
                      10.6.1.1 COVID-19 Impact on Grease
    10.7 OTHERS
         TABLE 63 BASE OIL MARKET SIZE IN OTHERS, BY REGION, 2016-2019  (USD MILLION)
         TABLE 64 BASE OIL MARKET SIZE IN OTHERS, BY REGION, 2020-2025  (USD MILLION)
         TABLE 65 BASE OIL MARKET SIZE IN OTHERS, BY REGION, 2016-2019 (KILOTONS)
         TABLE 66 BASE OIL MARKET SIZE IN OTHERS, BY REGION, 2020-2025 (KILOTONS)

11 BASE OIL MARKET, BY REGION (Page No. - 113)
    11.1 INTRODUCTION
         FIGURE 28 ASIA PACIFIC TO BE LARGEST MARKET FOR BASE OIL DURING FORECAST PERIOD
         TABLE 67 BASE OIL MARKET SIZE, BY REGION, 2016-2019  (USD MILLION)
         TABLE 68 BASE OIL MARKET SIZE, BY REGION, 2020-2025  (USD MILLION)
         TABLE 69 BASE OIL MARKET SIZE, BY REGION, 2016-2019 (KILOTONS)
         TABLE 70 BASE OIL MARKET SIZE, BY REGION, 2020-2025 (KILOTONS)
    11.2 ASIA PACIFIC
         FIGURE 29 ASIA PACIFIC: BASE OIL MARKET SNAPSHOT
         TABLE 71 ASIA PACIFIC: BASE OIL MARKET SIZE, BY COUNTRY, 2016-2019  (USD MILLION)
         TABLE 72 ASIA PACIFIC: BASE OIL MARKET SIZE, BY COUNTRY, 2020-2025  (USD MILLION)
         TABLE 73 ASIA PACIFIC: BASE OIL MARKET SIZE, BY COUNTRY, 2016-2019 (KILOTONS)
         TABLE 74 ASIA PACIFIC: BASE OIL MARKET SIZE, BY COUNTRY, 2020-2025 (KILOTONS)
         TABLE 75 ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
         TABLE 76 ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
         TABLE 77 ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
         TABLE 78 ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
         TABLE 79 ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
         TABLE 80 ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
         TABLE 81 ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
         TABLE 82 ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
            11.2.1 CHINA
                      11.2.1.1 Increasing population drives the demand for base oil in China
                               TABLE 83 CHINA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 84 CHINA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 85 CHINA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 86 CHINA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 87 CHINA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 88 CHINA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 89 CHINA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 90 CHINA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.1.2 COVID-19 Impact on China
            11.2.2 JAPAN
                      11.2.2.1 Growing automotive production to fuel the base oil market in Japan
                               TABLE 91 JAPAN: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 92 JAPAN: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 93 JAPAN: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 94 JAPAN: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 95 JAPAN: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 96 JAPAN: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 97 JAPAN: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 98 JAPAN: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.2.2 COVID-19 Impact on Japan
            11.2.3 INDIA
                      11.2.3.1 Rapid urbanization and growing population to boost the demand for base oil in India
                               TABLE 99 INDIA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 100 INDIA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 101 INDIA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 102 INDIA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 103 INDIA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 104 INDIA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 105 INDIA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 106 INDIA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.3.2 COVID-19 Impact on India
            11.2.4 SOUTH KOREA
                      11.2.4.1 Growing industrial development to generate a positive impact on the base oil market in South Korea
                               TABLE 107 SOUTH KOREA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 108 SOUTH KOREA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 109 SOUTH KOREA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 110 SOUTH KOREA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 111 SOUTH KOREA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 112 SOUTH KOREA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 113 SOUTH KOREA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 114 SOUTH KOREA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.4.2 COVID-19 Impact on South Korea
            11.2.5 INDONESIA
                      11.2.5.1 Rising oil production to spur the demand for base oil in Indonesia
                               TABLE 115 INDONESIA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 116 INDONESIA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 117 INDONESIA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 118 INDONESIA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 119 INDONESIA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 120 INDONESIA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 121 INDONESIA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 122 INDONESIA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.5.2 COVID-19 Impact on Indonesia
            11.2.6 THAILAND
                      11.2.6.1 Rising production of automotive parts to drive the demand for base oil in Thailand
                               TABLE 123 THAILAND: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 124 THAILAND: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 125 THAILAND: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 126 THAILAND: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 127 THAILAND: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 128 THAILAND: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 129 THAILAND: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 130 THAILAND: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.6.2 COVID-19 Impact on Thailand
            11.2.7 REST OF ASIA PACIFIC
                   TABLE 131 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                   TABLE 132 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                   TABLE 133 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                   TABLE 134 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                   TABLE 135 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                   TABLE 136 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                   TABLE 137 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                   TABLE 138 REST OF ASIA PACIFIC: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.2.7.1 COVID-19 Impact on Rest of Asia Pacific
    11.3 EUROPE
         FIGURE 30 EUROPE: BASE OIL MARKET SNAPSHOT
         TABLE 139 EUROPE: BASE OIL MARKET SIZE, BY COUNTRY, 2016-2019  (USD MILLION)
         TABLE 140 EUROPE: BASE OIL MARKET SIZE, BY COUNTRY, 2020-2025  (USD MILLION)
         TABLE 141 EUROPE: BASE OIL MARKET SIZE, BY COUNTRY, 2016-2019 (KILOTONS)
         TABLE 142 EUROPE: BASE OIL MARKET SIZE, BY COUNTRY, 2020-2025 (KILOTONS)
         TABLE 143 EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
         TABLE 144 EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
         TABLE 145 EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
         TABLE 146 EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
         TABLE 147 EUROPE: BASE OIL MARKET SIZE, BY APPLICATION,2016-2019  (USD MILLION)
         TABLE 148 EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
         TABLE 149 EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
         TABLE 150 EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
            11.3.1 RUSSIA
                      11.3.1.1 Russia dominated the European base oil market in 2019
                               TABLE 151 RUSSIA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 152 RUSSIA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 153 RUSSIA: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 154 RUSSIA: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 155 RUSSIA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 156 RUSSIA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 157 RUSSIA: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 158 RUSSIA: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.3.1.2 COVID-19 Impact on Russia
            11.3.2 GERMANY
                      11.3.2.1 Base oil market majorly driven by the automobile industry in Germany
                               TABLE 159 GERMANY: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 160 GERMANY: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 161 GERMANY: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 162 GERMANY: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 163 GERMANY: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 164 GERMANY: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 165 GERMANY: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 166 GERMANY: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.3.2.2 COVID-19 Impact on Germany
            11.3.3 FRANCE
                      11.3.3.1 Presence of major base oil manufacturing companies supports the market growth in France
                               TABLE 167 FRANCE: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 168 FRANCE: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 169 FRANCE: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 170 FRANCE: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 171 FRANCE: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 172 FRANCE: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 173 FRANCE: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 174 FRANCE: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.3.3.2 COVID-19 Impact on France
            11.3.4 ITALY
                      11.3.4.1 Group I accounted for the largest share of the base oil marketin Italy in 2018
                               TABLE 175 ITALY: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 176 ITALY: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 177 ITALY: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 178 ITALY: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 179 ITALY: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 180 ITALY: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 181 ITALY: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 182 ITALY: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.3.4.2 COVID-19 Impact on Italy
            11.3.5 UK
                      11.3.5.1 The UK is the fifth-largest consumer of base oil in Europe
                               TABLE 183 UK: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 184 UK: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 185 UK: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 186 UK: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 187 UK: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 188 UK: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 189 UK: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 190 UK: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.3.5.2 COVID-19 Impact on the UK
            11.3.6 SPAIN
                      11.3.6.1 Automotive oil segment accounted for the largest share of the base oil market in Spain in 2018
                               TABLE 191 SPAIN: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 192 SPAIN: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 193 SPAIN: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 194 SPAIN: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 195 SPAIN: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 196 SPAIN: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 197 SPAIN: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 198 SPAIN: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.3.6.2 COVID-19 Impact on Spain
            11.3.7 REST OF EUROPE
                   TABLE 199 REST OF EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2016-2019  (USD MILLION)
                   TABLE 200 REST OF EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2020-2025  (USD MILLION)
                   TABLE 201 REST OF EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2016-2019 (KILOTONS)
                   TABLE 202 REST OF EUROPE: BASE OIL MARKET SIZE, BY GROUP, 2020-2025 (KILOTONS)
                   TABLE 203 REST OF EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019  (USD MILLION)
                   TABLE 204 REST OF EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025  (USD MILLION)
                   TABLE 205 REST OF EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2016-2019 (KILOTONS)
                   TABLE 206 REST OF EUROPE: BASE OIL MARKET SIZE, BY APPLICATION, 2020-2025 (KILOTONS)
    11.4 NORTH AMERICA
         TABLE 207 BASE OIL PRODUCTION CAPACITY OF 10 MAJOR PLAYERS IN
         NORTH AMERICA, 2018-2019 (KILOTONS)
         FIGURE 31 NORTH AMERICA: BASE OIL MARKET SNAPSHOT
         TABLE 208 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2016-2019  (USD MILLION)
         TABLE 209 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2020-2025  (USD MILLION)
         TABLE 210 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2016-2019 (KILOTONS)
         TABLE 211 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2020-2025 (KILOTONS)
         TABLE 212 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
         TABLE 213 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
         TABLE 214 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
         TABLE 215 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
         TABLE 216 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
         TABLE 217 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
         TABLE 218 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
         TABLE 219 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
            11.4.1 US
                      11.4.1.1 Rising demand for Group II and Group II+ base oils to drive the base oil market in the US
                               TABLE 220 US: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 221 US: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 222 US: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 223 US: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 224 US: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 225 US: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 226 US: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 227 US: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.4.1.2 COVID-19 Impact on the US
            11.4.2 CANADA
                      11.4.2.1 Canada is the second-largest market for base oil in the North American region
                               TABLE 228 CANADA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 229 CANADA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 230 CANADA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 231 CANADA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 232 CANADA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 233 CANADA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 234 CANADA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 235 CANADA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.4.2.2 COVID-19 Impact on Canada
            11.4.3 MEXICO
                      11.4.3.1 Growth in power generation, oil & gas, and manufacturing sectors drives the base oil market in Mexico
                               TABLE 236 MEXICO: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 237 MEXICO: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 238 MEXICO: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 239 MEXICO: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 240 MEXICO: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 241 MEXICO: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 242 MEXICO: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 243 MEXICO: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.4.3.2 COVID-19 Impact on Mexico
    11.5 MIDDLE EAST & AFRICA
         TABLE 244 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY, 2016-2019  (USD MILLION)
         TABLE 245 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY, 2020-2025  (USD MILLION)
         TABLE 246 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY, 2016-2019 (KILOTONS)
         TABLE 247 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY, 2020-2025 (KILOTONS)
         TABLE 248 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
         TABLE 249 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
         TABLE 250 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
         TABLE 251 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
         TABLE 252 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
         TABLE 253 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
         TABLE 254 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
         TABLE 255 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
            11.5.1 SAUDI ARABIA
                      11.5.1.1 Saudi Arabia dominated the Middle East & Africa base oil market in 2018
                               TABLE 256 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 257 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 258 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 259 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 260 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 261 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 262 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 263 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.5.1.2 COVID-19 Impact on Saudi Arabia
            11.5.2 TURKEY
                      11.5.2.1 Group II accounted for the largest market share in Turkey, based on group, in 2018 200
                               TABLE 264 TURKEY: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 265 TURKEY: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 266 TURKEY: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 267 TURKEY: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 268 TURKEY: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 269 TURKEY: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 270 TURKEY: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 271 TURKEY: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
            11.5.3 IRAN
                      11.5.3.1 High demand from the automotive oil segment drives the base oil market growth in Iran
                               TABLE 272 IRAN: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 273 IRAN: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 274 IRAN: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 275 IRAN: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 276 IRAN: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 277 IRAN: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 278 IRAN: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 279 IRAN: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
            11.5.4 REST OF MIDDLE EAST & AFRICA
                   TABLE 280 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                   TABLE 281 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                   TABLE 282 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                   TABLE 283 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                   TABLE 284 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                   TABLE 285 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                   TABLE 286 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                   TABLE 287 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
    11.6 SOUTH AMERICA
         TABLE 288 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2016-2019  (USD MILLION)
         TABLE 289 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2020-2025  (USD MILLION)
         TABLE 290 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2016-2019 (KILOTONS)
         TABLE 291 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2020-2025 (KILOTONS)
                  TABLE 292 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
         TABLE 293 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
         TABLE 294 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
         TABLE 295 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
         TABLE 296 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
         TABLE 297 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
         TABLE 298 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
         TABLE 299 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
            11.6.1 BRAZIL
                      11.6.1.1 High demand for Group I and Group II base oils drives the market growth in Brazil
                               TABLE 300 BRAZIL: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 301 BRAZIL: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 302 BRAZIL BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 303 BRAZIL BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 304 BRAZIL: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 305 BRAZIL: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 306 BRAZIL BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 307 BRAZIL BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.6.1.2 COVID-19 Impact on Brazil
            11.6.2 ARGENTINA
                      11.6.2.1 Argentina was the second-largest market for base oil in South America in 2018
                               TABLE 308 ARGENTINA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 309 ARGENTINA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 310 ARGENTINA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 311 ARGENTINA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 312 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 313 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 314 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 315 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
                      11.6.2.2 COVID-19 Impact on Argentina
            11.6.3 COLOMBIA
                      11.6.3.1 Base oil market in Argentina dominated by the Group II segment
                               TABLE 316 COLOMBIA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 317 COLOMBIA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 318 COLOMBIA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 319 COLOMBIA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 320 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 321 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 322 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 323 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2020-2025 (KILOTONS)
            11.6.4 REST OF SOUTH AMERICA
                               TABLE 324 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2016-2019  (USD MILLION)
                               TABLE 325 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2020-2025  (USD MILLION)
                               TABLE 326 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2016-2019 (KILOTONS)
                               TABLE 327 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2020-2025 (KILOTONS)
                               TABLE 328 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2016-2019  (USD MILLION)
                               TABLE 329 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2020-2025  (USD MILLION)
                               TABLE 330 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2016-2019 (KILOTONS)
                               TABLE 331 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION,2020-2025 (KILOTONS)

12 COMPETITIVE LANDSCAPE (Page No. - 226)
    12.1 OVERVIEW
         FIGURE 32 COMPANIES ADOPTED BOTH ORGANIC AND INORGANIC GROWTH STRATEGIES BETWEEN 2016 AND NOVEMBER 2019
    12.2 COMPETITIVE LANDSCAPE MAPPING, 2019
            12.2.1 STAR
            12.2.2 EMERGING LEADERS
            12.2.3 PERVASIVE
            12.2.4 PARTICIPANTS
                   FIGURE 33 BASE OIL MARKET (GLOBAL
    12.3 COMPETITIVE LEADERSHIP MAPPING OF SME
            12.3.1 PROGRESSIVE COMPANIES
            12.3.2 RESPONSIVE COMPANIES
            12.3.3 STARTING BLOCKS
            12.3.4 DYNAMIC COMPANIES
                   FIGURE 34 COMPETITIVE LEADERSHIP MAPPING OF START-UPS, 2019
    12.4 STRENGTH OF PRODUCT PORTFOLIO
                   FIGURE 35 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN BASE OIL MARKET
    12.5 BUSINESS STRATEGY EXCELLENCE
                   FIGURE 36 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN BASE OIL MARKET
    12.6 MARKET SHARE ANALYSIS
                   FIGURE 37 MAJOR MANUFACTURERS IN BASE OIL MARKET
            12.6.1 REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS IN BASE OIL MARKET
    12.7 COMPETITIVE SCENARIO
            12.7.1 AGREEMENTS
                   TABLE 332 AGREEMENTS, 2016-2019
            12.7.2 EXPANSIONS
                   TABLE 333 EXPANSIONS, 2016-2019
            12.7.3 NEW PRODUCT LAUNCHES
                   TABLE 334 NEW PRODUCT LAUNCHES, 2016-2019
            12.7.4 ACQUISITIONS
                   TABLE 335 ACQUISITIONS, 2016-2019
            12.7.5 COLLABORATIONS
                   TABLE 336 COLLABORATIONS, 2016-2019
            12.7.6 CONTRACTS
                   TABLE 337 CONTRACTS, 2016-2019
            12.7.7 INVESTMENTS
                   TABLE 338 INVESTMENTS, 2016-2019
            12.7.8 DIVESTMENTS
                   TABLE 339 DIVESTMENTS, 2016-2019
            12.7.9 JOINT VENTURES
                   TABLE 340 JOINT VENTURES, 2016-2019

13 COMPANY PROFILES (Page No. - 242)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, COVID-19 Impact On Company Financials, MnM View *
    13.1 CHEVRON CORPORATION
         FIGURE 38 CHEVRON CORPORATION: COMPANY SNAPSHOT
    13.2 EXXON MOBIL CORPORATION
         FIGURE 39 EXXON MOBIL CORPORATION: COMPANY SNAPSHOT
    13.3 S-OIL CORPORATION
         FIGURE 40 S-OIL CORPORATION: COMPANY SNAPSHOT
    13.4 MOTIVA ENTERPRISES LLC
    13.5 SK INNOVATION CO., LTD.
         FIGURE 41 SK INNOVATION CO., LTD.: COMPANY SNAPSHOT
    13.6 SAUDI ARAMCO
         FIGURE 42 SAUDI ARAMCO.: COMPANY SNAPSHOT
    13.7 HINDUSTAN PETROLEUM CORPORATION LIMITED
         FIGURE 43 HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY SNAPSHOT
    13.8 ROYAL DUTCH SHELL PLC
         FIGURE 44 ROYAL DUTCH SHELL PLC: COMPANY SNAPSHOT
    13.9 NESTE OYJ
         FIGURE 45 NESTE OYJ: COMPANY SNAPSHOT
    13.1 AVISTA OIL AG
    13.11 NYNAS AB
         FIGURE 46 NYNAS AB: COMPANY SNAPSHOT
    13.12 REPSOL S.A.
         FIGURE 47 REPSOL S.A.: COMPANY SNAPSHOT
    13.13 ERGON, INC.
    13.14 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
         FIGURE 48 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.: COMPANY SNAPSHOT
    13.15 H&R GROUP
         FIGURE 49 H&R GROUP: COMPANY SNAPSHOT
    13.16 SINOPEC CORP.
         FIGURE 50 SINOPEC CORP.: COMPANY SNAPSHOT
    13.17 PETROCHINA COMPANY LIMITED
         FIGURE 51 PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT
    13.18 ABU DHABI NATIONAL OIL COMPANY (ADNOC
    13.19 PT PERTAMINA (PERSERO
         FIGURE 52 PT PERTAMINA (PERSERO
    13.2 PHILLIPS 66
         FIGURE 53 PHILLIPS 66: COMPANY SNAPSHOT
   13.21 PETROLIAM NASIONAL BERHAD (PETRONAS
         FIGURE 54 PETROLIAM NASIONAL BERHAD (PETRONAS
   13.22 GRUPA LOTOS S.A.
          FIGURE 55 GRUPA LOTOS S.A.: COMPANY SNAPSHOT
    13.23 SEPAHAN OIL
    13.24 GS CALTEX CORPORATION
    13.25 OTHER COMPANIES
            13.25.1 FORMOSA PETROCHEMICAL CO., LTD.
            13.25.2 CHINA NATIONAL OFFSHORE OIL CORPORATION (CNOOC
            13.25.3 HENGLI PETROCHEMICAL CO., LTD.
            13.25.4 HOLLYFRONTIER CORPORATION
            13.25.5 PBF ENERGY INC.
            13.25.6 ENI SPA
            13.25.7 INEOS GROUP
            13.25.8 SAN JOAQUIN REFINING CO. INC.
            13.25.9 ROSNEFT
            13.25.10 TUPRAS
            13.25.11 HAINAN HANDI SUNSHINE PETROCHEMICAL CO., LTD.
            13.25.12 CROSS OIL
            13.25.13 OJSC NAFTAN

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, COVID-19 Impact On Company Financials, MnM View might not be captured in case of unlisted companies.

14 APPENDIX (Page No. - 295)
    14.1 DISCUSSION GUIDE
    14.2 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
    14.3 AVAILABLE CUSTOMIZATIONS
    14.4 RELATED REPORTS
    14.5 AUTHOR DETAILS

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 market, peer markets, and 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. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Secondary Research 

Secondary sources referred to for this study include Hoovers, Bloomberg, BusinessWeek, and Dun & Bradstreet, were referred 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 data has been collected and analyzed to arrive at the overall market size, which is further validated by primary research.

Primary Research 

The base oil market comprises several stakeholders, such as raw material suppliers, manufacturers, distributors, end-use products’ manufacturers, and regulatory organizations in the supply chain.

As 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, 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.

Breakdown of the Primary Interviews

Base Oil Market Size

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

Market Size Estimation

Both the 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 subsegments in the market. The research methodology used to estimate the market size included the following:

  • The key players were identified through extensive primary and secondary research.
  • The value chain and market size of the base oil market, in terms of value and volume, were determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
  • All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
  • The research included the study of reports, reviews, and newsletters of top market players, along with extensive interviews for opinions from key leaders, such as CEOs, directors, and experts.

Global Base oil Market Size: Bottom-Up Approach

Global Base oil Market Size: Bottom-Up Approach

 

Global Base oil Market Size: Top-Down Approach

Global Base oil Market Size: Top-Down Approach

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. In order 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 analyze and forecast the size of the base oil market, in terms of value and volume
  • To define, segment, and estimate the base oil market by group, application, and region
  • To project the size of the market segments, in terms of volume and value, with respect to five main regions, namely, Asia Pacific, North America, Europe, Middle East & Africa, and South America
  • To provide detailed information regarding the crucial factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To analyze the opportunities in the base oil market for stakeholders and provide a competitive landscape of the market
  • To track and analyze competitive developments, such as business expansions, agreements, new product launches, acquisitions, investments, and partnerships in the base oil market
  • To strategically profile key players and comprehensively analyze their market share and core competencies 

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

  • A further breakdown of the regional market on the basis of country
  • A detailed comparison of product portfolios of various companies
  • Details and profiling of additional market players (up to five)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Base Oil Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Base Oil Market

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