ASIA-PACIFIC BASE OIL MARKET FORECAST 2022-2030

The Asia-Pacific base oil market is estimated to register a CAGR of 3.54% in terms of revenue and 4.07% in terms of volume during the forecasting period of 2022 to 2030, acquiring a revenue share of $16634.14 million by 2030.

Key factors such as the rise in production as well as sales of automobiles in developing countries, the growing adoption and deployment of engine oil, motor oil, greases, and numerous other automotive lubricants derived from base oils, and the launch of advanced and innovative base oil products are primarily credited to the market growth of the region.

However, the limited domestic supplies of oil and oil products, as well as energy-related environmental issues, are likely to challenge the Asia-Pacific base oil market growth.

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The Asia-Pacific base oil market growth evaluation covers the assessment of Thailand, Japan, Australia & New Zealand, India, Indonesia, South Korea, Malaysia, China, and Rest of Asia-Pacific. The demand for crude oil in China has increased, with the growth attributable to rapid economic development, industrialization, and rising exports of refined petroleum products, mainly to other Asian markets. Moreover, as per the International Energy Agency, the country’s oil demand is anticipated to surge to 2.2 million barrels per day in 2023, from 1.8 million barrels per day in 2022. In addition, there has also been significant growth in the sales as well as production of automobiles in China. In this regard, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the overall manufacture of cars and commercial vehicles in the country was over 25.22 million units in the year 2020, increasing to more than 26.08 million units in the following year.

On the other hand, Japan has witnessed a substantial increase in the usage and consumption of base oil, driven by factors such as the high production of automobiles and the increase in manufacturing activities and industries. In addition, key players have recorded notable developments within the country’s base oil market, as well. For instance, Cosmo Oil Lubricants Co Ltd obtained the Biomass Mark certification in 2022 for COSMO DIESEL CARBONEUT 10W-30, a bio-based diesel engine oil. Hence, these factors are expected to propel the Asia-Pacific base oil market growth during the estimated years.

The Asia-Pacific base oil market is segmented into application and group. The group category is further classified into group I, group III, group II, group IV, and group V. Group III base oils possess a saturate content of over 90% as well as a viscosity index of more than 120. Also, the sulfur content in group III base oils is less than 0.03%. Characterized as more refined compared to group II base oils, they are severely hydrocracked at higher pressure and heat.

Group IV base oils are synthetic base oils made through a process termed synthesizing and have a much broader temperature range. Besides, they are ideal for usage in extremely cold conditions as well as high heat applications.

Some of the prominent firms operating in the Asia-Pacific base oil market include PT Pertamina, GS Caltex Corporation, S-Oil Corporation, etc.

PT Pertamina, headquartered in Indonesia, is a state-owned oil and natural gas corporation. The company’s business activities span energy and petrochemicals and are divided into two sectors, namely downstream and upstream. Moreover, it is also engaged in developing renewable energy sources like lithium-ion batteries, solar cells, biodiesel, green energy station, and others.

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