Base Oil Market Size, Industry Analysis Report By Application (Automotive oil, Industrial il, Metalworking fluids, Hydraulic oil, Greases) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- CATEGORY
- Food & Beverages
The Base Oil Market is valued at around USD 34.9 billion in 2022 and is expected to reach USD 41.7 billion by 2030, registering a CAGR of 1.8% over the forecast period. Base oil is a term used to describe a mixture stock that is used to help create various lubricating oils used in machinery and engines. It is made by separating and processing vacuum gasoil (VGO) or residue into high-viscosity material, which calls for specialised processing through various units. It aids in forming a thin film that improves heat transfer and eases tension on moving parts. The use of lubricants in car and truck engines is currently significantly increasing, which is positively affecting the demand for base oil around the world.
The Base Oil Market - Growth Factor
The increase in engine oil use in sectors like metallurgy, automotive, chemicals, heavy equipment, and power generation is blamed for the growth. Due to the presence of numerous highly innovative players, the market is highly fragmented. Competition is fierce as participants work to keep their clientele in order to gain a competitive advantage over one another. Businesses are implementing cooperative business strategies to boost output, offer consumers well-regarded goods, and broaden their regional reach. Base Oil is widely used across a wide range of industries and plays a crucial role in the formulation of lubricant oils on a global scale.
The Base Oil Market – Market Trends
• Base oils are now widely used in lubricants for transmissions and gears, greases, and other products.
• This is one of the main driving forces behind the market's expansion, along with the rising demand for automobiles and increased use of hydraulic oil in the automotive sector.
• Furthermore, crude oil, a non-renewable resource that emits greenhouse gases (GHGs) and harms the environment, is typically used to make base oils.
• As a result, various base oil substitutes are being investigated and used in more recent engine oil products. Examples include bio-olefins, which are made from biomass and other renewable resources.
The Base Oil Market – Segmentation
The Base Oil Market fragrance concentrates market has been sub-classified into type, application.
On the basis of type, the Base Oil Market is bifurcated into:
• Group I
• Group II
• Group III
• Group IV
• Group V
On the basis of application, the market is segmented into:
• Automotive oil
• Industrial il
• Metalworking fluids
• Hydraulic oil
• Greases
• Others
The Base Oil Market –Regional Analysis
Asia-Pacific dominated the global Base Oil Market, is 50.6% of all revenue was accounted for in 2021. This is explained by the fact that the area is a desirable market for lubricant manufacturers due to the presence of emerging economies and the rising level of disposable income in the population. China dominates the Asia Pacific region, which is one of the world's largest markets for base oil.
The Base Oil Market – Key Market players
Global key players of Base Oil Market include Abu Dhabi National Oil Company, Bharat Petroleum Corporation Limited, BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Evonik Industries AG, Exxon Mobil Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, PT Pertamina(Persero), Repsol S.A., Saudi Arabian Oil Co., Shell plc and TotalEnergies SE., and others.
Report scope
Global Base Oil Market: Historical Years- 2018-2021
Global Base Oil Market: Forecast Years- 2022-2030
Global Base Oil Market 2022- USD 34.9 billion
Global Base Oil Market 2030- USD 41.7 billion
Global Base Oil Market CAGR- 1.8%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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