DUBLIN--(BUSINESS WIRE)--The "Base Oil Market by Type, by Application - Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.

The Global Base Oil Market was valued at USD 36.55 billion in 2019 and is estimated to garner USD 41.65 billion by 2030, expanding at a CAGR of 1.1% during the forecast period, from 2020 to 2030. The volumetric turn-over of the global base oil market was 41,907.3 kilotons in 2019 and is expected to reach 48,879.3 kilotons by 2030, at a CAGR of 1.3% during the forecast period, from 2020 to 2030.

Base oil is a refined petroleum product obtained from heavy hydrocarbons by refining crude oil at extreme temperature ranges. It is extensively employed in a wide range of applications such as manufacturing automotive oil, industrial oil, metalworking fluids and lubricating greases, and other lubricant base stock. The quality standards of base oil majorly depend on parameters such as viscosity, oxidation, vitality, consistency, compatibility, pour point, seal additive, solubility, and thermal stability.

Market Dynamics and Trends

The expansion of the global base oil market is attributed to increasing demand from various industry verticals, rising demand to manufacture sustainable products to reduce carbon foot prints and help in environmental conservation. Additionally, surge in the demand for manufacturing high-performance, low fuel-consumption, and energy-efficient products under the Corporate Average Fuel Economy (CAFE) norms regarding environment conservation are driving the market growth.

Furthermore, factors such as growing population, rapid industrialization, increasing urbanization, infrastructural advancements, technological developments, changing lifestyles, and increasing per-capita income are boosting the base oil market growth. However, fluctuating prices of crude oil and stringent environmental standards regarding emission norms are expected to hamper the market during the forecast period.

Market Segmentations and Scope of the Study:

The global base oil market is segmented based on type, application, and geography. On the basis of type, the market is segregated into Group I, Group II, Group III, Group IV, and Group V. In terms of application, the market is divided into automotive oil, industrial oil, metalworking fluids, greases, and others. Based on geography, the market is fragmented into North America, Europe, Asia-Pacific, and Rest of World (RoW).

Geographical Analysis

North America is expected to account for notable market share over the forecast period owing to the presence of developed infrastructures, increase in technological advancements, and growth of the automotive industry. Besides, stringent regulatory standards regarding environment conservation leading to formulation of energy efficient fuels with lower GHG emissions, is expected to fuel-up the growth of global base oil market in this region.

Asia Pacific is expected to dominate the global base oil market, in terms of both value and volume, owing to the augment in industrialization, growth of the automotive industry, high demand for finished lubricants to improve the operational efficiency, and increase in the use of synthetic base oil as a substitute to traditional oils to reduce carbon footprints.

Competitive Landscape

Key players in the base oil market are BP PLC, Ergon Inc., Chevron Corporation, Evonik Industries AG, H&R Olwerke Schindler GmbH, Exxon Mobil Corporation, Nynas AB, Royal Dutch Shell PLC, Petronas Pvt. Ltd., Total S.A., and SK Lubricants Co. Ltd.

In April 2019, Total S.A. announced the acquisition of Chevron Denmark Inc. including Chevron's 12% share of Danish Underground Consortium (DUC), a 12% interest in License 8/06, and a 13.5% interest in the Tyra West pipeline. This acquisition strengthens Total S.A.'s strategic commitment to Denmark and its presence in the Danish North Sea.

In April 2020, Petronas Pvt. Ltd. made an oil discovery in the Monument exploration well, offshore the US Gulf of Mexico. The well was drilled to a total depth of 10,164 meters and encountered approximately 60 meters of net oil-bearing sands in the Lower Wilcox of Paleogene sandstone. This is Petronas Pvt. Ltd.'s first entrance and discovery into oil & gas operations in the US Gulf of Mexico.

KEY MARKET SEGMENTS:

Global Base Oil Market - By Type

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

Global Base Oil Market - By Application

• Automotive Oil
• Industrial Oil
• Metalworking Fluids
• Greases
• Others

Global Base Oil Market - By Geography

• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia-Pacific
• RoW
• UAE
• Saudi Arabia
• South Africa
• Brazil
• Remaining Countries

KEY PLAYERS:

• BP PLC
• Ergon Inc.
• Chevron Corporation
• Evonik Industries AG
• H&R Olwerke Schindler GmbH
• Exxon Mobil Corporation
• Nynas AB
• Royal Dutch Shell PLC
• Petronas Pvt. Ltd.
• Total S.A.
• SK Lubricants Co. Ltd

For more information about this report visit https://www.researchandmarkets.com/r/695vna

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