Base Oil Market to Reach Around US$ 38.5 Bn by 2026, due to High Demand in Automotive Lubricants - TMR

ALBANY, New York, Feb. 18, 2019 /PRNewswire/ -- The global base oil market is highly fragmented due to the presence of innumerable small as well as large-scale companies, observes Transparency Market Research based on a newly published report. Major industries participants in the global base oil market are Royal Dutch Shell Plc, Nynas AB, Russian Rosneft, BP, and China Petrochemical Corporation, among others. Among these, Russian Rosneft and BP that are likely to get into a tie-up to create a new joint Venture Company.

According to the research report by Transparency Market Research, the global base oil market was valued at US$33.2 bn in 2017 and is projected to expand at a CAGR of 1.7% from 2018 to 2026. Based on type, the market is segmented into Group II and Group III. Growing adoption of these segments has increased ground transportation, aviation, and commercial road transportation. This is anticipated to support growth of the global base oil market over the next eight years. Region-wise, consumption of base oil in Asia-Pacific is expected to increase, owing to growth in industrial development, demand from the automotive industry, and stable economic growth.

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Less Polluting Automobiles is Boosting the Market

Base oils are a major constituent of any lubricant, which meets certain criteria such as viscosity, oxidation, pour point, seal compatibility, additive solubility, and thermal stability. The global base oil market is witnessing an uptick in demand owing to the stringent environmental regulations. Moreover, preference for finished lubricants, especially from the automobile industry is also growing. Automotive lubricants such as suspension oil and many more are driving the global base oil market. These automotive lubricants are becoming critically important to ensure smoother functioning and less polluting automobiles. Development in automotive business will raised requirement for finished lubricants. Fast industrialization in rising economies drives the requirement for lubricants with different end user segmentation.