What is the global market size of Base Oil Market?

Base Oil Market size was valued at USD 18.45 billion in 2021 and is poised to grow from USD 19.46 billion in 2022 to USD 30.22 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

Base Oil Market Size, Share, Growth Analysis, By Type (Mineral Oil, Synthetic Oil), By Group (Group I, Group II), By Application (Automotive Oil, Industrial Oil), By Region -Industry Forecast 2024-2031.

Report ID: SQMIG55B2009 | Region: Global | Published Date: July, 2036
Pages: 157 | Tables: 68 | Figures: 75

Base Oil Market Dynamics

Base Oil Market Driver

With newer innovations there are a number of fast moving parts at high temperature in the engine due to advanced technologies. These engines require high grade lubricant to function effectively and deliver better performance.
High grade engine oils have higher solvency due to which they dissolve the sludge formed in the engine better and thereby increase the life and performance of the engine. Hence, surging demand for higher grade engine oils is expected to drive the market growth of base oil market.
Expansion of automobile sector in growing economies are also contributing to the increased potential of market growth in these regions.

Base Oil Market Restraint

Increasing adoption of the trend of electric vehicles is reducing the after sales growth of certain types of lubricants. This is one of the retraining factor for market growth.
Fluctuating costs of crude oil and stringent rules regarding emission control norms are obstacles to the market growth.

Base Oil Market Report Snapshots

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Global Base Oil Market size was valued at USD 32.40 billion in 2022 and is poised to grow from USD 34.05 billion in 2023 to USD 50.70 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).

The global base oil market is highly fragmented in nature due to presence of many innovative players and the competition between the players is intense and is expected to remain similar during the forecast period. There is high growth potential in the market and many large players are taking advantage of the market potential. Major players include Chevron Corporation, Exxon Mobil Corporation, Evonik Industries AG, S-OIL Corporation, and Royal Dutch Shell PLC. They are engaging in inorganic expansion by acquiring smaller and medium sized firms. Innovation and launching of newer products is one of the key strategies to maintain market dominance. 'Chevron Corporation ', 'Exxon Mobil Corporation ', 'S-Oil Corporation ', 'SK Innovation Co., Ltd. ', 'Saudi Aramco ', 'Hindustan Petroleum Corporation Limited ', 'Neste Oyj ', 'Avista Oil AG ', 'Nynas Ab ', 'Repsol S.A. ', 'Ergon, Inc. ', 'Calumet Specialty Products Partners, L.P. ', 'H&r Group ', 'Sinopec Corp. ', 'Petrochina Company Limited ', 'Abu Dhabi National Oil Company ', 'Pt Pertamina ', 'Phillips 66 ', 'Petroliam Nasional Berhad ', 'Sepahan Oil '

With newer innovations there are a number of fast moving parts at high temperature in the engine due to advanced technologies. These engines require high grade lubricant to function effectively and deliver better performance.

BRIC countries (Brazil, Russia, India, and China) are expected to be lucrative markets for base oil during the forecast period. According to World Bank estimates, the BRIC countries account for approximately 41% of the world's population, and this population is expected to grow further. Governments in these countries are heavily focused on industrial development in order to meet the demands of their massive populations. Foreign and domestic investments are expected to increase exponentially in these countries over the next five years as financial infrastructure is strengthened. This will benefit all associated sectors, accelerating the growth of related industries such as base oil and lubricants.

Asia-Pacific region dominated the base oil market in 2021 and is projected to register the highest growth rate of CAGR 3.53% in terms of revenue and 4.05% in terms of volume during the forecast period. The growth of the base oil market in Asia-Pacific region is mainly attributed to the rise in the number of automobiles in developing countries of China, India among others. This leads to the increasing adoption of lubricants derived from base oils.

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Base Oil Market Size, Share, Growth Analysis, By Type (Mineral Oil, Synthetic Oil), By Group (Group I, Group II), By Application (Automotive Oil, Industrial Oil), By Region -Industry Forecast 2024-2031.

Base Oil Market Dynamics

Base Oil Market Report Snapshots

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