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Base Oil Market - By Group (Group I, Group II, Group III, Group IV, Group V), By Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid, Others), By Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa) – Global Industry Analysis on Size, Share, Growth, Trends, Forecast | 2023-2028

Published: March, 2023
ID: 9694
Pages: 175
Formats: report pdf report excel report power bi report ppt

Base Oil Market Size & Trends (2023-2028)

Base Oil Market size was estimated at $ 35.7 billion in 2022 and is predicted to expand up to $ 39.6 billion by 2028, at a CAGR of 5.7% in the timeline of 2023-2028.

Base oil is the refined petroleum mineral or artificial component obtained by a refinery according to a set of needed specifications, usually a base stock of lubricant. The quality of a lubricant may be depending on the kind of base oil employed for refining and the production method employed to obtain the base oil. It is essential for the quality of the lubricant since base oils normally represent up to 70-97% of a lubricant's formulation.

Market Drivers & Restraints in the Base Oil Market:

The rising call for high-quality oils in the automotive industry and the escalation of GDP in Asia-Pacific led by the increase in industrial activities are driving the growth of the market worldwide. The increasing adoption of Group II and III base oils as a result of increased ground transportation, aviation, and commercial road transport is expected to support growth in the next eight years. The increase in this market can be attributed to growing concerns about environmental degradation and the consequent increase in demand for alternative and sustainable products with a lower carbon footprint. Consumers are increasingly demanding better performance and high mileage vehicles due to the growing awareness among them about vehicle use that should not be replaced any time soon.

The call for oils in the automotive industry, mainly in growing nations, and strict environmental legislation leading to strict performance standards are driving the worldwide base oil industry. However, volatility in the prices of crude oil and stringent government standards is predicted to limit the expansion of this industry in the future. The worldwide change from Group I base oils to Groups II and III shows several development opportunities for industry players. The demand for synthetic hydraulic oils or environmentally friendly hydraulic fluids has increased due to depleting crude oil levels and an emphasis on protecting the environment. These oils are used in various end-use industries, such as aviation, manufacturing, construction, and the automotive industry. Hydraulic fluids transfer power; lubricate; prevent corrosion and wear of machines; and act as a means of heat transfer. The rapid industrialization and mechanization of industries are stimulating the demand for hydraulic fluids, which stimulates the global base oil market.

BASE OIL MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022-2028

Base Year

2022

Forecast Period

2023-2028

CAGR

5.7%

Segments Covered

  • By Group
  • By Application
  • By Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America: United States, Mexico, Canada
  • Europe: United Kingdom, Germany, Italy, France
  • Asia Pacific: Australia, Canada, China
  • Latin America: Argentina, Brazil, Chile
  • The Middle East and Africa: Egypt, Iran, Iraq, Israel

Market Leaders Profiled

Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (United States), Calumet Specialty Products Partners, L.P., H&R Group (Germany), Sinopec Corp. (China), SK innovation Co., Ltd

 

Base Oil Market

Base Oil Market Segmentation:

Base Oil Market - By Group:

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

On the basis of the group, the Group II sector held the biggest base oil industry share in 2020. This sector is also predicted to continue its dominion in the coming years.

Base Oil Market - By Application:

  • Automotive Oil

  • Industrial Oil

  • Hydraulic Oil

  • Grease

  • Metalworking Fluid

  • Others

The application sector of the base oil market is segmented into automotive oil and is predicted to dominate the industry during the foreseen period. 

Base Oil Market – By Region:

The Base Oil Report includes the segmentation of Regions with their respective Countries.

  • North America Base Oil Industry includes the US and Canada.

  • Europe Base Oil Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

  • Asia Pacific Base Oil Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

  • Latin America Base Oil Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

  • The Middle East & Africa Base Oil Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

The Asia-Pacific region is predicted to be the biggest base oil industry in 2020. The Asian nations are the significant customers of base oil in this area. The escalation in GDP driven by the escalation in industrial works has escalated the call for basic oil in this region. The expansion of transportation, power releases, and other segments is also in charge of the expansion of the base oil industry in the region of Asia-Pacific. Europe is one more significant region in the worldwide industry for base oil. The region's industry is predicted to rise at a significant pace throughout the determined period. The rising call for hybrid electric vehicles (VEH) and electric vehicles (VE) to follow government rules on CO2 releases is also having a good effect on the base oil market in Europe.

Key Players listed in the Base Oil Market:

  1. Chevron Corporation (US)

  2. Exxon Mobil Corporation (US)

  3. S-OIL Corporation (South Korea)

  4. Motiva Enterprises LLC (US)

  5. AVISTA OIL AG (Germany)

  6. Nynas AB (Sweden)

  7. Repsol S.A. (Spain)

  8. Ergon, Inc. (United States)

  9. Calumet Specialty Products Partners, L.P

  10. H&R Group (Germany)

  11. Sinopec Corp. (China)

  12. SK innovation Co., Ltd. (South Korea)

  13. Royal Dutch Shell plc (Netherlands)

  14. Neste Oyj (Finland)

  15. PetroChina Company Limited (China)

Impact of COVID-19 on Base Oil Market:

Oil and gas companies worldwide are struggling for the right answer to the Coronavirus (Covid-19) for their employees, customers, and businesses, as well as the consequences of the price war between Arabia and Russia. This unique situation of an overcrowded oil market and a massive drop in demand has created a unique test of generation planning for the organization's resilience and flexibility. For many organizations, the current crisis is an opportunity not only to survive but to prosper. Oil and gas leaders are required to think about the medium-term implications of decisions when finalizing a work plan. This is where a firm's data strategies will segregate winners and losers. Having the ability to quickly access and analyze data that enables you to assess things like credit exposure and debt is a great tool for making quick decisions.

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