Market by Group, Application, and Country Outlook | Forecast 2022-2028
According to a research report by Triton, the Asia-Pacific base oil
market is estimated to grow at a volume
CAGR of 4.38% and revenue CAGR of 3.85% over the
forecasting period 2022-2028.
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The countries analyzed in
this region include:
• India
• ASEAN Countries
• South Korea
• China
• Japan
• Australia & New
Zealand
The market in the Asia-Pacific is expected to
rise at a high rate due to the factors like growth in production and sales of
automobiles, adoption and deployment of motor engines, engine oil, greases, and
other lubricants derived from the base oils. Further, various companies such as
GS Caltex Corporation, PT Pertamina, S-Oil Corporation, etc., are launching
advanced and innovative base oil products, surging the region's market growth.
The industrialization in China drives the increased crude oil demand and
increased exports of refined petroleum products to other ASEAN countries.
Further, there has been an increase in automobile sales across the country. For
instance, the Organisation Internationale des Constructeurs d'Automobiles
(OICA) estimated that China produced more than 25.22 million cars and
commercial vehicles in 2020, which grew to more than 26.08 million in 2021.
This number is anticipated to grow even further with the growing urbanization
and rising demand, which will likely lead to an increase in the use of various
base oil products and therefore support market expansion.
The top companies and players in the base oil market, such as GS Caltex
Corporation, S-Oil Corporation, and others, have their headquarters in South
Korea and are implementing several strategic measures to further develop the
nation's base oil sector. For instance, S-Oil and Saudi Aramco signed 4 MoUs in
2022 to collaborate for an alternative energies business, including cooperation
in thermal crude to chemicals technology, and research and development for
producing lower carbon future energy. This is anticipated to positively affect
the expansion of the base oil market.
Typically, automotive oils are used in the production of lubricants used
in the automotive industry. Automotive lubricants can lower friction and heat
production in cars' transmission, engine, and steering systems. Under certain
conditions, these lubricants can also cool vehicle components. Companies
globally are developing and releasing cutting-edge products in the automotive lubricants
sector, which is anticipated to fuel market expansion over the forecast period.
The studied report assesses the market’s growth
based on group and application. Here, the application segment includes automotive oil, industrial oil,
greases, hydraulic oil, metalworking fluids and other applications.
Leading names in the base oil market include
Shell Plc, PT Pertamina (Persero), Ergon Inc, Phillips 66 Company, Saudi
Aramco, Nynas AB, GS Caltex Corporation, and Exxon Mobil Corporation.
Founded in 1976, the S-Oil Corporation is a South Korean refinery and
petroleum company. The business manufactures lubricant, petrochemical, and
petroleum-based products. The product portfolio of the company includes a wide
range of base oils. The product has the power to formulate most automotive as
well as industrial lubricating oils for heavy-duty diesel engine oils,
industrial hydraulic, driveline oils as well as turbine oils. The company also
has its offices located in China, Singapore, and Japan.
Key deliverables of the
report:
● Market CAGR during the forecasting years 2022-2028
● Detailed data highlighting key insights, industry components, and market strategies
● Comprehensive information and estimation of the base oil market revenue growth in Asia-Pacific and its influence on the parent market
● In-depth study of forthcoming trends in consumer behavioral patterns
● A meticulous analysis of the competitive landscape, vendor scorecard, and Porter’s Five Forces Model
● A wide-ranging study of factors that will challenge the
Asia-Pacific base oil market’s growth during the upcoming years
Want to get specific insights? Our team of analysts can customize this
report based on your preferences. Connect with us here.
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VIEW REPORT1. ASIA-PACIFIC
BASE OIL MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE BASE OIL MARKET
2.2. KEY
INSIGHTS
2.2.1. RAPID INDUSTRIALIZATION
ACROSS THE GLOBE
2.2.2. INCREASING
DEMAND FOR HYDRAULIC OIL
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. KEY
MARKET STRATEGIES
2.6.1. PRODUCT
LAUNCHES & DEVELOPMENTS
2.6.2. PARTNERSHIPS
& AGREEMENTS
2.7. MARKET
DRIVERS
2.7.1. RISING
DEMAND FOR HIGH-GRADE OILS FROM THE AUTOMOTIVE SECTOR
2.7.2. WIDE
RANGE OF APPLICATIONS ACROSS DIFFERENT END-USERS
2.7.3. STRINGENT
ENVIRONMENTAL REGULATIONS LEADING TO STRICT PERFORMANCE STANDARDS
2.8. MARKET
CHALLENGES
2.8.1. VOLATILITY
IN THE PRICE OF CRUDE OIL
2.8.2. DECREASE
IN THE DEMAND FOR GROUP I BASE OIL
2.9. MARKET
OPPORTUNITIES
2.9.1. INCREASING
POPULARITY OF RENEWABLE BASE OIL
2.9.2. GROWING
DEMAND ACROSS THE ASIA-PACIFIC REGION
3. ASIA-PACIFIC
BASE OIL MARKET OUTLOOK - BY GROUP (IN TERMS OF VALUE: $ MILLION &
VOLUME: KILOTON)
3.1. GROUP
I
3.2. GROUP
II
3.3. GROUP
III
3.4. GROUP
IV
3.5. GROUP
V
4. ASIA-PACIFIC
BASE OIL MARKET OUTLOOK - BY APPLICATION (IN TERMS OF VALUE: $ MILLION &
VOLUME: KILOTON)
4.1. AUTOMOTIVE
OIL
4.2. INDUSTRIAL
OIL
4.3. GREASES
4.4. HYDRAULIC
OIL
4.5. METALWORKING
FLUIDS
4.6. OTHER
APPLICATIONS
5. ASIA-PACIFIC
BASE OIL MARKET – COUNTRY OUTLOOK (IN TERMS OF VALUE: $ MILLION &
VOLUME: KILOTON)
5.1. CHINA
5.2. JAPAN
5.3. INDIA
5.4. SOUTH
KOREA
5.5. ASEAN
COUNTRIES
5.6. AUSTRALIA
& NEW ZEALAND
5.7. REST
OF ASIA-PACIFIC
6. COMPETITIVE
LANDSCAPE
6.1. EXXON
MOBIL CORPORATION
6.2. CHEVRON
CORPORATION
6.3. SAUDI
ARAMCO
6.4. SHELL
PLC
6.5. NESTE
OYJ
6.6. GS
CALTEX CORPORATION
6.7. AVISTA
OIL AG
6.8. PT
PERTAMINA (PERSERO)
6.9. PHILLIPS
66 COMPANY
6.10. SEPAHAN
OIL
6.11. ERGON
INC
6.12. GRUPA
LOTOS
6.13. NYNAS
AB
6.14. S-OIL
CORPORATION
6.15. REPSOL
SA
7. RESEARCH
METHODOLOGY & SCOPE
7.1. RESEARCH
SCOPE & DELIVERABLES
7.2. SOURCES
OF DATA
7.3. RESEARCH
METHODOLOGY
TABLE 1: ASIA-PACIFIC BASE OIL
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 2: ASIA-PACIFIC BASE OIL
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 3: VENDOR SCORECARD
TABLE 4: ASIA-PACIFIC BASE OIL
MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 5: ASIA-PACIFIC BASE OIL
MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 6: ASIA-PACIFIC BASE OIL
MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 7: ASIA-PACIFIC BASE OIL
MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 8: ASIA-PACIFIC BASE OIL
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 9: ASIA-PACIFIC BASE OIL
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
FIGURE 1: MARKET
ATTRACTIVENESS INDEX
FIGURE 2: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP, 2021 & 2028 (IN %)
FIGURE 3: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP I, 2022-2028 (IN $ MILLION)
FIGURE 4: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP II, 2022-2028 (IN $ MILLION)
FIGURE 5: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP III, 2022-2028 (IN $ MILLION)
FIGURE 6: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP IV, 2022-2028 (IN $ MILLION)
FIGURE 7: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP V, 2022-2028 (IN $ MILLION)
FIGURE 8: ASIA-PACIFIC BASE
OIL MARKET, BY APPLICATION, 2021 & 2028 (IN %)
FIGURE 9: ASIA-PACIFIC BASE
OIL MARKET, BY AUTOMOTIVE OIL, 2022-2028 (IN $ MILLION)
FIGURE 10: ASIA-PACIFIC BASE
OIL MARKET, BY INDUSTRIAL OIL, 2022-2028 (IN $ MILLION)
FIGURE 11: ASIA-PACIFIC BASE
OIL MARKET, BY GREASES, 2022-2028 (IN $ MILLION)
FIGURE 12: ASIA-PACIFIC BASE
OIL MARKET, BY HYDRAULIC OIL, 2022-2028 (IN $ MILLION)
FIGURE 13: ASIA-PACIFIC BASE
OIL MARKET, BY METALWORKING FLUIDS, 2022-2028 (IN $ MILLION)
FIGURE 14: ASIA-PACIFIC BASE
OIL MARKET, BY OTHER APPLICATIONS, 2022-2028 (IN $ MILLION)
FIGURE 15: ASIA-PACIFIC BASE
OIL MARKET, COUNTRY OUTLOOK, 2021 & 2028 (IN %)
FIGURE 16: CHINA BASE OIL MARKET
2022-2028 (IN $ MILLION)
FIGURE 17: JAPAN BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 18: INDIA BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 19: SOUTH KOREA BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 20: ASEAN COUNTRIES
BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 21: AUSTRALIA & NEW
ZEALAND BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 22: REST OF
ASIA-PACIFIC BASE OIL MARKET 2022-2028 (IN $ MILLION)