ASIA-PACIFIC BASE OIL MARKET 2022-2028

Chemicals & Materials | Petrochemicals

ASIA-PACIFIC BASE OIL MARKET 2022-2028

Market by Group, Application, and Country Outlook | Forecast 2022-2028

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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

•        Rest of Asia-Pacific

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

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Table of Content

1. 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   

List of Tables

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)

List of Figures

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)

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