A new Fact.MR analysis projects base oil market to grow at approximately 2% CAGR during the forecast period from year 2020 to 2030. According to the report, broader growth of the automotive sector will be crucial for the prospects of the base oil market players during the assessment period. The study further opines that growing focus on reducing toxic pollutants and shift toward electric vehicles can induce a decline in demand.
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“Recovery in the automobile sector is crucial for base oil industry, so market players are eagerly looking out for a strong recovery,” says a Fact.MR analyst.
Market Segmentation
Global Base Oil Market Analysis and Forecast, by Grade, 2020-2030
Global Base Oil Market Analysis and Forecast, by Application, 2020-2030
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Due to high solvency, proper viscosity, and other properties, base oils are widely used in lubricants manufacturing. Lubricants being the main type of automotive fluids are highly required by the automotive industry. As automobile industry continues on a steady recovery, the demand for lubricants is also growing, which in turn is likely to drive demand for base oil during the forecast period.
According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity of dissolving deposits and oxidizing products during the use phase of the lubricants.
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The COVID-19 pandemic has heavily impacted the base oil market due to several factors such as closing down of manufacturing units during lock-down periods, non-operational supply chain, scarcity of raw materials, financial constraints, unavailability of labors, job recession, and others. Automotive sector being the major end-use industry has resulted in declined market growth as consumers focus has shifted towards more emergency services instead of automotive products.
In its latest report, Fact.MR has provided an unbiased detailed analysis on the global base oil market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2020 and 2030. The report discusses critical insights on the base oil market in terms of grade (group I, group II, group III, group IV (PAO), group V (exc. Naphthenics), re-refined), application (automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic oils), across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).
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