Asia Pacific Base Oil Market Size & Outlook, 2021-2030
Asia Pacific base oil market, 2018-2030 (US$M)
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Asia Pacific base oil market highlights
- The Asia Pacific base oil market generated a revenue of USD 9,495.3 million in 2021.
- The market is expected to grow at a CAGR of 5.7% from 2022 to 2030.
- In terms of segment, group i was the largest revenue generating product in 2021.
- Group V is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Thailand is expected to register the highest CAGR from 2022 to 2030.
Asia Pacific data book summary
| Market revenue in 2021 | USD 9,495.3 million |
| Market revenue in 2030 | USD 15,689.6 million |
| Growth rate | 5.7% (CAGR from 2021 to 2030) |
| Largest segment | Group i |
| Fastest growing segment | Group V |
| Historical data covered | 2018 - 2020 |
| Base year for estimation | 2021 |
| Forecast period covered | 2022 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Group I, Group II, Group III, Group IV, Group V |
| Key market players worldwide | China Petroleum & Chemical Corp Class H, Petronas Chemicals Group Bhd, PetroChina Co Ltd Class H, Exxon Mobil Corp, Chevron Corp, Shell PLC, BP PLC, The Goldman Sachs Group Inc, Nestle SA, Repsol SA |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 46.6% of the global base oil market in 2021.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,689.6 million by 2030.
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Base Oil Market Scope
Base Oil Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Asia Pacific base oil market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to base oil market will help companies and investors design strategic landscapes.
Group i was the largest segment with a revenue share of 42.74% in 2021. Horizon Databook has segmented the Asia Pacific base oil market based on group i, group ii, group iii, group iv, group v covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific is one of the largest markets for base oil globally, with China being the dominant country in the region. The base oil demand in the region is majorly driven by the high consumption of automotive oil. Construction, power generation, mining, and other sectors are also growing in the region due to the increasing population.
This growth is, in turn, propelling the demand for industrial oil. In addition, the presence of emerging economies and increasing disposable income of people in the region make Asia Pacific an attractive market for lubricant manufacturers, thereby providing a boost to base oil consumption in the region. Key industry participants are expanding their base oil businesses in Asia Pacific as it is the most lucrative market owing to the rising industrial and automotive sectors.
For instance, in 2018, Abu Dhabi National Oil Company (ADNOC) signed a long-term agreement with a Chinese company, Xiamen Sino look Oil Co., Ltd., for its high-quality base oil. In November 2019, S-OIL Corporation announced its plan to expand the base oil production capacity at its Onsan refinery in Ulsan (South Korea) to cater to the steadily growing demand for base oil in the region.
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Target buyers of Asia Pacific base oil market databook
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Our clientele includes a mix of base oil market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific base oil market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific base oil market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific base oil market outlook size, by country, 2018-2030 (US$M)
Asia Pacific Base Oil Market Outlook Share, 2021 & 2030 (US$M)
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