The global base oil market size is expected to reach USD 29.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2022 to 2030. This is attributed to the rising demand for base stocks in automotive and industrial applications. Lubricants are mainly used in gearboxes, lubricants & transmission oils, and diesel engine oils, in various automotive applications including commercial vehicles, motorcycles, and passenger cars. The automotive industry is one of the largest consumers of base oils that are growing at a faster pace.
Base Oil Market Report Highlights
- The Group V product segment witnessed the fastest growth rate of 7.0% over the forecast period, owing to its increasing use as an additive to other base oil products, and the usage of high-performance lubricants due to OEM recommendations
- The market is projected to benefit from the expansion of the base oil production capacity of emerging economies. As automobile manufacturers globally focus on downsizing their engines and prolonging the oil change intervals, these factors are anticipated to stifle the growth in the coming years
- The automotive oil application segment witnessed for the fastest growth rate of nearly 5.7%, as we can see growth in the sales of consumer automotive such as trucks, buses, and other forms of public transport
- Asia Pacific witnessed the fasted growth rate of 5.7% over the forecast period. This is because of the high consumption of automotive fuel in this region, especially in China, India, and Japan
- The competition is high due to numerous companies engaging in strategic divestitures and investments in the upstream facilities
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This industry is currently facing massive shifts in terms of production from group I to group II and III. Although the shift in the sector is gradual, various factors including government directives, feedstock choices, and demand patterns play a major role in propelling the market. Also, key industry participants are expanding their businesses in the Asia Pacific region, owing to the rising industrial and automotive sectors in this region, which can further contribute to group II product demand.
Moreover, base oil manufacturing technologies adopted worldwide would further reinforce the demand for the products to suffice the growing demand for end-use utility productions. Meanwhile, prices and availability of crude oil are anticipated to largely affect the production processes globally. The turbulence in the sector has had a significant impact on multiple other dependent industries such as base oils, lubricants, and others. Since 2019, the petroleum market has faced critical challenges as vehicle efficiency measures taken by governments worldwide to curb carbon emissions led to lower consumption of transport fuel. However, the market witnessed a strong presence of key players that competes to dominate the market and to gain a strategic and competitive advantage over the other players.
Base Oil Market Insights By Demographics
Asia Pacific is one of the largest markets for base oil globally, with China being the dominant country in the region. This is attributed to the presence of emerging economies and the increasing disposable income of people in the region making it an attractive market for lubricant manufacturers. Similarly, the market in India is expected to witness a high growth rate owing to the strong presence of several base oil producers, and rapid infrastructure development undertaken by the government of India. Europe attributed for the second-largest revenue share globally. High consumption of lubricants is considered a key driver for the growth of the market in Europe, as lubricants are mainly composed of base oil.
Industry Share Insights By Major Producers
The market for base oil is fragmented in nature. The key industry participants have recognized the future growth prospects of the market across the world and as such, are constantly acquiring small- or medium-sized firms. They are merging with other companies for producing base oils in large volumes. These leading players are also introducing innovative products in the market to maintain their dominance. Several regional companies are enhancing their production capacity and entering into joint ventures with other companies to increase their global presence. Some of the prominent players in the base oil market include:
- CNOOC Limited
- PetroCanada Lubricants Inc.
- Petroleum & Chemical Corp. (SINOPEC)
- PETRONAS Lubricants International
- PT Pertamina (Persero)
- PetroChina Co., Ltd.
- ExxonMobil Corporation
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Base Oil Market Segmentation
Grand View Research has segmented the global base oil market report on the basis of product, application, and region:
- Base Oil Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Base Oil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Base Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- List of Key Players of Base Oil Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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