DUBLIN--(BUSINESS WIRE)--The "Group II & III Base Oil Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global group II & III base oil market is expected to reach USD 29.8 billion by 2027, growing at a CAGR of 6.7%.

The report considers the present scenario of the group II & III base oil market and its market dynamics for 2022-2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyses leading companies and several other prominent companies operating in the market.

KEY HIGHLIGHTS

Globally, the market for group II & III base oil is intensifying due to the need for low sulfur content, low viscosity, and a higher saturation of chemical bonds that are effective in meeting the current market trends of reducing carbon footprint and improving fuel economy.

In addition, stringent vehicle emission standards and high demand for lubricants are fuelling the market growth in recent years.

API group II base oil is in a dominant phase while group III base oil is in the evolving phase and is primarily used in high-performance engines.

GLOBAL GROUP II & III BASE OIL MARKET SEGMENTATION

From the technology perspective, hydrocracking is the dominant market segment.

From the application perspective, automotive oil is the dominant segment as it consumes the major chunk of group II & III base oil, followed by industrial oil, process oil, and others.

GEOGRAPHICAL ANALYSIS

By 2027, APAC is expected to surpass North America in terms of group II & III base oil product revenue to become the leading group II & III base oil market globally. The market in APAC is predicted to witness the fastest growth during the forecast period with a CAGR of 7.47%, generating additional revenue of $5,778.03 million by 2027.

In APAC, China, India, and Japan are the major consumers of group II & III base oil. Increasing GDP along with the growth of the automotive & transportation industry, and power generation activities has increased the demand for group II & III base oil.

VENDOR LANDSCAPE

The international players have been adopting an inorganic strategy to expand their footprint in the global market. It primarily involves mergers and acquisitions, expansion, and launching innovative products to strengthen their market position which significantly induces competition in the market.

Mergers and acquisitions primarily benefit the companies by enabling better access to raw materials, production and distribution facilities, and R&D capabilities.

Key Vendors

• Chevron Corporation
• Exxon Mobil Corporation
• Hyundai and Shell Base Oil Co.
• Petro-Canada Lubricant
• Saudi Arabian Oil Co.

Other Prominent Vendors

• Asian Oil Company
• Abu Dhabi National Oil Company
• Chandri Wax Specialties Private Limited
• Dodge
• GS Caltex
• Hindustan Petroleum Corporation Limited (HPCL)
• HollyFrontier Corporation
• Mehta Petro Refineries Ltd
• Petroyag
• Resolute Oil
• Repsol
• SBZ Corporation
• Sinopec
• Shandong Qingyuan Group Co.
• Vertex Energy Inc

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

4.1 Market Definition

4.2 Base Year

4.3 Scope of the Study

5 Report Assumptions & Caveats

5.1 Key Caveats

5.2 Currency Conversion

5.3 Market Derivation

6 Market at a Glance

7 Introduction

7.1 Overview

7.2 Supply Chain Analysis

7.2.1 Crude Oil Refining/Manufacturing

7.2.2 Suppliers/ Distributors

7.2.3 Applications

7.3 Regulations & Standards

7.4 Impact of Covid-19

7.4.1 Supply Side

7.4.2 Demand Side

8 Frequently Asked Questions

8.1 How Will the Group Ii & Iii Base Oil Market Perform in the Coming Years?

8.2 What Are the Major Factors Driving the Demand for Group II & III Base Oil?

8.3 Which is the Most Profitable and Preferred Group I & II Base Oil Technology?

8.4 Which Application Segment Generates the Highest Revenue for the Group II & III Base Oil Market

8.5 Which is the Fastest-Growing Region for Group I & II Base Oil?

8.6 Which Are the Major Players Operating in the Group II & III Base Oil Market?

9 Growth Opportunity

9.1 Technology

9.2 Application

9.3 Geography

10 Market Opportunities & Trends

10.1 Increasing Demand for Imo-Compliant Marine Fuel

10.2 Increasing Group Ii & Iii Refining Capacity

11 Market Growth Enablers

11.1 Increasing Demand for Bio-Based Lubricants

11.2 Increased Use of Premium Base Oil in Apac

11.3 Increasing Disposable Income

12 Market Restraints

12.1 Electric Vehicles Hampering Growth of Conventional Lubricants

12.2 Volatility in Crude Oil Prices

13 Market Landscape

13.1 Market Overview

13.2 Market Size & Forecast

13.2.1 Volume and Value

13.3 Five Forces Analysis

14 Technology

14.1 Market Snapshot & Growth Engine

14.2 Market Overview

14.3 Catalytic Dewaxing

14.4 Hydrocracking

14.5 Hydrotreating

14.6 Others

15 Application

15.1 Market Snapshot & Growth Engine

15.2 Market Overview

15.3 Automotive Oil

15.4 Industrial Oil

15.5 Process Oil

15.6 Others

16 Geography

16.1 Market Snapshot & Growth Engine (Value)

16.2 Market Snapshot & Growth Engine (Volume)

16.3 Geographic Overview

For more information about this report visit https://www.researchandmarkets.com/r/bylqj7

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