Group II & III Base Oil Market - Global Outlook & Forecast 2022-2027

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THE GLOBAL GROUP II & III BASE OIL MARKET WAS VALUED AT USD 20.2 BILLION IN 2021 AND IS PROJECTED TO REACH USD 29.8 BILLION BY 2027, GROWING AT A CAGR OF 6.70%.

The Group II & III Base Oil Market Size, Share, Trends Analysis Report by

  • Technology: Hydrocracking, Hydrotreating, Catalytic Dewaxing
  • Application: Automotive oil, Industrial oil, Process oil, and others
  • Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2027.

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Group II & III Base Oil Market Report Scope

REPORT ATTRIBUTEDETAILS
Market Size (2027)USD 29.8 BILLION
Market Size (2021)USD 20.2 BILLION
CAGR6.70%
MARKET SIZE (UNIT SHIPMENT)40 Million Tons
Base Year2021
Forecast Year2022-2027
Market SegmentsBy Technology(Hydrocracking, Hydrotreating, Catalytic Dewaxing) By Application (Automotive oil, Industrial oil, Process oil, and others
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MARKET OVERVIEW

The global Group II & III base oil market was valued at USD 20.2 billion in 2021 and is projected to reach USD 29.8 billion by 2027, growing at a CAGR of 6.70% during the forecast period 2022-2027.

Group II & III base oils are premium base oils produced through the hydrocracking of crude oil. They contain more than 90% saturates and less than 0.03% sulfur content. Due to its higher viscosity index, group III base oils are primarily used in industrial lubricants applications, and in high-performance engine oils to meet stringent engine oil standards without blending poly alpha olefins (PAO). Group II & III are some of the most important feedstocks used to manufacture motor oil, industrial oil, process oil, and metal processing fluids. Group II & III base oils cater to various industries, including heavy manufacturing, automotive, oil & gas, power, electrical, and even consumer products like cosmetics, and pharmaceuticals. 

The market for Group II & III base oil is segmented as per Technology (Hydrocracking, Hydrotreating, Catalytic Dewaxing), Application (Automotive oil, Industrial oil, Process oil, and others), and Geography.

Why are Group II & III Base Oils Important?

Group I base oils are inefficient and have inferior properties to Group II and Group III base oils. These base oils are increasingly being discontinued in automotive applications as they hamper engine lifespan and reduce performance. Group II base oils are more efficient with better oxidation control, enhanced viscosity control, better base number retention, and improved NOACK stability. Also, the price of these base oils is comparable to Group I, which makes them more affordable. Group III base oils are even purer than Group II. These are severely hydrocracked for obtaining better purity grades. These improved base oils are required to produce high-quality lubricants, which are in turn used in automotive, chemical, manufacturing, power, oil & gas, and so on.

End-use Industry Growth Facts:

  • According to EIA, the global consumption of petroleum and other liquid fuels is estimated at around 100.6 million b/d for 2022 and will increase by 1.9 million b/d in 2023.
  • Factors such as sustainable energy production, digitalization, increased electrification, energy storage, and intensified private participation are expected to boost energy sector growth.
  • In the power sector, renewables are expected to grow continually. As per IEA, by 2024, renewable electricity is expected to provide more than 32% of the world’s electricity supply.
  • According to IEA, coal-fired power plants will continue and account for 34% of the total generation in 2024.
  • China is the largest automotive manufacturing country, and annual production accounts for around 30.0% of the global production of vehicles.
  • Demand for new energy vehicles (NEVs) is booming in China. Production was around 17,500 units in 2013 which went over 1.2 million units in 2020.
  • In 2020, the German automotive sector listed a turnover of $423.9 billion, which is around 20.0% of the total industry revenue.
  • Advanced manufacturing is amongst the significant contributors to the GDP of Germany.
  • The country is amongst the largest automation market. The government employs around 20,000 industrial robots utilized in various industries.
  • In India, the manufacturing sector recorded the highest growth in 2021. Initiatives such as Make in India and schemes such as FDI, and production-linked incentive (PLI) further bolster growth.

Future Outlook

Group II & III Base Oil Market Size in USD Billion, 2021-2027

The demand and production of group II & III base oil are primarily concentrated in developed regions of Europe and North America. However, in emerging economies such as China and India are witnessing an increased adoption of these oils due to their beneficial properties. The Asia Pacific region is expected to witness strong growth in demand for group II & III base oils and the market is expected to grow at a CAGR of 7.47% by 2027. The growing demand for environmentally sustainable and efficient lubricants from automotive, manufacturing, heavy machinery, and other industrial sectors is driving the Group II & III base oil market. In addition, the inability of Group I base oils to fulfill efficiency requirements in high-performance engines and provide a longer lifespan also drives group II & III base oil consumption.

Group II & III Base Oil Market Trends:

The lubricants industry is gradually moving towards environmental sustainability and preserving natural resources. Group II base oils can be defined as containing more than 90% saturates and less than 0.03% sulfur having a viscosity index (VI) of 80 to 120. They are manufactured through the process of hydrocracking. Group III base oils possess similar chemical nature as Group II but have a viscosity index greater than 120. These base oils are severely hydrocracked, hydro-isomerized, and hydrotreated. The Group II & III base oil market is growing in Europe, North America, and Asia-Pacific. Growth opportunity in North America and Europe is high due to the increasing demand for premium base oil to restrict automotive emissions. In APAC, growing requirements for automotive and increasing industrial expansion are driving the need for high-quality base oils.

The industry is driven by factors such as:

  • Increasing demand for high-performance engines.
  • Emergent demand for emission control.
  • Requirement for better cooling, improved engine performance, and longer engine lifespan.
  • Growth in the manufacturing, automotive, and industrial sectors.
  • Rising demand for electric vehicles and related engine fluids.

 Group II Base Oil Market Drivers

Growth in Demand for High-Quality Base Oil

Group II and Group III base oil has high antioxidant properties, low content of sulfur, enhanced viscosity control, and low volatility, which are acting as prime factors for the increasing demand for these base stocks. In addition, evolving automotive regulation driven by reduced emission and longer drain intervals contributes to the high growth of group II and Group III base stocks. With the growing trends towards better fuel economy, increase in engine oil durability, and reduction in pollution levels, demand for high-quality base oil, i.e., group II and Group III, is gaining momentum.

Expansion in Refining Capacity of Group II & III Base Oils

Group II and Group III base oil has high antioxidant properties, low content of sulfur, enhanced viscosity control, and low volatility, which are acting as prime factors for the increasing demand for these base stocks. In addition, with growing trends towards better fuel economy, increasing engine oil durability, vehicle emission standard, and reducing pollution levels, the demand for group II & Group III base oil is gaining momentum, which in turn is resulting in increased capacity for group II & III base stock. In the developed countries such as the US,  Germany, and France, the industry has group II & III refined base oil capacity and more are being added to meet the increasing demand for the same. Whereas on the other side, the APAC region is witnessing steady growth in group II & III base stock capacity as the region is shifting rapidly toward increased use of highly re-refined base oil stock.

Increase in use of Premium Base oil in the Asia Pacific

Rapid industrialization and automation in industries are boosting the demand for group II & III base oil products. The major chunk of premium base oil is used in automotive industries and the automotive industry in the Asia Pacific is growing rapidly. Currently, the region is witnessing a switch from Group I base oil to group II & III base oil, and going forward it is expected to grow at a faster rate. China and India are the key markets for the premium base oil due to the urbanization over the past five years, government policies to attract foreign players to set up their manufacturing base, and most importantly, the increasing purchasing power of consumers resulting in increased demand for goods such as vehicles, consumer products, houses, etc.

The use of high-quality lubricants produced from group II & III base oils in cooling and proper power transmission, reducing friction, separating moving parts for effective functioning, providing anti-tack properties, providing heat transferability, and protection against wear and corrosion mandates its use in engines and equipment. Advancement in end-use industries such as automotive and manufacturing and economic growth is expected to boost lubricant demand globally.

Frequently Asked Questions

WHAT IS THE SIZE OF THE GLOBAL GROUP II & III BASE OIL MARKET?

The global Group II & III base oil market was valued at USD 20.2 billion in 2021 and is projected to reach USD 29.8 billion by 2027.

WHAT ARE THE KEY TRENDS IN THE GROUP II & III BASE OIL MARKET?

Increasing demand for IMO-compliant marine fuel and group II & III refining capacity are the key trends in the market.

WHO ARE THE KEY PLAYERS IN THE GROUP II & III BASE OIL MARKET?

Key players include Chevron Corporation, Exxon Mobil Corporation, Hyundai and Shell Base Oil Co., Petro-Canada Lubricant, and Saudi Arabian Oil Co.

WHICH REGIONS DOMINATE THE GROUP II & III BASE OIL MARKET?

North America to dominate the group II & III base oil market.

WHICH SEGMENT HOLDS THE LARGEST SHARE IN THE GROUP II & III BASE OIL MARKET?

Hydrocracking in the technology segment is expected to hold the largest share in the group II & III base oil market.

The global group II & III base oil market is expected to reach USD 29.8 billion by 2027, growing at a CAGR of 6.7%.

The report considers the present scenario of the group II & III base oil market and its market dynamics for 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyses leading companies and several other prominent companies operating in the market. 

Base Year: 2021

Forecast Year: 2022-2027

Key Vendors

  • Chevron Corporation
    • Business Overview
    • Product Offerings
    • Key Strengths
    • Key Strategies
    • Key Opportunities
  • Exxon Mobil Corporation
  • Hyundai and Shell Base Oil Co.
  • Petro-Canada Lubricant
  • Saudi Arabian Oil Co.

Other Prominent Vendors

  • Asian Oil Company
    • Business Overview
    • Product Offerings
  • Abu Dhabi National Oil Company
  • Chandri Wax Specialties Private Limited
  • Dodge
  • GS Caltex
  • Hindustan Petroleum Corporation Limited (HPCL)
  • HollyFrontier Corporation
  • Mehta Petro Refineries Ltd
  • Petroyag
  • Resolute Oil
  • Repsol
  • SBZ Corporation
  • Sinopec
  • Shandong Qingyuan Group Co.
  • Vertex Energy Inc

Segmentation by Technology

  • Hydrocracking
  • Hydrotreating
  • Catalytic Dewaxing
  • Others

Segmentation by Application

  • Automotive Oil
  • Industrial Oil
  • Process Oil
  • Others

Segmentation by Geography

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • Russia
    • France
    • UK
    • Spain
    • Rest of Europe
  • APAC
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexica
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iran
    • Rest of the Middle East & Africa

LIST OF EXHIBITS

EXHIBIT 1 SEGMENTATION OF GLOBAL GROUP II & III BASE OIL MARKET

EXHIBIT 2 MARKET SIZE CALCULATION APPROACH 2021

EXHIBIT 3 CONVENTIONAL & MODERN TECHNOLOGY FOR PRODUCING PREMIUM BASE OIL

EXHIBIT 4 GROUP II & III BASE OIL SUPPLY CHAIN ANALYSIS

EXHIBIT 5 CURRENT ENGINE OIL STANDARDS

EXHIBIT 6 KEY MARKETS OF LUBRICANTS SHOWED SLOW RESILIENCE

EXHIBIT 7 KEY MARKETS OF LUBRICANTS SHOWED HIGH RESILIENCE

EXHIBIT 8 GLOBAL GROUP II & III BASE OIL MARKET BY TECHNOLOGY ($ MILLION)

EXHIBIT 9 GLOBAL GROUP II & III BASE OIL MARKET BY APPLICATION ($ MILLION)

EXHIBIT 10 GLOBAL GROUP II & III BASE OIL MARKET BY GEOGRAPHY ($ MILLION)

EXHIBIT 11 IMPACT OF INCREASING DEMAND FOR IMO-COMPLIANT MARINE FUEL

EXHIBIT 12 BENEFITS FROM IMO 2020 REGULATION

EXHIBIT 13 IMPACT OF INCREASING GROUP II & III REFINING CAPACITY

EXHIBIT 14 CAPACITY EXPANSION OF GROUP II & III BASE OIL

EXHIBIT 15 IMPACT OF INCREASING DEMAND FOR BIO-BASED LUBRICANTS

EXHIBIT 16 THREE MAIN TYPES OF BIO-BASED LUBRICANTS

EXHIBIT 17 IMPACT OF INCREASED USE OF PREMIUM BASE OIL IN APAC

EXHIBIT 18 GROWTH DYNAMICS OF APAC REGION

EXHIBIT 19 IMPACT OF INCREASING DISPOSABLE INCOME

EXHIBIT 20 PROCESS FLOW OF HIGH DISPOSABLE INCOME LEADING TO BASE OIL DEMAND

EXHIBIT 21 GLOBAL PPP (PURCHASING POWER PARITY) IN TERMS OF GDP 2013−2020 (US DOLLAR)

EXHIBIT 22 IMPACT OF ELECTRIC VEHICLES HAMPERING GROWTH OF CONVENTIONAL LUBRICANTS

EXHIBIT 23 IMPACT OF VOLATILITY IN CRUDE OIL PRICES

EXHIBIT 24 BASE OIL PRICE ANALYSIS DURING Q4 (OCTOBER−DECEMBER) 2021

EXHIBIT 25 CRUDE OIL PRICE 2000−2020, DOLLAR PER BARREL

EXHIBIT 26 GLOBAL GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 27 GLOBAL GROUP II & III BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 28 FIVE FORCES ANALYSIS 2021

EXHIBIT 29 INCREMENTAL GROWTH BY TECHNOLOGY 2021 & 2027

EXHIBIT 30 CLASSIFICATION OF GLOBAL GROUP II & III BASE OIL MARKET BY TECHNOLOGY

EXHIBIT 31 GLOBAL CATALYTIC DEWAXING GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 32 GLOBAL HYDROCRACKING GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 33 GLOBAL HYDROTREATING GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 34 GLOBAL OTHERS GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 35 INCREMENTAL GROWTH BY APPLICATION 2021 & 2027

EXHIBIT 36 CLASSIFICATION OF GLOBAL GROUP II & III BASE OIL MARKET BY APPLICATION

EXHIBIT 37 KEY DRIVERS SUPPORTING DEMAND IN AUTOMOTIVE OF GROUP II & III BASE OIL

EXHIBIT 38 FACTS & FIGURES SUPPORTING DEMAND FOR AUTOMOTIVE OIL

EXHIBIT 39 GLOBAL AUTOMOTIVE GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 40 GLOBAL INDUSTRIAL GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 41 KEY INSIGHTS SUPPORTING GROWTH OF PROCESS OIL MARKET

EXHIBIT 42 GLOBAL PROCESS GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 43 GLOBAL OTHERS GROUP II & III BASE OIL MARKET 2021–2027 ($ MILLION)

EXHIBIT 44 INCREMENTAL GROWTH BY GEOGRAPHY 2021 & 2027

EXHIBIT 45 INCREMENTAL GROWTH BY GEOGRAPHY 2021 & 2027

EXHIBIT 46 FACTORS CONTRIBUTING TO GROWTH OF GROUP II & III BASE OIL MARKET IN NORTH AMERICA

EXHIBIT 47 PASSENGER VEHICLE PRODUCTION IN NORTH AMERICA 2015–2020 (MILLION UNITS)

EXHIBIT 48 GROUP II & III BASE OIL MARKET IN NORTH AMERICA 2021–2027 ($ MILLION)

EXHIBIT 49 GROUP II & III BASE OIL MARKET IN NORTH AMERICA 2021–2027 (KILOTONS)

EXHIBIT 50 INCREMENTAL GROWTH IN NORTH AMERICA 2021 & 2027

EXHIBIT 51 INCREMENTAL GROWTH IN NORTH AMERICA 2021 & 2027

EXHIBIT 52 GROUP II & III BASE OIL MARKET IN US 2021–2027 ($ MILLION)

EXHIBIT 53 GROUP II & III BASE OIL MARKET IN US 2021–2027 (KILOTONS)

EXHIBIT 54 GROUP II & III BASE OIL MARKET IN CANADA 2021–2027 ($ MILLION)

EXHIBIT 55 GROUP II & III BASE OIL MARKET IN CANADA 2021–2027 (KILOTONS)

EXHIBIT 56 EAST ASIA & PACIFIC MANUFACTURING OUTPUT (% OF GDP) 2010–2020

EXHIBIT 57 GROUP II & III BASE OIL MARKET IN APAC 2021–2027 ($ MILLION)

EXHIBIT 58 GROUP II & III BASE OIL MARKET IN APAC 2021–2027 (KILOTONS)

EXHIBIT 59 INCREMENTAL GROWTH IN APAC 2021 & 2027

EXHIBIT 60 INCREMENTAL GROWTH IN APAC 2021 & 2027

EXHIBIT 61 GROUP II & III BASE OIL MARKET IN CHINA 2021–2027 ($ MILLION)

EXHIBIT 62 GROUP II & III BASE OIL MARKET IN CHINA 2021–2027 (KILOTONS)

EXHIBIT 63 GROUP II & III BASE OIL MARKET IN INDIA 2021–2027 ($ MILLION)

EXHIBIT 64 GROUP II & III BASE OIL MARKET IN INDIA 2021–2027 (KILOTONS)

EXHIBIT 65 GROUP II & III BASE OIL MARKET IN JAPAN 2021–2027 ($ MILLION)

EXHIBIT 66 GROUP II & III BASE OIL MARKET IN JAPAN 2021–2027 (KILOTONS)

EXHIBIT 67 GROUP II & III BASE OIL MARKET IN SOUTH KOREA 2021–2027 ($ MILLION)

EXHIBIT 68 GROUP II & III BASE OIL MARKET IN SOUTH KOREA 2021–2027 (KILOTONS)

EXHIBIT 69 GROUP II & III BASE OIL MARKET IN REST OF APAC 2021–2027 ($ MILLION)

EXHIBIT 70 GROUP II & III BASE OIL MARKET IN REST OF APAC 2021–2027 (KILOTONS)

EXHIBIT 71 GROUP II & III BASE OIL MARKET IN EUROPE 2021–2027 ($ MILLION)

EXHIBIT 72 GROUP II & III BASE OIL MARKET IN EUROPE 2021–2027 (KILOTONS)

EXHIBIT 73 INCREMENTAL GROWTH IN EUROPE 2021 & 2027

EXHIBIT 74 INCREMENTAL GROWTH IN EUROPE 2021 & 2027

EXHIBIT 75 GROUP II & III BASE OIL MARKET IN GERMANY 2021–2027 ($ MILLION)

EXHIBIT 76 GROUP II & III BASE OIL MARKET IN GERMANY 2021–2027 (KILOTONS)

EXHIBIT 77 FACTORS CONTRIBUTING TO GROWTH OF GROUP II & III BASE OIL IN RUSSIA

EXHIBIT 78 GROUP II & III BASE OIL MARKET IN RUSSIA 2021–2027 ($ MILLION)

EXHIBIT 79 GROUP II & III BASE OIL MARKET IN RUSSIA 2021–2027 (KILOTONS)

EXHIBIT 80 GROUP II & III BASE OIL MARKET IN FRANCE 2021–2027 ($ MILLION)

EXHIBIT 81 GROUP II & III BASE OIL MARKET IN FRANCE 2021–2027 (KILOTONS)

EXHIBIT 82 GROUP II & III BASE OIL MARKET IN UK 2021–2027 ($ MILLION)

EXHIBIT 83 GROUP II & III BASE OIL MARKET IN UK 2021–2027 (KILOTONS)

EXHIBIT 84 GROUP II & III BASE OIL MARKET IN SPAIN 2021–2027 ($ MILLION)

EXHIBIT 85 GROUP II & III BASE OIL MARKET IN SPAIN 2021–2027 (KILOTONS)

EXHIBIT 86 GROUP II & III BASE OIL MARKET IN REST OF EUROPE 2021–2027 ($ MILLION)

EXHIBIT 87 GROUP II & III BASE OIL MARKET IN REST OF EUROPE 2021–2027 (KILOTONS)

EXHIBIT 88 GROUP II & III BASE OIL MARKET IN LATIN AMERICA 2021–2027 ($ MILLION)

EXHIBIT 89 GROUP II & III BASE OIL MARKET IN LATIN AMERICA 2021–2027 (KILOTONS)

EXHIBIT 90 INCREMENTAL GROWTH IN LATIN AMERICA 2021 & 2027

EXHIBIT 91 INCREMENTAL GROWTH IN LATIN AMERICA 2021 & 2027

EXHIBIT 92 GROUP II & III BASE OIL MARKET IN BRAZIL 2021–2027 ($ MILLION)

EXHIBIT 93 GROUP II & III BASE OIL MARKET IN BRAZIL 2021–2027 (KILOTONS)

EXHIBIT 94 GROUP II & III BASE OIL MARKET IN MEXICO 2021–2027 ($ MILLION)

EXHIBIT 95 GROUP II & III BASE OIL MARKET IN MEXICO 2021–2027 (KILOTONS)

EXHIBIT 96 GROUP II & III BASE OIL MARKET IN REST OF LATIN AMERICA 2021–2027 ($ MILLION)

EXHIBIT 97 GROUP II & III BASE OIL MARKET IN REST OF LATIN AMERICA 2021–2027 (KILOTONS)

EXHIBIT 98 GROUP II & III BASE OIL MARKET IN MIDDLE EAST & AFRICA 2021–2027 ($ MILLION)

EXHIBIT 99 GROUP II & III BASE OIL MARKET IN MIDDLE EAST & AFRICA 2021–2027 (KILOTONS)

EXHIBIT 100 INCREMENTAL GROWTH IN MIDDLE EAST & AFRICA 2021 & 2027

EXHIBIT 101 INCREMENTAL GROWTH IN MIDDLE EAST & AFRICA 2021 & 2027

EXHIBIT 102 GROUP II & III BASE OIL MARKET IN SAUDI ARABIA 2021–2027 ($ MILLION)

EXHIBIT 103 GROUP II & III BASE OIL MARKET IN SAUDI ARABIA 2021–2027 (KILOTONS)

EXHIBIT 104 GROUP II & III BASE OIL MARKET IN UAE 2021–2027 ($ MILLION)

EXHIBIT 105 GROUP II & III BASE OIL MARKET IN UAE 2021–2027 (KILOTONS)

EXHIBIT 106 GROUP II & III BASE OIL MARKET IN IRAN 2021–2027 ($ MILLION)

EXHIBIT 107 GROUP II & III BASE OIL MARKET IN IRAN 2021–2027 (KILOTONS)

EXHIBIT 108 SOUTH AFRICA AUTOMOTIVE SALES 2016–2021

EXHIBIT 109 CONTRIBUTION OF AUTOMOTIVE INDUSTRY TO COUNTRY’S GDP 2019–2020

EXHIBIT 110 GROUP II & III BASE OIL MARKET IN REST OF MIDDLE EAST & AFRICA 2021–2027 ($ MILLION)

EXHIBIT 111 GROUP II & III BASE OIL MARKET IN REST OF MIDDLE EAST & AFRICA 2021–2027 (KILOTONS)

EXHIBIT 112 COMPANY MATRIX

LIST OF TABLES

TABLE 1 KEY CAVEATS

TABLE 2 CURRENCY CONVERSION 2015−2021

TABLE 3 CLASSIFICATION OF BASE OIL ACCORDING TO API

TABLE 4 COMPARISON OF BASE OIL CATEGORIES

TABLE 5 GLOBAL GROUP II & III BASE OIL MARKET BY TECHNOLOGY ($ MILLION)

TABLE 6 GLOBAL GROUP II & III BASE OIL MARKET BY APPLICATION ($ MILLION)

TABLE 7 GLOBAL GROUP II & III BASE OIL MARKET BY GEOGRAPHY ($ MILLION)

TABLE 8 GLOBAL CATALYTIC DEWAXING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 9 GLOBAL HYDROCRACKING, GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 10 GLOBAL HYDROTREATING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 11 GLOBAL OTHERS GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 12 GLOBAL AUTOMOTIVE GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 13 GLOBAL INDUSTRIAL GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 14 GLOBAL PROCESS GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 15 GLOBAL OTHERS GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 16 GROUP II & III BASE OIL MARKET IN NORTH AMERICA BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 17 GROUP II & III BASE OIL MARKET IN NORTH AMERICA BY APPLICATION 2021−2027 ($ MILLION)

TABLE 18 GROUP II & III BASE OIL MARKET IN APAC BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 19 GROUP II & III BASE OIL MARKET IN APAC BY APPLICATION 2021−2027 ($ MILLION)

TABLE 20 GROUP II & III BASE OIL MARKET IN EUROPE BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 21 GROUP II & III BASE OIL MARKET IN EUROPE BY APPLICATION 2021−2027 ($ MILLION)

TABLE 22 GROUP II & III BASE OIL MARKET IN LATIN AMERICA BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 23 GROUP II & III BASE OIL MARKET IN LATIN AMERICA BY APPLICATION 2021−2027 ()($ MILLION)

TABLE 24 GROUP II & III BASE OIL MARKET IN MIDDLE EAST & AFRICA BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 25 GROUP II & III BASE OIL MARKET IN MIDDLE EAST & AFRICA BY APPLICATION 2021−2027 ($ MILLION)

TABLE 26 CHEVRON CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 27 EXXON MOBIL CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 28 HYUNDAI SHELL BASE OIL: MAJOR PRODUCT OFFERINGS

TABLE 29 PETRO-CANADA LUBRICANTS: MAJOR PRODUCT OFFERINGS

TABLE 30 SAUDI ARABIAN OIL CO.: MAJOR PRODUCT OFFERINGS

TABLE 31 ASIAN OIL COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 32 ABU DHABI NATIONAL OIL COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 33 CHANDRI WAX SPECIALTIES PRIVATE LIMITED: MAJOR PRODUCT OFFERINGS

TABLE 34 DODGE: MAJOR PRODUCT OFFERINGS

TABLE 35 GS CALTEX: MAJOR PRODUCT OFFERINGS

TABLE 36 HINDUSTAN PETROLEUM CORPORATION LIMITED (HPCL): MAJOR PRODUCT OFFERINGS

TABLE 37 HOLLYFRONTIER CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 38 MEHTA PETRO REFINERIES LTD: MAJOR PRODUCT OFFERINGS

TABLE 39 PURE PERFORMANCE: MAJOR PRODUCT OFFERINGS

TABLE 40 PETROYAG: MAJOR PRODUCT OFFERINGS

TABLE 41 RESOLUTE OIL: MAJOR PRODUCT OFFERINGS

TABLE 42 REPSOL: MAJOR PRODUCT OFFERINGS

TABLE 43 SBZ CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 44 SINOPEC: MAJOR PRODUCT OFFERINGS

TABLE 45 SHANDONG QINGYUAN GROUP CO., LTD: MAJOR PRODUCT OFFERINGS

TABLE 46 VERTEX ENERGY INC: MAJOR PRODUCT OFFERINGS

TABLE 47 GLOBAL HYDROCRACKING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 48 GLOBAL HYDROCRACKING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 49 GLOBAL HYDROTREATING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 50 GLOBAL HYDROTREATING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 51 GLOBAL CATALYTIC DEWAXING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 52 GLOBAL CATALYTIC DEWAXING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 53 GLOBAL OTHERS GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 54 GLOBAL ISODEWAXING GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 55 GLOBAL AUTOMOTIVE GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 56 GLOBAL AUTOMOTIVE GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 57 GLOBAL INDUSTRIAL OIL GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 58 GLOBAL INDUSTRIAL OIL GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 59 GLOBAL PROCESS OIL GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 60 GLOBAL PROCESS OIL GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 61 GLOBAL OTHERS GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 ($ MILLION)

TABLE 62 GLOBAL OTHERS GROUP II & III BASE OIL MARKET BY GEOGRAPHY 2021−2027 (%)

TABLE 63 NORTH AMERICA GROUP II & III BASE OIL MARKET BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 64 NORTH AMERICA GROUP II & III BASE OIL MARKET BY APPLICATION 2021−2027 ($ MILLION)

TABLE 65 EUROPE GROUP II & III BASE OIL MARKET BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 66 EUROPE GROUP II & III BASE OIL MARKET BY APPLICATION 2021−2027 ($ MILLION)

TABLE 67 APAC GROUP II & III BASE OIL MARKET BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 68 APAC GROUP II & III BASE OIL MARKET BY APPLICATION 2021−2027 ($ MILLION)

TABLE 69 LATIN AMERICA GROUP II & III BASE OIL MARKET BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 70 LATIN AMERICA GROUP II & III BASE OIL MARKET BY APPLICATION 2021−2027 ($ MILLION)

TABLE 71 MIDDLE EAST & AFRICA GROUP II & III BASE OIL MARKET BY TECHNOLOGY 2021−2027 ($ MILLION)

TABLE 72 MIDDLE EAST & AFRICA GROUP II & III BASE OIL MARKET BY APPLICATION 2021−2027 ($ MILLION)

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 MARKET AT A GLANCE

7 INTRODUCTION

7.1 OVERVIEW

7.2 SUPPLY CHAIN ANALYSIS

7.2.1 CRUDE OIL REFINING/MANUFACTURING

7.2.2 SUPPLIERS/ DISTRIBUTORS

7.2.3 APPLICATIONS

7.3 REGULATIONS & STANDARDS

7.4 IMPACT OF COVID-19

7.4.1 SUPPLY SIDE

7.4.2 DEMAND SIDE

8 FREQUENTLY ASKED QUESTIONS

8.1 HOW WILL THE GROUP II & III BASE OIL MARKET PERFORM IN THE COMING YEARS?

8.2 WHAT ARE THE MAJOR FACTORS DRIVING THE DEMAND FOR GROUP II & III BASE OIL?

8.3 WHICH IS THE MOST PROFITABLE AND PREFERRED GROUP I & II BASE OIL TECHNOLOGY?

8.4 WHICH APPLICATION  SEGMENT GENERATES THE HIGHEST REVENUE FOR THE GROUP II & III BASE OIL MARKET

8.5 WHICH IS THE FASTEST-GROWING REGION FOR GROUP I & II BASE OIL?

8.6 WHICH ARE THE MAJOR PLAYERS OPERATING IN THE GROUP II & III BASE OIL MARKET?

9 GROWTH OPPORTUNITY

9.1 TECHNOLOGY

9.2 APPLICATION

9.3 GEOGRAPHY

10 MARKET OPPORTUNITIES & TRENDS

10.1 INCREASING DEMAND  FOR IMO-COMPLIANT MARINE FUEL

10.2 INCREASING GROUP II & III REFINING CAPACITY

11 MARKET GROWTH ENABLERS

11.1 INCREASING DEMAND FOR BIO-BASED LUBRICANTS

11.2 INCREASED USE OF PREMIUM BASE OIL IN APAC

11.3 INCREASING DISPOSABLE INCOME

12 MARKET RESTRAINTS

12.1 ELECTRIC VEHICLES HAMPERING GROWTH OF CONVENTIONAL LUBRICANTS

12.2 VOLATILITY IN CRUDE OIL PRICES

13 MARKET LANDSCAPE

13.1 MARKET OVERVIEW

13.2 MARKET SIZE & FORECAST

13.2.1 VOLUME AND VALUE

13.3 FIVE FORCES ANALYSIS

13.3.1 THREAT OF NEW ENTRANTS

13.3.2 BARGAINING POWER OF SUPPLIERS

13.3.3 BARGAINING POWER OF BUYERS

13.3.4 THREAT OF SUBSTITUTES

13.3.5 COMPETITIVE RIVALRY

14 TECHNOLOGY

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.2 MARKET OVERVIEW

14.3 CATALYTIC DEWAXING

14.3.1 MARKET OVERVIEW

14.3.2 MARKET SIZE & FORECAST

14.3.3 MARKET BY GEOGRAPHY

14.4 HYDROCRACKING

14.4.1 MARKET OVERVIEW

14.4.2 MARKET SIZE & FORECAST

14.4.3 MARKET BY GEOGRAPHY

14.5 HYDROTREATING

14.5.1 MARKET OVERVIEW

14.5.2 MARKET SIZE & FORECAST

14.5.3 MARKET BY GEOGRAPHY

14.6 OTHERS

14.6.1 MARKET OVERVIEW

14.6.2 MARKET SIZE & FORECAST

14.6.3 MARKET BY GEOGRAPHY

15 APPLICATION

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.2 MARKET OVERVIEW

15.3 AUTOMOTIVE OIL

15.3.1 MARKET OVERVIEW

15.3.2 KEY INSIGHTS

15.3.3 MARKET SIZE & FORECAST

15.3.4 MARKET BY GEOGRAPHY

15.4 INDUSTRIAL OIL

15.4.1 MARKET OVERVIEW

15.4.2 MARKET SIZE & FORECAST

15.4.3 MARKET BY GEOGRAPHY

15.5 PROCESS OIL

15.5.1 MARKET OVERVIEW

15.5.2 MARKET SIZE & FORECAST

15.5.3 MARKET BY GEOGRAPHY

15.6 OTHERS

15.6.1 MARKET OVERVIEW

15.6.2 MARKET SIZE & FORECAST

15.6.3 MARKET BY GEOGRAPHY

16 GEOGRAPHY

16.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

16.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

16.3 GEOGRAPHIC OVERVIEW

17 NORTH AMERICA

17.1 MARKET OVERVIEW

17.2 MARKET SIZE & FORECAST

17.2.1 BY VALUE

17.2.2 BY VOLUME

17.3 TECHNOLOGY

17.3.1 MARKET SIZE & FORECAST

17.4 APPLICATION

17.4.1 MARKET SIZE & FORECAST

17.5 KEY COUNTRIES

17.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

17.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

17.6 US

17.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

17.7 CANADA

17.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18 APAC

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.2.1 BY VALUE

18.2.2 BY VOLUME

18.3 TECHNOLOGY

18.3.1 MARKET SIZE & FORECAST

18.4 APPLICATION

18.4.1 MARKET SIZE & FORECAST

18.5 KEY COUNTRIES

18.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

18.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

18.6 CHINA

18.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.7 INDIA

18.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.8 JAPAN

18.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.9 SOUTH KOREA

18.9.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.10 REST OF APAC

18.10.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19 EUROPE

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.2.1 BY VALUE

19.2.2 BY VOLUME

19.3 TECHNOLOGY

19.3.1 MARKET SIZE & FORECAST

19.4 APPLICATION

19.4.1 MARKET SIZE & FORECAST

19.5 KEY COUNTRIES

19.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

19.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

19.6 GERMANY

19.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7 RUSSIA

19.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.8 FRANCE

19.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.9 UK

19.9.1 MARKET SIZE & FORECAST

19.10 SPAIN

19.10.1 MARKET SIZE & FORECAST

19.11 REST OF EUROPE

19.11.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20 LATIN AMERICA

20.1 MARKET OVERVIEW

20.2 MARKET SIZE & FORECAST

20.2.1 BY VALUE

20.2.2 BY VOLUME

20.3 TECHNOLOGY

20.3.1 MARKET SIZE & FORECAST

20.4 APPLICATION

20.4.1 MARKET SIZE & FORECAST

20.5 KEY COUNTRIES

20.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

20.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

20.6 BRAZIL

20.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.7 MEXICO

20.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.8 REST OF LATIN AMERICA

20.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21 MIDDLE EAST & AFRICA

21.1 MARKET OVERVIEW

21.2 MARKET SIZE & FORECAST

21.2.1 BY VALUE

21.2.2 BY VOLUME

21.3 TECHNOLOGY

21.3.1 MARKET SIZE & FORECAST

21.4 APPLICATION

21.4.1 MARKET SIZE & FORECAST

21.5 KEY COUNTRIES

21.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

21.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

21.6 SAUDI ARABIA

21.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.7 UAE

21.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.8 IRAN

21.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.9 REST OF MIDDLE EAST & AFRICA

21.9.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

22 COMPETITIVE LANDSCAPE

22.1 COMPETITION OVERVIEW

22.2 KEY DEVELOPMENTS – GROUP II & III BASE OIL AND RELATED ECOSYSTEM

22.2.1 MERGERS & ACQUISITIONS

22.2.2 INNOVATIONS

22.2.3 OTHER DEVELOPMENTS

23 KEY COMPANY PROFILES

23.1 CHEVRON CORPORATION

23.1.1 BUSINESS OVERVIEW

23.1.2 CHEVRON CORPORATION IN GROUP II & III BASE OIL MARKET

23.1.3 PRODUCT OFFERINGS

23.1.4 KEY STRENGTHS

23.1.5 KEY STRATEGIES

23.1.6 KEY OPPORTUNITIES

23.2 EXXON MOBIL CORPORATION

23.2.1 BUSINESS OVERVIEW

23.2.2 EXXON MOBIL CORPORATION IN GROUP II & III BASE OIL MARKET

23.2.3 PRODUCT OFFERINGS

23.2.4 KEY STRATEGIES

23.2.5 KEY STRENGTHS

23.2.6 KEY OPPORTUNITIES

23.3 HYUNDAI AND SHELL BASE OIL CO., LTD.

23.3.1 BUSINESS OVERVIEW

23.3.2 HYUNDAI AND SHELL IN GROUP II & III BASE OIL MARKET

23.3.3 PRODUCT OFFERINGS

23.3.4 KEY STRATEGIES

23.3.5 KEY STRENGTHS

23.3.6 KEY OPPORTUNITIES

23.4 PETRO-CANADA LUBRICANTS

23.4.1 BUSINESS OVERVIEW

23.4.2 PETRO-CANADA LUBRICANTS IN GROUP II & III BASE OIL MARKET

23.4.3 PRODUCT OFFERINGS

23.4.4 KEY STRATEGIES

23.4.5 KEY STRENGTHS

23.4.6 KEY OPPORTUNITIES

23.5 SAUDI ARABIAN OIL CO.

23.5.1 BUSINESS OVERVIEW

23.5.2 SAUDI ARABIAN OIL IN GROUP II & III BASE OIL MARKET

23.5.3 PRODUCT OFFERINGS

23.5.4 KEY STRATEGIES

23.5.5 KEY STRENGTHS

23.5.6 KEY OPPORTUNITIES

24 OTHER PROMINENT VENDORS

24.1 ASIAN OIL COMPANY

24.1.1 BUSINESS OVERVIEW

24.1.2 PRODUCT OFFERINGS

24.2 ABU DHABI NATIONAL OIL COMPANY

24.2.1 BUSINESS OVERVIEW

24.2.2 PRODUCT OFFERINGS

24.3 CHANDRI WAX SPECIALTIES

24.3.1 BUSINESS OVERVIEW

24.3.2 PRODUCT OFFERINGS

24.4 DODGE

24.4.1 BUSINESS OVERVIEW

24.4.2 PRODUCT OFFERINGS

24.5 GS CALTEX

24.5.1 BUSINESS OVERVIEW

24.5.2 PRODUCT OFFERINGS

24.6 HINDUSTAN PETROLEUM CORPORATION LIMITED (HPCL)

24.6.1 BUSINESS OVERVIEW

24.6.2 PRODUCT OFFERINGS

24.7 HOLLYFRONTIER CORPORATION

24.7.1 BUSINESS OVERVIEW

24.7.2 PRODUCT OFFERINGS

24.8 MEHTA PETRO REFINERIES LTD

24.8.1 BUSINESS OVERVIEW

24.8.2 PRODUCT OFFERINGS

24.9 PURE PERFORMANCE

24.9.1 BUSINESS OVERVIEW

24.9.2 PRODUCT OFFERINGS

24.10 PETROYAG

24.10.1 BUSINESS OVERVIEW

24.10.2 PRODUCT OFFERINGS

24.11 RESOLUTE OIL

24.11.1 BUSINESS OVERVIEW

24.11.2 PRODUCT OFFERINGS

24.12 REPSOL

24.12.1 BUSINESS OVERVIEW

24.12.2 PRODUCT OFFERINGS

24.13 SBZ CORPORATION

24.13.1 BUSINESS OVERVIEW

24.13.2 PRODUCT OFFERINGS

24.14 SINOPEC

24.14.1 BUSINESS OVERVIEW

24.14.2 PRODUCT OFFERINGS

24.15 SHANDONG QINGYUAN GROUP CO., LTD

24.15.1 BUSINESS OVERVIEW

24.15.2 PRODUCT OFFERINGS

24.16 VERTEX ENERGY INC

24.16.1 BUSINESS OVERVIEW

24.16.2 PRODUCT OFFERINGS

25 REPORT SUMMARY

25.1 KEY TAKEAWAYS

25.2 STRATEGIC RECOMMENDATIONS

26 QUANTITATIVE SUMMARY

26.1 MARKET BY TECHNOLOGY

26.1.1 HYDROCRACKING

26.1.2 HYDROTREATING

26.1.3 CATALYTIC DEWAXING

26.1.4 OTHERS

26.2 MARKET BY APPLICATION

26.2.1 AUTOMOTIVE OIL

26.2.2 INDUSTRIAL OIL

26.2.3 PROCESS OIL

26.2.4 OTHERS

27 GEOGRAPHY

27.1 NORTH AMERICA

27.1.1 TECHNOLOGY

27.1.2 APPLICATION

27.2 EUROPE

27.2.1 TECHNOLOGY

27.2.2 APPLICATION

27.3 APAC

27.3.1 TECHNOLOGY

27.3.2 APPLICATION

27.4 LATIN AMERICA

27.4.1 TECHNOLOGY

27.4.2 APPLICATION

27.5 MIDDLE EAST & AFRICA

27.5.1 TECHNOLOGY

27.5.2 APPLICATION

28 APPENDIX

28.1 ABBREVIATIONS

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Frequently Asked Questions

WHAT IS THE SIZE OF THE GLOBAL GROUP II & III BASE OIL MARKET?

The global Group II & III base oil market was valued at USD 20.2 billion in 2021 and is projected to reach USD 29.8 billion by 2027.

WHAT ARE THE KEY TRENDS IN THE GROUP II & III BASE OIL MARKET?

Increasing demand for IMO-compliant marine fuel and group II & III refining capacity are the key trends in the market.

WHO ARE THE KEY PLAYERS IN THE GROUP II & III BASE OIL MARKET?

Key players include Chevron Corporation, Exxon Mobil Corporation, Hyundai and Shell Base Oil Co., Petro-Canada Lubricant, and Saudi Arabian Oil Co.

WHICH REGIONS DOMINATE THE GROUP II & III BASE OIL MARKET?

North America to dominate the group II & III base oil market.

WHICH SEGMENT HOLDS THE LARGEST SHARE IN THE GROUP II & III BASE OIL MARKET?

Hydrocracking in the technology segment is expected to hold the largest share in the group II & III base oil market.