Base Oil Market was valued at $35,430 million in 2016, and is expected to reach $38,031 million by 2023, registering a CAGR of 1.0% from 2017 to 2023. Base oil is the refined petroleum mineral or synthetic material produced by a refinery to a required set of specifications, typically lubricant base stock.
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Demand for oils in the automotive industry, especially from emerging countries, and stringent environmental legislation leading to strict performance standards drive the global base oil market. However, the fluctuating costs of crude oil and regulations concerning emission norms are expected to hamper the market growth in the future.
The global shift from Group I base oils to Group II & III present numerous growth opportunities to market players.
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Consumption of base oil in Asia-Pacific is expected to increase, owing to growth in industrial development, demand from the automotive industry, and stable economic growth.
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Emerging markets, such as China and India, are expected to witness the highest increase in demand for base oils during the forecast period.
In 2016, Group II and III segments collectively accounted for one-third market share. In terms of value, these types held approximately 36% share in the overall market.
Group II is the top investment pocket in the base oil market, attributed to the replacement of Group I base oil owing to the increase in trend towards low and mid SAPS specifications (Sulfated Ash, Phosphorous, and Sulfur) and lighter viscosity grades.
Major companies adopted agreement, product launches, expansions, mergers, and agreements to sustain the intense market competition. Key players profiled in the report include, BP PLC, Chevron Corporation, Ergon Inc., Evonik Industries AG, Exxon Mobil Corporation, H&R Ölwerke Schindler GmbH, Nynas AB, Petronas Pvt.
Ltd., Royal Dutch Shell PLC, SK Lubricants Co. Ltd., and Total S.A.
Other market players (not profiled in report) in the value chain include Avista Oil AG, Calumet Specialty Products Partners Lp, GS Caltex Corporation, Lotos Oil SP. Z O.O., MOGoil GmbH, Neste Oil, PetroChina Company Limited, Repsol, Sinopec Group, and S-Oil Corporation.
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