Base Oil Market Analysis

The global base oil market is segmented by type into group I, II, III, IV, and group V, out of which, the group II segment is anticipated to hold the largest share in the market during the forecast period owing to the commercial viability of group II base oils, as they are affordable with higher quality. The hydrocarbons of this group are saturated, which gives them better antioxidation properties, making them useful for older engines. On the basis of end-user industry, the automotive segment is anticipated to hold the largest share over the forecast period, on the back of the growing sale of automobiles, with more than 65 million cars sold in 2020, backed by the changing life style and higher disposable income of the middle class. The growing demand for engine oil for the increasing number of vehicles is estimated to drive the growth of the segment.

Our in-depth analysis of the global market includes the following segments:

By Type	Group I Group II Group III Group IV Group V
By Application	Hydraulic Oil Motor Oil Metalworking Fluid Grease Others
By End-User Industry	Automotive Aviation Manufacturing Construction Others

Frequently Asked Questions (FAQ)

Growing demand for high-grade engine oil in vehicles and increasing fuel consumption are the major factors driving the market growth.

The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.

Fluctuating costs of crude oil is one of the major factors estimated to hamper the market growth.

The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of large number of oil reserves, along with the growing automotive industry in the region.

The major players in the market are Repsol group, Nynas AB, SK innovation Co. Ltd, AVISTA OIL Deutschland GmbH, Neste Oyj, Exxon Mobil Corporation, Shell International B.V., Motiva Enterprises LLC, Chevron Corporation, and others.

Base Oil Market Analysis