The Asia Pacific Base Oil Market size is estimated at 16.88 Million tons in 2024, and is expected to reach 21.10 Million tons by 2029, growing at a CAGR of 4.56% during the forecast period (2024-2029).
The market was negatively impacted by the COVID-19 pandemic in 2020, as due to containment measures, refineries witnessed limited production and disrupted supply chains to materialize the underlying demand in import-dependent countries. Currently, the market has recovered from the pandemic and is growing steadily.
The increasing demand for high-grade oils from the automotive sector, and increasing demand for lubricants from various industries are major factors driving the growth of the market studied.
However, the volatility in raw material (i.e., crude oil) prices stands to be a restraint in the growth of the studied market.
Nevertheless, the introduction of renewable base oil is likely to create lucrative growth opportunities for the global market.
China represents the largest market in the Asia-Pacific region and is expected to lead the studied market over the forecast period due to the high production and sales of vehicles in the region.
The Asia-Pacific base oil market is highly consolidated in nature. The major players in the studied market (not in any particular order) include Chevron Corporation, Exxon Mobil Corporation, GS Caltex Corporation, Neste, and HP Lubricants, among others.
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