Global Base Oil Market

Base Oil Market Size, Share, Growth Analysis, By Group(Group I, Group II, Group III, Group IV), By Application(Automotive Oil, Industrial Oil, Metalworking Fluid, Greases), By Region - Industry Forecast 2024-2031

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

Base Oil Market Insights

Base Oil Market size was valued at USD 31.64 billion in 2022 and is poised to grow from USD 33.22 billion in 2023 to USD 49.02 billion by 2031, growing at a CAGR of 5.0% in the forecast period (2024-2031).

Base oil is obtained by refining crude oil and it is useful in manufacturing of various products such as lubricating greases, motor oil and metal processing oils. With the increasing demand for high viscosity lubricant from different industries the demand for base oil is also gradually increasing. Base oils are frequently used in the manufacturing of lubricants. Various chemical such as additives are added to base oil so as to increase their quality according to needs. Base oils are created either through the refinement of crude oil or through chemical synthesis. After being extracted from refineries they are given to lubricant factories for use in creating finished lubricants. The benefits of base oils should result in significant growth opportunities over the future years. With growing industrialization in developing countries like India and China, base oil manufacturers are expanding their production units in these nations.

US Base Oil Market is poised to grow at a sustainable CAGR for the next forecast year.

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FAQs

Base Oil Market size was valued at USD 31.64 billion in 2022 and is poised to grow from USD 33.22 billion in 2023 to USD 49.02 billion by 2031, growing at a CAGR of 5.0% in 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. 'CNOOC Limited', 'PetroCanada Lubricants Inc.', 'Petroleum & Chemical Corp. (SINOPEC)', 'PETRONAS Lubricants International', 'PT Pertamina (Persero)', 'PetroChina Co., Ltd.', 'ExxonMobil Corporation', 'Abu Dhabi National Oil Company', 'Chevron Corporation', 'Shell plc', 'Indian Oil Corporation Ltd.', 'BP p.l.c', 'Saudi Arabian Oil Co.', 'Bahrain Lube Base Oil Company', 'LUKOIL', 'SK Lubricants Co., Ltd.', 'H&R OWS Chemie GmbH & Co. KG', 'Bharat Petroleum Corporation Limited', 'GS Caltex Corporation', 'Repsol'

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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Global Base Oil Market

Report ID: SQMIG55B2009

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