According to the report published by Allied Market Research, the global base oil market was estimated at $34.9 billion in 2020 and is expected to hit $41.7 billion by 2030, registering a CAGR of 1.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in demand for high-grade oils in the automotive industry and stringent environmental legislations drive the global base oil market. On the other hand, fluctuating price of crude oil restrains the growth to some extent. However, global shift from Group I base oils to Group II and III is anticipated to create lucrative opportunities in the industry.
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The global base oil market is analyzed across type, application, and region.
Based on type, the Group I segment contributed to nearly half of the total market revenue in 2020, and is projected to lead the trail by 2030. Group III segment, however, would exhibit the fastest CAGR of 5.7% during the forecast period.
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Based on application, the automotive oil segment generated the highest share in 2020, accounting for more than two-fifths of the global market. The same segment would also cite the fastest CAGR of 2.0% from 2021 to 2030.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering more than two-fifths of the global market. The same region would also manifest the fastest CAGR of 2.0% throughout the forecast period.
The key market players analyzed in the global base oil market report include Phillips 66 Company, Chevron Corporation, Exxon Mobil Corporation, Evonik Industries AG, Neste Oyj, PT Pertamina, S-OIL Corporation, Royal Dutch Shell Plc, AVISTA OIL AG, and Saudi Aramco. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.