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Global Group II & III Base Oil Market Report 2022: Market is Expected to Reach $29.8 Billion by 2027, Growing at a CAGR of 6.7%
Dublin, April 26, 2022 (GLOBE NEWSWIRE) -- The "Group II & III Base Oil Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global group II & III base oil market is expected to reach USD 29.8 billion by 2027, growing at a CAGR of 6.7%.
The report considers the present scenario of the group II & III base oil market and its market dynamics for 2022-2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyses leading companies and several other prominent companies operating in the market.
KEY HIGHLIGHTS
Globally, the market for group II & III base oil is intensifying due to the need for low sulfur content, low viscosity, and a higher saturation of chemical bonds that are effective in meeting the current market trends of reducing carbon footprint and improving fuel economy.
In addition, stringent vehicle emission standards and high demand for lubricants are fuelling the market growth in recent years.
API group II base oil is in a dominant phase while group III base oil is in the evolving phase and is primarily used in high-performance engines.
GLOBAL GROUP II & II BASE OIL MARKET SEGMENTATION
From the technology perspective, hydrocracking is the dominant market segment.
From the application perspective, automotive oil is the dominant segment as it consumes the major chunk of group II & III base oil, followed by industrial oil, process oil, and others.
GEOGRAPHICAL ANALYSIS
By 2027, APAC is expected to surpass North America in terms of group II & III base oil product revenue to become the leading group II & III base oil market globally. The market in APAC is predicted to witness the fastest growth during the forecast period with a CAGR of 7.47%, generating additional revenue of $5,778.03 million by 2027.
In APAC, China, India, and Japan are the major consumers of group II & III base oil. Increasing GDP along with the growth of the automotive & transportation industry, and power generation activities has increased the demand for group II & III base oil.
VENDOR LANDSCAPE
The international players have been adopting an inorganic strategy to expand their footprint in the global market. It primarily involves mergers and acquisitions, expansion, and launching innovative products to strengthen their market position which significantly induces competition in the market.
Mergers and acquisitions primarily benefit the companies by enabling better access to raw materials, production and distribution facilities, and R&D capabilities.
Key Vendors
Chevron Corporation
Exxon Mobil Corporation
Hyundai and Shell Base Oil Co.
Petro-Canada Lubricant
Saudi Arabian Oil Co.
Other Prominent Vendors
Asian Oil Company
Abu Dhabi National Oil Company
Chandri Wax Specialties Private Limited
Dodge
GS Caltex
Hindustan Petroleum Corporation Limited (HPCL)
HollyFrontier Corporation
Mehta Petro Refineries Ltd
Petroyag
Resolute Oil
Repsol
SBZ Corporation
Sinopec
Shandong Qingyuan Group Co.
Vertex Energy Inc
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Supply Chain Analysis
7.2.1 Crude Oil Refining/Manufacturing
7.2.2 Suppliers/ Distributors
7.2.3 Applications
7.3 Regulations & Standards
7.4 Impact of Covid-19
7.4.1 Supply Side
7.4.2 Demand Side
8 Frequently Asked Questions
8.1 How Will the Group Ii & Iii Base Oil Market Perform in the Coming Years?
8.2 What Are the Major Factors Driving the Demand for Group II & III Base Oil?
8.3 Which is the Most Profitable and Preferred Group I & II Base Oil Technology?
8.4 Which Application Segment Generates the Highest Revenue for the Group II & III Base Oil Market
8.5 Which is the Fastest-Growing Region for Group I & II Base Oil?
8.6 Which Are the Major Players Operating in the Group II & III Base Oil Market?
9 Growth Opportunity
9.1 Technology
9.2 Application
9.3 Geography
10 Market Opportunities & Trends
10.1 Increasing Demand for Imo-Compliant Marine Fuel
10.2 Increasing Group Ii & Iii Refining Capacity
11 Market Growth Enablers
11.1 Increasing Demand for Bio-Based Lubricants
11.2 Increased Use of Premium Base Oil in Apac
11.3 Increasing Disposable Income
12 Market Restraints
12.1 Electric Vehicles Hampering Growth of Conventional Lubricants
12.2 Volatility in Crude Oil Prices
13 Market Landscape
13.1 Market Overview
13.2 Market Size & Forecast
13.2.1 Volume and Value
13.3 Five Forces Analysis
14 Technology
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Catalytic Dewaxing
14.4 Hydrocracking
14.5 Hydrotreating
14.6 Others
15 Application
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Automotive Oil
15.4 Industrial Oil
15.5 Process Oil
15.6 Others
16 Geography
16.1 Market Snapshot & Growth Engine (Value)
16.2 Market Snapshot & Growth Engine (Volume)
16.3 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/w3wbv9
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