Research Nester published a report titled “Global Base Oil Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global base oil market in terms of market segmentation by type, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global base oil market is estimated to attain a significant CAGR over the forecast period, i.e., 2021–2029. The market is segmented by type into group I, II, III, IV, and group V, out of which, the group II segment is projected to hold the major share during the forecast period. This share can be attributed to the high quality and lower prices of group II base oils, as compared to group III. On the basis of end-user industry, the market is segmented into automotive, aviation, manufacturing, construction, and others. Out of these, the automotive segment is anticipated to hold the largest share over the forecast period, on the back of the increasing need for engine oil for vehicles, backed by the growing production and sale of automobiles. In the year 2020, more than 65 million cars were sold worldwide, which is estimated to cross 70 million by the end of 2021.
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The market is estimated to grow on the back of rising demand for high-grade engine oil backed by the growing automotive sector. Moreover, the escalating investment in the oil & gas industry globally is anticipated to boost the market growth. The demand for lubricants, such as industrial grease, among the manufacturing and construction industry, is estimated to further boost the market growth.
On the basis of region, the global base oil market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period owing to the growing automotive industry in countries, such as, Japan, China, and India. Growing demand for cars and other vehicles, couples with the industrial expansion and economic development is expected to boost the market growth. The market in North America region is estimated to gain the largest market share over the forecast period, owing to the large crude oil reserve in the region. Canada is one of the biggest producers of crude oil, producing more than 4.5-million-barrel oil per day, as of 2019. Moreover, the growing automotive sector in the region is also estimated to boost the market growth.
Growing Demand for Engine Oil likely to boost the market growth
Engine oil is obtained from base oils, with 70 to 90 % base oil and 30 to 10 % chemical additives. The growing demand for engine oil in the rising automotive industry is estimated to promote the growth of the global base oil market.
However, rapidly depleting oil reserves, and fluctuating price of crude oil are expected to operate as key restraint to the growth of the market over the forecast period.
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