Base Oil Market: Use of Group 3 Soars as Car Makers Apply OW-20 Oils for Newly A
Posted by arslan on February 19th, 2019
With vehicle makers endlessly pushing to meet pollution standards and stiffening efficiency, the automotive market drives the way oil companies produce base oils. Truck engines and automobile are world’s biggest consumers of lubricants. Antioxidants, viscosity modifiers and corrosion inhibitors are some of the ingredients assuring motor oils meet the performance specifications of auto industries.
These introductory insights are according to the report titled, “Base Oil Market—Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026,” which has been recently embraced in the exhaustive repository of Market Research Reports Search Engine (MRRSE). With respect to market share, the market for base oil is expected to expand at a compound annual growth rate of over 1% during the assessment period 2018-2026.
According to the ingredients and performance capacity, the American Petroleum Institute classified base oils into five groups. Though group 1 is the largest single category in the global market, demand has witnessed a dip as it contains too much aromatics and sulfur to be as stable as hydro-processed oil. Owing to its use in marine and industrial lubricants and in engine oils for older engines, it has remained dominant with respect to market share. Group 2 and 3 which are both hydro-processed oils are replacing group 1. As fuel economy lubricants become more paramount and car makers like Honda and Toyota use OW-20 oils for the factory fill of newly assembled engines, Group 3 are growing in use.
The report limns a comprehensive analysis on base oil market for the assessment period 2018-2026 through qualitative and quantitative analysis. The report further states the dynamics including drivers, trends, opportunities and restraints that have significant impact in the growth of the market. Furthermore, the report offers an apt segregation to provide a holistic view of the base oil market. The report is segregated on the basis of group, application and region.
The report begins with preface followed by executive summary and market overview section. The market overview section elucidates regulatory landscape, repackaging systems with demand and supply scenario, value chain analysis and Porters’ Five Force Analysis. The value chain analysis focuses on supply chain and profit margin analysis while Porters’ five Force analysis focuses on the competitive landscape of the market.
The last section provides coherent analysis on the competitive scenario of the base oil market, including dashboard view, company share analysis, competition position index, competition development-mergers, acquisitions and expansion- and competition deep dive. The last section embodies company overview, strategies, product portfolio, and recent developments. Competitors of the market included in the report are ExxonMobil Corporation, China Petrochemical Corporation, Royal Dutch Shell Plc, British Petroleum and the Phillips 66 Company, among others.
Coherent primary and secondary sources substantiate the report on base oil market. Primary sources have provided first-hand information on factors such as market size, competitive landscape, growth trends, and market size. These aspects have been instrumental in bolstering and validating secondary research findings. The data collated are discerned and analyzed succinctly by panel of expert.
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