Global Base Oil
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global base oil market was valued at USD 28.92 billion in 2022 and will expand to USD 43.38 billion by 2030, registering a CAGR of 5.2% for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Base Oil Market Sales Revenue 2022 | $ 28.92 Billion |
Global Base Oil Market Sales Revenue 2030 | $ 43.38 Billion |
Global Base Oil Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
Market Split by Group |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Base Oil industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Base Oil Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Base oil is used to manufacture motor oil, lubricating greases, and metal processing fluids. Crude oil is refined to create base oil. Crude oil is boiled to separate distillates from one another. Light and heavy hydrocarbons are separated during heating while the heavier ones are appropriate for bitumen and base oils, the lighter ones can be processed to produce petrol and other fuels. Most base oils, including greases, gearboxes, and lubricants, are used in automotive goods. Process oils and common industrial lubricants are two major key applications.
Rapid industrialization in developing nations like Japan, China, India, Indonesia, Brazil, and others is helping to expand the base oil market growth. China, Indonesia, India, South Africa, and Brazil are all seeing rapid expansion in sectors including industrial machinery, automotive, and energy. Base oil is the essential component of almost all lubricants. Engine oil is mostly base oil with just 7% to 10% additional ingredients moreover only 10%–12% other additives are included in gearbox fluids; the remaining is base oil. The base oil is used to create a variety of industrial lubricants.
Base oils are majorly used in the manufacturing of lubricants. The use of lubricants in the automobile industry is enlarged due to lubricants extended equipment life, reduces corrosion, and reduced machine downtime. A base oil is present in all lubricants. It serves as the lubricant's base before it is combined with additives or a thickening in the case of grease. Improving vehicle supply resulted to increase in the demand for base oil. The automobile industry focuses more on vehicle efficiency, resulting in increased demand for lubricants in the automobile industry. Hence, the increasing adoption of lubricants in the automobile sector is fueling the base oil market.
Fluctuation in the price of crude oil is expected to hinder the base oil market growth. Many kinds of crude oil are used to produce base oils, the most typical is paraffinic crude oil. On the other hand, Naphthenic crude oils produce base oil with superior solubility and excellent qualities at low temperatures. The Organisation of Petroleum Exporting Countries (OPEC), independent Petro-states like Russia, private oil companies like ExxonMobil, and other producers significantly impact crude oil prices. Prices are impacted by supply and demand just as with any other commodity. Crude Oil prices fluctuated due to production expenses as well. While it costs less to extract oil in the Middle East, it costs more to do so in Canada's oil sands. Once the supply of cheap oil is lessened, the price could increase.
The automobile sector is severely impacted by COVID-19. For instance, new car sales in China majorly decreased, moreover, overall car sales in European nations also decreased. Hence decline in the growth of the automobile market during the pandemic resulted in a decline in base oil sales. Rules and regulations regarding transportation and disturbed supply chain resulted in decreased base oil sales. Due to the lack of crude oil, there is a downturn in base oil production. Social distancing limits the workforce, it negatively impacted the production sector.
Post-pandemic all the activities resumed and the supply chain stabilized. Release in the border restriction resumed the export-import. Hence the availability of raw materials has also resumed the production sector.
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At the Gujarat Refinery, Indian Oil Corporation Limited awarded an EPC contract for a base oil plant:
Indian Oil Corporation Limited has allotted an EPC (Engineering, Procurement, and Construction) contract to Thyssenkrupp Industrial Solutions India Private Ltd. valued at approximately USD 75 Million for 270 kilotons per annum Catalytic Dewaxing Unit (CDWU) for its refinery located in Gujarat, India. CDWU is an important unit for the production of lube base oil.
Nynas AB created the highly refined process oils NYFLEX 201B and NYFLEX 2005 for use in sealant compositions:
Nynas AB is a Swedish manufacturer of base oil, especially for naphthenic oils and bitumen products. Nynas offered highly refined process base oil for use in sealant formation. The oil is cost-effective, compatible, and used as a silicon fluid replacement. Worldwide availability of the NYFLEX® process gives the chance to create the precise silicone fluid to the manufacturer.
In the Hamriyah Free Zone, Texol Lubritech FZC launched its first overseas production facility.:
Texol Lubritech FZC is an industrial petroleum and oil producer company in Dubai and Sharjah UAE. Texol Lubritech FZC, Joint venture of Gandhar Oil Refinery, Ltd made its first expansion outside of India by formally opening its first overseas manufacturing facility in the Hamriyah Free Zone, Sharjah. The automated factory produces a full variety of white oils, base oil, LLP, HLP, transformer oils, rubber processing oils, industrial and automotive lubricants, and other products to meet the demands of the steel, automotive, cosmetic, pharmaceutical, transformer, and other sectors. The factory produced 100,000 MT of oil annually.
Top Companies Market Share in Base Oil Industry: (In no particular order of Rank)
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Rapid industrialization in Japan, China, and India is fueling the growth of the automobile, mining, and power generation industry. Thus, rapid industrialization resulted in an increasing demand for base oil. Greater demand for crude oil and greater exports of refined petroleum products to other Asian nations are both results of China's industrialization. Although China is the highest manufacturer of crude oil, the availability of raw materials for manufacturing base oil is higher in APAC.
Europe is expected to grow at a speedy rate during the forecast period. Base oil is used for the majority of lubricants. The market's expansion in Europe is significantly influenced by the region's high lubricant consumption. The expansion of the transportation and industrial sectors is directly correlated with the increased base oil consumption.
The current report Scope analyzes Base Oil Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
Global Base Oil Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Base Oil Industry growth. Base Oil market has been segmented with the help of its Group, Application , and others. Base Oil market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
In 2022, Group I dominated the market with the largest revenue share.
Based on the group, the base oil market is segmented into Group I, II, III, IV, and V.
Group I base oils are made using the solvent refining method and have distinct qualities that make them suitable for a wide range of applications. Group I base oils are used in automotive, rail, and marine lubricants due to their greater flash points, high viscosity index, low volatility, outstanding stability, and superior lubricating qualities. It is the cheapest oil in the market. As per American Petroleum Institute, Group I contain a higher composition of aromatics and sulfur than other groups hence it is superior to other groups. All these factors are responsible to dominate the Group I market over all other groups.
The Group II market is anticipated to grow in the market during the forecast period.
Group I dominates the market, but the demand for Group I oil is declining because of the higher impurity content like nitrogen, and olefins. Group II base oil is increasingly used in automotive engine oil formation. More rapid water separation, low foaming tendency, and higher oxidation stability are some properties of Group II base oil that are superior in comparison to other base oil segments.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Base Oil Industry. Request a Free Sample PDF!
The automotive segment is estimated to gain the largest market share in the base oil market during the forecast period.
The market is bifurcated based on application into Automotive Oils, Metalworking Fluids, Hydraulic oil, Industrial Oil, Greases, and Others.
Increasing automation, digitalization, innovation, and new business model are the key driving factor for the growth of the automobile industry. Base oil is majorly used for lubricants and demand for lubricants is high in the automobile sector compared to other sectors. Base oil is mostly used for transmission and gear lubricant, engine oil, and greases. Base oil usage is increasing in the automotive sector due to its properties like purity, thermal stability, sulfur content, and hydraulic stability.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Base Oil market report 2024 Edition by contacting our team.
Senior Analyst at Cognitive Market Research
I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.
I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building. I fulfill data requirements with thorough research and analytics. ME and My research team provide intelligence on industry stats, market structure, company profiles/Competition Analysis, Forecast Mapping, and Recently started providing the COVID-19 Impact Analysis.
Specialties: Industry research, Company analysis, Location Strategy, Tech Research, Change Management, Process Improvement, Peer Group Benchmarking, Startup Ecosystem, Crypto Research, COVID19 Impact Analysis, etc.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Base Oil Market is witnessing significant growth in the near future.
In 2023, the Group I segment accounted for noticeable share of global Base Oil Market and is projected to experience significant growth in the near future.
The Automotive Oils segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies PetroChina Co. Ltd , Shell plc and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
https://www.epa.gov/regulatory-information-sector/construction-sector-naics-23
https://www.usace.army.mil/Missions/Civil-Works/Engineering-and-Construction/
https://www.abs.gov.au/statistics/industry/building-and-construction
https://business.gov.au/planning/industry-information/construction-industry
https://www.usitc.gov/research_and_analysis/tradeshifts/2021/footwear
Disclaimer:
Group | Group I, Group II, Group III, Group IV, Group V |
Application | Automotive Oils, Metalworking Fluids, Hydraulic oil, Industrial Oil, Greases |
List of Competitors | PetroChina Co. Ltd, LUKOIL, Shell plc, CNOOC Limited, Bahrain Lube Base Oil Company, Repsol, Nynas AB, Sepahan Oi, Saudi Arabian Oil Co., Philips 66 Company, S-OIL CORPORATION, SK Lubricants Co. Ltd, Evonik Industries AG, Chevron Corporation, GS Caltex Corporation, Indian Oil Corporation Ltd. |
This chapter will help you gain GLOBAL Market Analysis of Base Oil. Further deep in this chapter, you will be able to review Global Base Oil Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Base Oil Market Trends North America Base Oil Technological Road Map North America Base Oil Market Drivers North America Base Oil Market Restraints North America Base Oil Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Group Analysis 2019 -2031, will provide market size split by Group. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Group Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Base Oil market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Group I have a significant impact on Base Oil market? |
What are the key factors affecting the Group I and Group II of Base Oil Market? |
What is the CAGR/Growth Rate of Automotive Oils during the forecast period? |
By type, which segment accounted for largest share of the global Base Oil Market? |
Which region is expected to dominate the global Base Oil Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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