Dublin, May 02, 2022 (GLOBE NEWSWIRE) -- The "Base Oil Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global base oil market is expected to grow at a CAGR of 5.12% for the period 2022-2027. The study covers both the demand and supply sides of the market. It also profiles and analyses leading companies and several other prominent companies operating in the market.
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One of the major changes happening in the global base oil market is the shift from group I base oils to group II & group III base oils. Factors such as the stringent regulatory standards, circular economy, and high demand for high-quality lubricants are driving this change
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Presently, the group II base oil segment dominates the market as group II base oils have low levels of sulfur and aromatics, which is effective to meet vehicle emission standards, high demand for lubricants with low volatility, and improve fuel economy
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The automotive oil segment is a dominating end-use segment as it consumes the major chunk of base oil
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The rise in demand for lightweight vehicles in the developing and developed regions presents lucrative market growth opportunities for vendors of automotive oil
The Report Includes:
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The analysis of the Global Base Oil Market provides market size and growth rate for the forecast period 2022-2027.
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It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the Global Base Oil market.
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The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
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It offers a complete overview of market segments and the regional outlook of the Base Oil Market.
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The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.
Group II base oils is expected to be the largest segment in the base oil market. Group II base oils are more refined base oil than group I. These oils have clear color and better antioxidant properties than group I base oil owing to the saturated nature of their hydrocarbon molecules. However, group II base oils are more expensive than Group I. These base oils are primarily used in the textile industry, cutting oils, in the formulation of lubricants for turbines, heat pumps, exchangers, and engines owing to their impressive properties of wear & tear resistance, low friction, and better load-bearing capacity.
Automotive or engine oil is the largest segment amongst others in the base oil market. The main function of automotive oil is to reduce friction and wear & tear of the automotive engine and to clean the engine from sludge, and detergents. Earlier, group 1 base oil was used in automotive oil. Presently, group II and group III base oil are being highly preferred for manufacturing base oil driven by the emission regulation standard, increasing demand for low viscosity, low volatility lubricants, and increasing demand for better fuel economy is fuelling the demand for premium base oil.
There is a growing demand for automotive oil in Europe, APAC, and North America which is driving the demand for base oil. At the same time, the APAC market is also experiencing an escalating demand.
Market Segmentation by Group