Asia-Pacific Base Oil Market Report 2022-2028: Rising Demand for High-Grade Oils from the Automotive Sector & Wide Range of Applications Across Different End-Users Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Asia-Pacific Base Oil Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.

MARKET OUTLOOK

As per this report, the Asia-Pacific base oil market is expected to grow with a revenue CAGR of 3.85% and a volume CAGR of 4.38% during the forecasted period of 2022-2028. The region's market is studied across countries like India, China, Japan, ASEAN countries, South Korea, Australia & New Zealand and Rest of Asia-Pacific.

In the Asia-Pacific, the growth in the production and sales of automobiles in China, Japan, and India led to an increase in the adoption and deployment of motor oil, engine oil, greases, and other automotive lubricants acquired from base oil. The market is expected to grow with the increase in the launch of advanced and innovative base oil products by the dominant players like GS Caltex Corporation, PT Pertamina, and S-Oil Corporation in the region. Such factors in the Asia-Pacific region can fuel the market growth during the forecast period.

Rapid industrialization, increasing export of refined petroleum, and economic growth are some factors that increase China's demand for crude oil. These factors are expected to raise the deployment of various base oil products. As per International Energy Agency, the demand for oil in China is expected to grow from 1.8 million barrels per day in 2022 to 2.2 million barrels per day in 2023. Further, an expansion in base oil production is expected to impact the market's growth. For instance, in 2022, the Sinopec Maoming Petrochemical Company, located in the Guangdong province, announced that it would begin producing poly alpha olefin with 12,000 tons per year.

Market Dynamics

Market Drivers

• Rising Demand for High-Grade Oils from the Automotive Sector
• Wide Range of Applications Across Different End-Users
• Stringent Environmental Regulations Leading to Strict Performance Standards

Market Challenges

• Volatility in the Price of Crude Oil
• Decrease in the Demand for Group I Base Oil

Market Opportunities

• Increasing Popularity of Renewable Base Oil
• Growing Demand Across the Asia-Pacific Region

   

Key Topics Covered:

1. Asia-Pacific Base Oil Market - Summary

2. Industry Outlook

3. Asia-Pacific Base Oil Market Outlook - by Group (In Terms of Value: $ Million & Volume: Kiloton)

4. Asia-Pacific Base Oil Market Outlook - by Application (In Terms of Value: $ Million & Volume: Kiloton)

4.1. Automotive Oil

4.2. Industrial Oil

4.3. Greases

4.4. Hydraulic Oil

4.5. Metalworking Fluids

4.6. Other Applications

5. Asia-Pacific Base Oil Market - Country Outlook (In Terms of Value: $ Million & Volume: Kiloton)

5.1. China

5.2. Japan

5.3. India

5.4. South Korea

5.5. Asean Countries

5.6. Australia & New Zealand

5.7. Rest of Asia-Pacific

6. Competitive Landscape

7. Research Methodology & Scope

Companies Mentioned

• Exxon Mobil Corporation
• Chevron Corporation
• Saudi Aramco
• Shell plc
• Neste Oyj
• Gs Caltex Corporation
• Avista Oil AG
• Pt Pertamina (Persero)
• Phillips 66 Company
• Sepahan Oil
• Ergon Inc
• Grupa Lotos
• Nynas Ab
• S-Oil Corporation
• Repsol Sa

For more information about this report visit https://www.researchandmarkets.com/r/ksjqqb