Transparency Market Research (TMR) has recently published a research report on the global base oil market and estimates the market to rise at a CAGR of 1.40% during the period from 2015 to 2020. The market is likely to increase from a value of US$34.5 bn in 2014 to an estimated value of US$30.9 bn by the end of the forecast period.The market study, titled “ — Base Oil Market by Product - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2020,” further states that the global market for base oil is expected to reach 39,614.7 kilo tons in terms of demand by the end of the forecast period.
Base oils are lubricating oils, used to produce motor oil, grease, and metal processing fluids. These oils, when produced by refining crude oil, are known as mineral base oils and, when produced by chemical synthesis processes, are called synthetic base oils. They can be categorized as paraffinic base oil and naphthenic base oil on the basis of their chemical structure.
The increasing demand for lubricants has boosted the global base oil market, notes the research study. The rapid rise in the automotive industry has fueled the need for motor oil and lubricants in the global arena, resulting in the increased demand for base oil in the recent times. The industrial development in the emerging countries is also stimulating the demand for base oil significantly in the global arena.
In addition to this, the rising trend of gas-to-liquid technology is projected to increase the supply of highly pure and effective base oils at reasonable prices during the forecast period. However, the declining price of crude oil as well as the shifting of refiners towards heavy, sour crude oil from its light, sweet version is likely to impact negatively on the worldwide base oil market over the next few years, states the market study.
The report evaluates the global market for base oil on the basis of the product, application, and its the regional spread. Based on the product, the market has been classified into group I base oil, group II base oil, and group III base oil. The group II and group III base oil segments are likely to register a significant rise over the forecast period, whereas the demand for the group I base oil is expected to plummet remarkably.
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By application, the worldwide market for base oil has been categorized into automotive oil, process oils, industrial oils, hydraulic oils, metalworking fluids, and other base oils. The automotive oil segment led the overall market in 2014.
On the regional front, the report has segmented the global base oil market into North America, Central and South America, Asia Pacific, Europe, and the Middle East and Africa. The presence of the majority of international automobile producers in Europe drives the base oil market in this region significantly.
SK Lubricants, S-Oil Corp., Royal Dutch Shell Plc, Philips 66 Co., PetroChina Co. Ltd., MOGoil GmbH, GS Caltex Corp., Exxon Mobil Corp., China Petroleum Corp., Chevron Corp., British and Petroleum Plc are the key participants in the global market for base oil, profiled in this research report.
The global base oil market is segmented into:
Central & South America
Middle East & Africa
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