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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Key Takeaways from Base Oil Market Report
- Base oil market is anticipated to witness growth of nearly 2% CAGR during the forecast period from year 2020 to 2030
- Application-wise, automotive fluid is expected to dominate the market
- Asia Pacific market is anticipated to lead all other regions
- Grade-wise, group III base oil will generate highest revenue
- Asia Pacific base oil market is anticipated to exhibit highest growth followed by Europe
- Commercialization of advanced Gas-to-Liquid (GTL) technology creating novel opportunities
- The capacity expansion of group II base oils, especially in Europe and Asia Pacific market will grow strongly through 2030
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Increase in Lubricants Production Steering Market Growth
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.
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