(MENAFN- Prophecy Market Insights) Base Oil Market filtration technologies market accounted for US$ 30.1 billion in 2020 and is estimated to be US$ 47.9 billion by 2029 and is anticipated to register a CAGR of 5.3%.
The report "Global Base Oil Market, By Group (Group I, Group II, Group III, Group IV, Group V), By Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid) and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
• In May 2018, Chevron Corporation entered into an agreement with Novvi, LLC (US) through one of the divisions of its subsidiary Chevron U.S.A. Inc. for the development and commercialization of renewable base oil technologies.
• In February 2017, Saudi Aramco launched its base oil marketing business to supply API Group I, II, and III base stocks. The Group I oils are offered under the DURA brand name, Group II under the PRIMA name, and Group III under the ULTRA brand name. Apart from streamlining its base oil strategy, this development helped establish the company as an active supplier in the base oil market.
Analyst View:
There is a huge demand for custom-made oils ever since the advanced engine technology are extensively in demand. For such engine to be able to do its tasks i.e., high speed and harsh condition, the selection of base oil plays an important role. Engine oils are composed of 70–90 percent base oil and 10–30 percent additives. Thus, the growing demand for high-grade engine oils is expected to boost the base oil market.
Key Market Insights from the report:
The global base oil market accounted for US$ 30.1 billion in 2020 and is estimated to be US$ 47.9 billion by 2029 and is anticipated to register a CAGR of 5.3%. The market report has been segmented on the basis of group, application, and region.
• Depending upon the group, group II is dominating the market due the its application 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.
• Based on the application, the automotive oil application segment is projected to lead the market. The growth of this segment can be attributed to the increase in the automotive sector in the developing regions. Furthermore, the surge in the population in the regions of Asia Pacific is driving the demand for the automotive industry, and thus propelling the market for the automotive oil application segment of the base oil.
• By region, Asia Pacific dominates the global base oil market and the main consumer are China and India. This is mainly due to increasing GDP led by the rising industrial activities that has increased the demand for base oil.
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Competitive Landscape:
The prominent player operating in the global base oil market includes, ExxonMobil Corporation British Petroleum, Royal Dutch Shell, Chevron Corporation, Saudi Aramco, Total SA, Sepahan Oil Company, Bahrain Lube Base Oil Co., Lukoil, Indian Oil Corporation.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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