Research and Markets has announced the addition of the “Base Oil Market by Product and by Application – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2020” report to their offering.
The key base oil products considered are Group I, Group II, Group III, and others. Group I base oils accounted for a major market share in 2014 and are expected to remain dominant throughout the forecast period. It is estimated that Group I base oils would witness a downward trend in terms of their consumption in both North America and Europe.
Substitution of Group I by higher quality Group II and Group III base oils is expected to be the primary reason for the reduction in demand for Group I base oils in the years to come. However, certain important grades of Group I such as Bright Stock are likely to retain their popularity in the market. This grade of base oils is likely to grow in regions such as Asia Pacific, the Middle East, and South America. Increasing preference for Group II and Group III base oils in both the automotive and industrial oil segments would drive growth of these segments in the near future.
Automotive oils accounted for the major application share in the global base oils market in 2014. This segment is anticipated to remain dominant throughout the forecast period. The global automotive lubricants sector has been witnessing a change in preference with respect to the base oils used in blending plants. The sector has been gradually migrating towards high performance base oils (Group II and Group III). Currently, Group III base oils are emerging as the most preferred base stock in the manufacture of finished lubricants for the automotive sector across the globe. With tightening emission standards, the demand for high quality lubricants is likely to grow by several times over during the forecast period. In order to cater to this increasing demand, there is likely to be a rise in the consumption of Group II and Group III base oils in the near future.
Key players in the market include Exxon Mobile Corporation, Royal Dutch Shell plc, SK Lubricants Co. Ltd., and Chevron Corporation. Other market players profiled in this research report include British Petroleum plc, Sinopec Group, GS Caltex Corporation, MOGoil GmbH, PetroChina Company Limited, Phillips 66 Company, and S-Oil Corporation.