The size and share of the global Base Oil Market size were estimated at $ 35.7 billion in 2021 and is predicted to expand up to $ 39.6 billion by 2026, at a CAGR of 5.7% in the timeline of 2022 - 2027.
The 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.
Though the good is not available for sale to the public, Croda Lubricants declared its new Group V base oil technique throughout the opening day of F+L Week 2016 at Regent Singapore. Artificial base stocks are generally made of esters or amides.
Calumet Specialty Goods Partners newly introduced the firm's first American Petroleum Institute (API) Group III artificial base oil. CALPAR 4GIII is a paraffinic oil that has been made to meet the API's needs for Group III base oils.
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.
Market Size Available
2020 – 2025
2021 - 2026
By Application, Group and 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
North America, Europe, APAC, Latin America, Middle East & Africa
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 Segmentation as per the research report until 2026.
Base Oil Market - By Group
On the basis of the group, the Group II sector held for 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
The application sector of the base oil market is segmented into automotive oil 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 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.
Middle East & Africa Base Oil Industry includes KSA, UAE, Israel, 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 with 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 are
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.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Base Oil Market, By Group
6.1.1 Group I
6.1.2 Group II
6.1.3 Group III
6.1.4 Group IV
6.1.5 Group V
6.1.6 Market Size Estimations & Forecasts (2019-2024)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 Base Oil Market, By Application
6.2.1 Automotive Oil
6.2.2 Industrial Oil
6.2.3 Hydraulic Oil
6.2.5 Metalworking Fluid
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Group
7.2.3 By Application
7.3.1 By Country
7.3.2 By Group
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
7.4.2 By Group
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
7.5.2 By Group
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
7.6.2 By Group
7.6.3 By Application
8. Key Player Analysis
8.1 Chevron Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Exxon Mobil Corporation
8.3 S-OIL Corporation
8.4 Motiva Enterprises LLC
8.5 SK innovation Co., Ltd
8.6 Royal Dutch Shell plc
8.7 Neste Oyj
8.8 Sinopec Corp
8.9 Sepahan Oil
8.10 Hindustan Petroleum Corporation Limited
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global Base Oil Market By Region, From 2022 - 2027( USD Billion )
Global Base Oil Market By Group, From 2022 - 2027( USD Billion )
Global Group I Market By Region, From 2022 - 2027( USD Billion )
Global Group II Market By Region, From 2022 - 2027( USD Billion )
Global Group III Market By Region, From 2022 - 2027( USD Billion )
Global Group IV Market By Region, From 2022 - 2027( USD Billion )
Global Group V Market By Region, From 2022 - 2027( USD Billion )
Global Base Oil Market By Application, From 2022 - 2027( USD Billion )
Global Automotive Oil Market By Region, From 2022 - 2027( USD Billion )
Global Industrial Oil Market By Region, From 2022 - 2027( USD Billion )
Global Hydraulic Oil Market By Region, From 2022 - 2027( USD Billion )
Global Grease Market By Region, From 2022 - 2027( USD Billion )
Global Metalworking Fluid Market By Region, From 2022 - 2027( USD Billion )
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