Overview and Scope
Base oil is classified as hydrocarbons with 18 to 40 carbon atoms that have a boiling point between 550 and 1050 F. The various products such as lubricating oils, motor oil, metal processing fluids, and others are manufactured with the help of base oils.
Sizing and Forecast
The base oil market size has grown strongly in recent years. It will grow from $31.59 billion in 2023 to $33.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to industrial growth, automotive sector expansion, globalization, regulatory standards.
The base oil market size is expected to see strong growth in the next few years. It will grow to $42.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to renewable and bio-based lubricants, asia-pacific dominance, research and development, globalization of supply chains. Major trends in the forecast period include shift towards group ii and group iii base oils, focus on specialty and high-performance lubricants, digitalization and industry 4.0 impact, collaborations and partnerships.
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Segmentation & Regional Insights
The base oil market covered in this report is segmented –
1) By Type: Mineral, Synthetic, Bio-Based
2) By Group: Group I, Group II, Group III, Group IV, Group V
3) By Application: Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil, Other Applications
Asia-Pacific was the largest region in the base oil market in 2023. North America was the second-largest region in the base oil market. The regions covered in the base oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing automotive industry is expected to fuel the growth of the base oil market in the coming years. Advanced engine technology is driving the demand for motor oils and lubricating greases that gives compatibility to fast-moving parts and high temperatures. Moreover, engine oils that retain their viscosity, reduce engine wear to a minimum, and help assure dependability are made using high-quality base oil and best-in-class additive technology. Automotive base oil is a fluid for internal combustion engines that power automobiles, motorbikes, lawnmowers, generators, and a variety of other machinery. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%.
Key Industry Players
Major companies operating in the base oil market report are Chevron Corporation, Exxon Mobil Corporation, Shell PLC, Ergon Inc., Neste Oyj, Nynas AB, S-OIL CORPORATION, Sepahan Oil, Repsol S. A., China Petroleum & Chemical Corporation (SINPOEC), BP PLC, Evonik Industries AG, H&R Group, Saudi Aramco, SK Lubricants Co. Ltd., Dodge, DYM Resources GmbH, Gazprom Neft PJSC, Gulf Petrochem Group, GS Caltex Corporation, Indian Oil Corporation Ltd., The PJSC Lukoil Oil Company, PETRONAS Lubricants International Sdn Bhd, The Philips 66 Company, Petro-Canada Corporation, Infinity Galaxy, Abu Dhabi National Oil Company, CNOOC Limited, Eni SpA, China Shenhua Energy Company Limited
The base oil market report table of contents includes:
1. Executive Summary
2.Base Oil Market Characteristics
3.Base Oil Market Trends And Strategies
4.Base Oil market analysis
5.Base Oil Market Size And Growth
6.Base Oil Segmentation
7. Base Oil Regional And Country Analysis
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27.Base Oil Competitive Landscape And Company Profiles
28.Base Oil Key Mergers And Acquisitions
29.Base Oil Future Outlook and Potential Analysis
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