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Automotive Fluids To Catch Eye Of Stakeholders Base Oil Market Size Likely To Expand: Fact.MR Study

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United States, Rockville MD, May 10, 2022 (GLOBE NEWSWIRE) -- As per a recent report published by Fact.MR, the global Base Oil market is poised to grow at a CAGR of 2.3% from 2022 to 2032. The industry is expected to close at a valuation of US$ 44 Billion. Rising demand for electric vehicles and the robust temperature bearing capacity of naphthalene Base Oil are necessitating the deployment of Base Oil solutions. The demand for Base Oil is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 35.26 Million by the end of 2022.

Browse in-depth TOC on 'Demand of Base Oil Market'

116 Tables, 3 8 Figures and 170 Pages

From 2015 to 2021, the market for Base Oil grew at a CAGR of 2%, closing at a value of US$ 34.47 Billion. As of 2022, the industry is likely to reach US$ 35.27 Billion. According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity for dissolving deposits and oxidizing products during the use phase of the lubricants.

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Due to Grade V's diverse range of applications as well as the expanding end-users such as process oil manufacturers, metalworking fluid manufacturers, and others, the group V base oils are gaining rapid traction all over the world.

Why Europe is becoming a Lucrative Region for Base Oils Market?

European Region to Spearhead the Lubricants Segment in Upcoming Future

The rising demand for fuel-efficient vehicles coupled with the various stringent regulations regarding automotive fuel policy is bolstering the Europe base oil market growth.

For instance, according to the regulations by European Union Automotive Fuel Policy, the average CO2 emission level for new passenger cars must not exceed 130 grams per kilometre.

As a result, the increasing demand for the development of highly efficient lubricants manufactured from base oils is rising the base oil market value rapidly. According to Fact.MR, Europe will continue to be a lucrative market for base oil manufacturers and is likely to reach a valuation of nearly US$ 16 Billion, following a CAGR of 2.5% throughout the assessment period.

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Key Segments Covered in the Base Oil Industry Survey

  • Base Oil by Grade :
    • Group I Base Oil
    • Group II Base Oil
    • Group III Base Oil
    • Group IV (PAO) Base Oil
    • Group V (ex. Naphthenics) Base Oil
    • Naphthenics Base Oil
    • Re-refined Base Oil
  • Base Oil by Application :
    • Base Oil for Automotive Fluids (Lubricant, Gear Oil, Transmission Fluid, Power Steering Fluid, Brake Fluid, Others)
    • Process Base Oils (Rubber Process Oils, Textile Process Oil)
    • Industrial Base Oils (Transformer Oil, Turbine Oil, Food Grade Oil, Others)
    • Base Oil for Metalworking Fluids (Emulsions, Neat Oils)
    • Hydraulic Base Oils (Petroleum-Based, Biodegradable)
    • Other Base Oil Applications
  • Base Oil by Region :
    • North America Base Oil Market
    • Latin America Base Oil Market
    • Europe Base Oil Market
    • Asia Pacific Base Oil Market
    • The Middle East & Africa Base Oil Market

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Competitive Landscape
Prominent Base Oil providers are reliant on partnerships, collaborations, acquisitions, and new software launches to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.

  • In July 2020, SWEPI LP, a subsidiary of Royal Dutch Shell has completed the sale of its Appalachia shale gas position to Seneca Resources Company, LLC and NFG Midstream Covington, LLC, each of which is a subsidiary of National Fuel Gas Company to acquire USD 541 million to invest as an asset for quality base oil production.
  • In October 2020 Indian Oil Corporation signed a pact with the Indian Institute of Science (IISS) to develop hydrogen generation technology based on biomass gasification.

Key players in the Base Oil Market

  • Chevron Corporation,
  • Exxon Mobil Corporation
  • Royal Dutch Shell Plc.
  • Ergon Inc.
  • Neste Oyj
  • Nynas AB,
  • Sepahan Oil

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Key Takeaways from Base Oil Market Study

  • Global base oil market to flourish 0.7x from 2022-2032
  • Grade V Base Oil to be a top-selling category, capturing more than 2/5th market and flourishing at a 2.4% CAGR until 2032
  • By application, base oil for the automotive industry to expand at a CAGR of 2.4%
  • North America to emerge as an important market, documenting a 2.5% CAGR
  • APAC to be an opportunistic market, expected to be valued at US$ 16.2 Billion in 2032
  • Europe to document a CAGR of 3.3% with regard to base oil sales until 2032

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