DUBLIN--(BUSINESS WIRE)--The "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 2025" report has been added to ResearchAndMarkets.com's offering.
The global base oil market size is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025.
The growing demand for high-grade oils in the automotive industry is driving the base oil industry growth as well as the rising GDP in the Asia Pacific. The increasing inclination toward cleaner and better-quality base oil is restraining the growth of the market.
The Group II base oil segment is projected to lead the base oil industry from 2019 to 2024
The Group II base oil segment accounted for the largest base oil market share in 2019. Group II base oil is used in a multitude of applications, such as marine and gas engine applications, in trunk piston engine oils, and other applications in the base oil industry. The growth in this market is attributed mainly to the high performance and the affordability of Group II base oil in comparison to the other base oil (Group) segments. Moreover, the Group II base oil segment is projected to lead the market during the forecast period.
The automotive oil application segment is projected to lead the global base oil industry during the forecast period
Based on the application, the automotive oil application segment led the base oil market in 2019. The growth of this segment can be attributed to the growth of the automotive sector in the developing regions of the world, and the increasing population in APAC is driving the growth of the automotive oil application segment.
Asia Pacific is projected to lead the global base oil market during the forecast period
The Asia Pacific region is expected to lead the base oil industry from 2020 to 2025 in terms of both value and volume. The demand for base oil is increasing in Asia Pacific owing to the growing automotive industry in the region. Also, the increasing GDP in the area is expected to fuel the demand for automobiles; thus, driving the base oil market growth. The market in this region is also projected to continue its market dominance in terms of both value and volume, from 2020 to 2025, owing to the and rising industrial activities in the developing countries of the Asia Pacific region.
- Abu Dhabi National Oil Company (Adnoc
- Avista Oil Ag
- Calumet Specialty Products Partners, L.P.
- Chevron Corporation
- China National Offshore Oil Corporation (Cnooc
- Cross Oil
- ENI Spa
- Ergon, Inc.
- Exxon Mobil Corporation
- Formosa Petrochemical Co. Ltd.
- GS Caltex Corporation
- Grupa Lotos S.A.
- H&R Group
- Hainan Handi Sunshine Petrochemical Co. Ltd.
- Hengli Petrochemical Co. Ltd.
- Hindustan Petroleum Corporation Limited
- Hollyfrontier Corporation
- Ineos Group
- Motiva Enterprises LLC
- Neste Oyj
- Nynas Ab
- OJSC Naftan
- PT Pertamina (Persero
- PBF Energy Inc.
- Petrochina Company Limited
- Petroliam Nasional Berhad (Petronas
- Phillips 66
- Repsol S.A.
- Royal Dutch Shell plc
- S-Oil Corporation
- San Joaquin Refining Co. Inc.
- Saudi Aramco
- Sepahan Oil
- Sinopec Corp.
- SK Innovation Co. Ltd.
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