The global base oil market is expected to grow at a CAGR of 2.1% from 2017 to 2025.
Base oil market is defined as the oil with a boiling point range between 550 and 1050 F. Base oil is extracted from heavy oil residue, which is obtained by refining of crude oil.
The chemical structure of the constituents of base oil impart a naphthenic or paraffinic nature to it. Base oil is a major constituent of lubricating oils.Based on the nature of constituent materials, base oil may have similar properties, such as viscosity, flash point, volatility, density, solubility, and corrosion stability. The global base oil market is expected to grow at a CAGR of 2.1% from 2017 to 2025.
The global base oil market is segmented based on product, applications, and geography. Based on the product, the market is divided into group I, group II, group III, and others.
According to applications, the market is categorized into automotive oils, process oils, industrial oils, metalworking fluids, hydraulic oils, and others. Geographic breakdown and deep analysis of each of the aforesaid segments have resulted in the following regions: North America, Europe, Asia-Pacific, and LAMEA.
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Growth in the automotive industry has resulted in an increased demand for finished lubricants and is expected to increase the demand for base oil during the forecast period.
Stringent emission standards resulting in advanced formulation methods of lubricants is expected to increase the market demand for base oils during the forecast period.
Gradual shift by refiners to heavy and sour crude oil is projected to hamper the growth of the base oil market.
Fluctuating crude oil prices negatively affect base oil prices, which in turn is expected to slow down market growth during the forecast period.
The top players in the global Base oil market include Exxon Mobil Corporation, Chevron Corporation, BP PLC, Saudi Aramco, Bahrain Lube Base Oil Company, LukOil, Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., Total S.A., and Motul.
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o Group I
o Group II
o Group III
o Automotive Oils
o Process Oils
o Industrial Oils
o Metalworking Fluids
o Hydraulic Oils
- North America
o Saudi Arabia
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