Base Oil Market

Base Oil Market Trends & Growth Analysis – Latest Insights

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12850
  • Published Date: Jul, 2022
  • Pages: 235
  • Category: Chemicals & Materials
  • Format: PDF
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Market Dynamics

Drivers

  • Increasing demand for automobiles

The demand for vehicles is on the rise in developing economies such as China & India, attributed to the increase in disposable income of the population. The rising consumer awareness about climate is driving the demand for vehicles that emit fewer carbon footprints. The increasing consumer demand for automobiles with better fuel efficiency and enhanced sustainability will drive the base oil market. The base oil improves engine efficiency by enhancing the lubrication of the engine parts. Efficient engines led to vehicles emitting less exhaust, thereby reducing the carbon footprints of the economies. The growing demand for base oils by the automotive industry, attributed to the rising demand for automobiles in developing economies, will drive the growth of the global base oil market.

Restraints

  • Volatile energy market

The increasing volatility would hamper the base oil market growth in the supply of crude oil. Crude oil is the base product refined to produce base oils used for various purposes across industries. However, the recent geopolitical confrontations have led to significant supply shocks in the energy market. The self-imposed supply restrictions by oil exporting countries to regulated prices also add to the growing uncertainty in the energy market. Crude oil is essential in the production of base oils, and supply chain disruptions cause capital losses to manufacturers. Such price volatility can also reduce the adoption of base oil in the future, further hindering the market's growth.

Opportunities

  • Increased focus on the production of Group II base oils

Increasing investments towards developing better systems to produce an improved quality of base oils will introduce lucrative opportunities in the market. Group II oils are clearer in color. They have better antioxidation properties than other groups. The continued research has led to the reduction in the cost of production of group II making it affordable and at par with the group I oils. Group II oils are utilized in various segments of the oil industry and, therefore, will contribute significantly to the development of the market for the forecast period 2022-2030.

Challenges

  • The rising demand for electric vehicles

The increased government spending on developing electric charging station infrastructure and the introduction of subsidies & incentives associated with the production and consumption of electric vehicles will contribute to the rising demand for electric cars. This increasing demand for electric vehicles will pose a significant challenge to the base oil market, which is usually applied to conventional fuel vehicles.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing demand for automobiles
    5.3. Restraints
          5.3.1. Volatile energy market
    5.4. Opportunities
          5.4.1. The increased focus on the production of group II base oils
    5.5. Challenges
          5.5.1. The rising demand for electric vehicles

6. Global Base Oil Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Group I
    6.3. Group II
    6.4. Group III
    6.5. Group IV
    6.6. Group V

7. Global Base Oil Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Automotive Oil
    7.3. Metalworking Fluid
    7.4. Hydraulic Oil
    7.5. Industrial Oil
    7.6. Greases
    7.7. Process Oil
    7.8. Others

8. Global Base Oil Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Base Oil Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Base Oil Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. Chevron Corporation
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. S-OIL Corporation
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Exxon Mobil Corporation
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Royal Dutch Shell PLC
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Saudi Aramco
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Abu Dhabi National Oil Company
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Hindustan Petroleum Oil Company
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Evonik Industries AG
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Neste Oyj
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. AVISTA OIL AG
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Component Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis

List of Table

1. Global Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

2. Global Group I Base Oil Market, By Region, 2019-2030 (USD Billion) 

3. Global Group II Base Oil Market, By Region, 2019-2030 (USD Billion) 

4. Global Group III Base Oil Market, By Region, 2019-2030 (USD Billion) 

5. Global Group IV Base Oil Market, By Region, 2019-2030 (USD Billion) 

6. Global Group V Base Oil Market, By Region, 2019-2030 (USD Billion) 

7. Global Base Oil Market, By Application, 2019-2030 (USD Billion) 

8. Global Automotive Oil Base Oil Market, By Region, 2019-2030 (USD Billion) 

9. Global Metalworking Fluid Base Oil Market, By Region, 2019-2030 (USD Billion) 

10. Global Hydraulic Oil Base Oil Market, By Region, 2019-2030 (USD Billion) 

11. Global Industrial Oil Base Oil Market, By Region, 2019-2030 (USD Billion) 

12. Global Greases Base Oil Market, By Region, 2019-2030 (USD Billion) 

13. Global Process Oil Base Oil Market, By Region, 2019-2030 (USD Billion) 

14. Global Others Base Oil Market, By Region, 2019-2030 (USD Billion) 

15. Global Base Oil Market, By Region, 2019-2030 (USD Billion) 

16. North America Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

17. North America Base Oil Market, By Application, 2019-2030 (USD Billion) 

18. U.S. Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

19. U.S. Base Oil Market, By Application, 2019-2030 (USD Billion) 

20. Canada Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

21. Canada Base Oil Market, By Application, 2019-2030 (USD Billion) 

22. Mexico Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

23. Mexico Base Oil Market, By Application, 2019-2030 (USD Billion) 

24. Europe Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

25. Europe Base Oil Market, By Application, 2019-2030 (USD Billion) 

26. Germany Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

27. Germany Base Oil Market, By Application, 2019-2030 (USD Billion) 

28. France Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

29. France Base Oil Market, By Application, 2019-2030 (USD Billion) 

30. U.K. Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

31. U.K. Base Oil Market, By Application, 2019-2030 (USD Billion) 

32. Italy Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

33. Italy Base Oil Market, By Application, 2019-2030 (USD Billion) 

34. Spain Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

35. Spain Base Oil Market, By Application, 2019-2030 (USD Billion) 

36. Asia Pacific Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

37. Asia Pacific Base Oil Market, By Application, 2019-2030 (USD Billion) 

38. Japan Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

39. Japan Base Oil Market, By Application, 2019-2030 (USD Billion) 

40. China Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

41. China Base Oil Market, By Application, 2019-2030 (USD Billion) 

42. India Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

43. India Base Oil Market, By Application, 2019-2030 (USD Billion) 

44. South America Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

45. South America Base Oil Market, By Application, 2019-2030 (USD Billion) 

46. Brazil Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

47. Brazil Base Oil Market, By Application, 2019-2030 (USD Billion) 

48. Middle East and Africa Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

49. Middle East and Africa Base Oil Market, By Application, 2019-2030 (USD Billion) 

50. UAE Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

51. UAE Base Oil Market, By Application, 2019-2030 (USD Billion) 

52. South Africa Base Oil Market, By Product Type, 2019-2030 (USD Billion) 

53. South Africa Base Oil Market, By Application, 2019-2030 (USD Billion) 

List of Figures 

1. Global Base Oil Market Segmentation

2. Base Oil Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Base Oil Market Attractiveness Analysis by Product Type

9. Global Base Oil Market Attractiveness Analysis by Application

10. Global Base Oil Market Attractiveness Analysis by Region

11. Global Base Oil Market: Dynamics

12. Global Base Oil Market Share by Product Type (2022 & 2030)

13. Global Base Oil Market Share by Application (2022 & 2030)

14. Global Base Oil Market Share by Regions (2022 & 2030)

15. Global Base Oil Market Share by Company (2021)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global base oil market based on below mentioned segments:

Global Base Oil Market by Product Type:

  • Group I
  • Group II
  • Group III
  • Group IV
  • Group V

Global Base Oil Market by Application:

  • Automotive Oil
  • Metalworking Fluid
  • Hydraulic Oil
  • Industrial Oil
  • Greases
  • Process Oil
  • Others

Global Base Oil Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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