Base Oil Market to Reach Around US$ 38.5 Billion by 2026, Improving Performance Standards in the Automotive Industry to Drive Growth - TMR

ALBANY, New York, March 18, 2019 /PRNewswire/ -- The global base oil market depicts a competitive landscape amidst a mixed ocean of challenges and opportunities, reports Transparency Market Research (TMR). The global base oil market is faced with a growing concern and a wide-open horizon of opportunities due to stringent environmental concerns, adds TMR. The major players in the global base oil are dedicating resources towards ensuring a stable and quality supply to gain a stronger foothold in the market. Research and development initiatives have become critical for quality improvements and further exploration of natural resources. Some of the main players in the global base oil market are Chevron Corporation, BP PLC, Evonik Industries AG, Ergon Inc., and Exxon Mobil Corporation.

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High capital investments and huge undertakings in research and development are expected to remain a major barrier to entry in the global base oil market. However, the market is witnessing emergence of small players, especially in emerging regions. Innovation is opening key opportunities at nascent stages of development for small market players, reports TMR.

The global base oil market reached an evaluation of US$ 33.2 bn in 2017. The market is expected to register a steady CAGR of 1.7% during 2017-2026. The market is witnessing a shift in demand from group I base oils to group II & III. This is expected to limit the growth of the base oil market during 2018-2026. Asia Pacific region accounted for more than 40% share of the global base oil market in 2017. The region is expected to lead growth of the base oil market in the near future.

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Unstable Supply of Crude Oil to Hamper the Growth of the Base Oil Market

There are various geo-political challenges surrounding the supply of crude oil. These challenges affect the base oil significantly, as base oil are refined derivatives of crude oil. Additionally, as base oil are essential for manufacturing various products in major industries such as automotive, their supply is often controlled with long term contracts. The unstable supply and fixed nature of supply of base oil is expected to put extreme pressure on pricing and profits in the base oil market. Additionally, major automotive markets such as the United States have recently emerged from a major slowdown in the economy and falling auto sales. Additionally, rising environment-friendly trends such as electric vehicles can also negatively affect the market during the forecast period. All these factors have largely limited the growth prediction of the global base oil market during the forecast period.

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Growing Demand in the Automotive Industry to Propel Growth

Growing demand in automotive industry due to stringent environment regulations related to performance improvements are expected to drive growth for the base oil market. The automotive industry requires various lubricants from the base oil market. Their qualities including oxidation, viscosity, seal compatibility, pour point, thermal stability, and additive solubility are essential for end-use in automotive as well as in many industrial applications.

While increasing regulations are phasing out demand for group 1 base oils. These regulations are expected to shift demand progressively towards group II and III. These groups of oils in the base oil market undergo a more rigorous hydrocracking process. These are also priced similar to oils in group I. Hence, they make for ideal replacements in the base oil market.

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This review is based on  TMR's report titled, "Base Oil Market (Group- Group I (SN 150, BS 150, SN 250, SN 500), Group II (N 150, N 500, N 600), Group III (2 cSt, 4 cSt, 6 cSt, 8 cSt), Group IV (PAO), Group V (excluding Naphthenic), Naphthenic (35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, Above 1200 SUS), Re refined; Application - Automotive Fluids, Process Oils, Industrial Oils, Metalworking Fluids, Hydraulic Oils) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026".

The global base oil market has been segmented as follows:

Group

• Group I
• SN 150
• BS 150
• SN 250
• SN 500
• Others (including SN 70, SN 130, SN 350, SN 900, and SN 1200)
• Group II
• N 150
• N 500
• N 600
• Others (including N 70, N 100, and N 220)
• Group III
• 2 cSt
• 4 cSt
• 6 cSt
• 8 cSt
• Group IV (PAO)
• Group V (excluding Naphthenic)
• Naphthenic
• 35-60 SUS
• 80-130 SUS
• 200-300 SUS
• 400-800 SUS
• Above 1200 SUS
• Re-refined

Application

• Automotive Fluids
• Process Oils
• Industrial Oils
• Metalworking Fluids
• Hydraulic Oils
• Others (including Rust Prevention Oils, Greases, and Marine Lubricants)

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