Base Oil Market Growth, Size, Share, Trends, and Forecast 2032

Base Oil Market

Base Oil Market By Group (Group I, Group II, Group III, Group IV, and Group V), By Application (industrial oil, automotive oil, metalworking fluid, hydraulic oil, greases, and others) And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2024-2032

Category: Energy & Mining Report Format : PDF Report Code: ZMR-6427 Status : Upcoming
Market Size in 2023 Market Forecast in 2032 Growth Rate (in %) Base Year
USD 33.11 Billion USD 50.93 Billion CAGR at 4.90% 2023

Description

According to the report published by Zion Market Research, the global Base Oil Market size was valued at USD 33.11 Billion in 2023 and is predicted to reach USD 50.93 Billion by the end of 2032. The market is expected to grow with a CAGR of 4.90% during the forecast period. The report analyzes the global Base Oil Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Base Oil Market industry.

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Global Base Oil Market: Overview

Base oil is a blend stock used to formulate a range of lubricating oils for use in engines and other machinery. They are among the specialty products that can be obtained by the refinery. Generally, a lubricant consists of 10% additives and 90% base oil. Today, nearly all lubricants used in plants started as just base oil. Base oils are used to produce several products such as metal processing fluids, motor oil, and lubricating greases.

Global Base Oil Market: Growth Factors

The global base oil market is growing at a significant rate. Major factors that are fostering the growth of the global market include an increase in high-grade oil demand from the automotive industry, growing use of hydraulic oil in several industrial applications, and expansion of the transportation & logistics sector at a rapid rate. Further, there is a surge in the demand for synthetic oils that contain highly refined base oils from landscapers, agriculture professionals, construction contractors, and fleets as it helps to prolong the life of the engines in their vehicles.

In addition to this, it also provides benefits such as natural detergency, biodegradability with some synthetics (esters), extended drain intervals in some (clean) applications, lower engine hydrocarbon emissions, extended warranties by some equipment manufacturers, higher oil film strength with some synthetics, improved energy efficiency (less than 1 percent) due to better low-temperature properties, and higher viscosity index. All these factors are fostering the growth of the global base oil market. In addition to this, expanding the automotive industry and development in group II & III type of base oil is escalating the growth of the global market.

Furthermore, the growing demand for lubricants in developing countries may create numerous opportunities for the growth of the global base oil market over the forecast period. However, inconsistent costs of crude oil may hamper the growth of the global base oil market.

The onset of COVID-19 impact has severely affected the overall base oil market. Several factors including the impact on the automotive industry, metalworking fluid, and industrial oil are prominently causing the slow growth of the market. Strict lockdowns imposed by several governments have resulted in the halt of the manufacturing process of many base oil utilizer industries. In addition, disruption of the supply chain and shortage of raw materials are also contributing to the slow growth of the base oil market.

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Global Base Oil Market: Segmentation

The global base oil market is categorized based on group, application, and region.

On the basis of group, the global base oil market is bifurcated as Group I, Group II, Group III, Group IV, and Group V. Among these base oil groups, Group II is anticipated to register rapid growth during the forecast period.

Based on application, the global base oil market is split into industrial oil, automotive oil, metalworking fluid, hydraulic oil, greases, and others.

Base Oil Market : Report Scope

Report Attributes Report Details
Report Name Base Oil Market Research Report
Market Size in 2023 USD 33.11 Billion
Market Forecast in 2032 USD 50.93 Billion
Growth Rate CAGR of 4.90%
Number of Pages 196
Key Companies Covered Chevron Corporation, Motiva Enterprises LLC, Exxon Mobil Corporation, Royal Dutch Shell Plc, AVISTA OIL AG, Ergon, Inc., H&R Group, Saudi Aramco, Abu Dhabi National Oil Company, Hindustan Petroleum Corporation Limited, and GS Caltex Corporation among others
Segments Covered By Group, By Application and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Global Base Oil Market: Regional Analysis

Asia Pacific is likely to remain the most lucrative market for base oil over the forecast period. Industries in Asia Pacific region are flourishing at a rapid rate. The region is experiencing significant growth in automobile, metal processing, civil, and mining sectors which is augmenting the demand for base oil. In addition, the increasing demand for petroleum in emerging countries such as India and China is spurring the demand for base oil. North America and Europe are expected to contribute healthy revenue in the global base oil market.

Global Base Oil Market: Competitive Players

The global base oil market is fragmented. Major players are exploring new territories to find new sources of oil. Some of the key players operating in the global base oil market include:

  • Chevron Corporation
  • Motiva Enterprises LLC
  • Exxon Mobil Corporation
  • Royal Dutch Shell Plc
  • AVISTA OIL AG
  • Ergon, Inc.
  • H&R Group
  • Saudi Aramco
  • Abu Dhabi National Oil Company
  • Hindustan Petroleum Corporation Limited
  • GS Caltex Corporation among others.

The Global Base Oil Market is segmented as follows:

By Group 

  • Group I 
  • Group II 
  • Group III 
  • Group IV
  • Group V

By Application 

  • industrial oil
  • automotive oil 
  • metalworking fluid 
  • hydraulic oil
  • greases 
  • and others

Global Base Oil Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

Major factors that are fostering the growth of the global market include an increase in high-grade oil demand from the automotive industry, growing use of hydraulic oil in several industrial applications, and expansion of the transportation & logistics sector at a rapid rate. Furthermore, the growing demand for lubricants in developing countries may create numerous opportunities for the growth of the global base oil market over the forecast period.

Some of the key players operating in the global base oil market include Chevron Corporation, Motiva Enterprises LLC, Exxon Mobil Corporation, Royal Dutch Shell Plc, AVISTA OIL AG, Ergon, Inc., H&R Group, Saudi Aramco, Abu Dhabi National Oil Company, Hindustan Petroleum Corporation Limited, and GS Caltex Corporation among others.

The Asia Pacific is likely to remain the most lucrative market for base oil over the forecast period. Industries in Asia Pacific region are flourishing at a rapid rate. The region experiencing significant growth in automobile, metal processing, civil, and mining sectors which is augmenting the demand for base oil. In addition, the increasing demand for petroleum in emerging countries such as India and China is spurring the demand for base oil.

 

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