According to the new market research report “Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) – Global Forecast to 2024″, is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. The growing demand for high-grade oils in the automotive industry, as well as the increasing GDP in Asia Pacific driven by increasing industrial activities, are key factors fueling the growth of the base oil market across the globe.
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The base oil market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. The growing demand for high-grade oils in the automotive industry is one of the major factors driving market growth. Strategies such as agreements and plant expansions undertaken by several prominent players in the base oil industry are further fueling the base oil industry growth across the globe.
The base oil is a lubricant component used to manufacture all kinds of lubricants. The manufacturing of base oil involves different processes, including distillation, solvent refining, hydrogen processing, oligomerization, esterification, and re-refining. All the base oils have been divided into five general categories, namely, Group I, Group II, Group III, Group IV, and Group V. Group I base stocks contain less than 90% saturates and/or greater than 0.03% sulfur and have a viscosity index greater than or equal to 80 and less than 120. Group II base stocks contain greater than or equal to 90% saturates and less than or equal to 0.03% sulfur and have a viscosity index greater than or equal to 80 and less than 120. Group III base stocks contain greater than or equal to 90% saturates and less than or equal to 0.03% sulfur and have a viscosity index greater than or equal to 120. Group IV base stocks are poly-alpha-olefins (PAO). Whereas, Group V base stocks include all other base stocks not included in Group I, II, III, or IV.
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The base oil market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. The growing demand for high-grade oils in the automotive industry is driving market growth. Agreements, as well as plant and distribution channel expansions made by many prominent players, have also contributed to the growth of the base oil market across the globe.
Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) are some of the leading players operating in the base oil market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.
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In April 2018, Exxon Mobil Corporation entered into a new distributor agreement with Zestcor (South Africa), an experienced sales, procurement, and supply chain management company. The agreement aided Exxon Mobil Corporation in offering an efficient and reliable supply of high-quality base stocks in South Africa and the sub-Saharan region.
In November 2017, Motiva Enterprises LLC enhanced its Motiva STAR Base Oils portfolio by introducing Group III premium base oil products—STAR HVI 4 and STAR HVI 6. This enhancement helped the company broaden its product portfolio and strengthen its position as one of the leading base oil suppliers in the US.
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