Base Oil Global Market Report 2024

Description

“Base Oil Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on base oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for base oil? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The base oil market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: Chevron Corporation; Exxon Mobil Corporation; Shell PLC; Ergon Inc.; Neste Oyj
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

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.

The main types of base oil are mineral, synthetic, and biobased. The mineral oil is produced from a highly refined variant of ground-based oil. Mineral oils are widely utilized by classic and vintage automobile owners, in part as synthetic oils have a lower viscosity, which enhances the risk of leaks in older engines. The different groups include Group I, Group II, Group III, Group IV, and Group V and is used in automotive oil, industrial oil, metalworking fluid, greases, hydraulic oil, and others.

The base oil market research report is one of a series of new reports from The Business Research Company that provides base oil market statistics, including base oil industry global market size, regional shares, competitors with a base oil market share, detailed base oil market segments, market trends and opportunities, and any further data you may need to thrive in the base oil industry. This base oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.

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%.

Rapid industrialization is expected to propel the growth of the base oil market going forward. Industrialization refers to the process by which an economy transforms from primarily agrarian and manual labor-based industries to one dominated by mechanized, large-scale manufacturing and production processes. As industrialization progresses, there is a substantial increase in the demand for lubricants across various sectors such as manufacturing, construction, transportation, and more. Base oils are a fundamental component in formulating lubricants, and their demand rises in tandem with the need for lubrication solutions. For instance, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21, as well as a substantial increase in new investment and ordering activity. Compared to 2019-20, the manufacturing sector saw a 460% increase in 2021-22. Similarly, in March 2022, according to the United Nations Industrial Development Organization (UNIDO), global manufacturing production increased by 9. 4% in 2021. Therefore, the rapid industrialization is driving the growth of the base oil market.

Major companies operating in the base oil market are focused on developing new technologies, such as a new product family of lubricants called Neste ReNew, to increase their profitability in the market. Neste ReNew is a new family of lubricants introduced by Neste as a renewable and circular solution. Neste's commitment to sustainability and reducing carbon emissions has led to the development of innovative products such as Neste ReNew Base Oil, which aims to provide a more environmentally friendly alternative to traditional base oils used in lubricant production. These renewable base oils contribute to a more sustainable and eco-friendly approach in the lubricants industry by offering high-quality performance while reducing environmental impact. For instance, in February 2023, Neste, a Finland-based oil refining and marketing company, introduced new and more sustainable lubricants produced with renewable or re-refined base oils. These lubricants are designed to be environmentally sustainable and contribute to reducing carbon emissions. They are produced from renewable and sustainable feedstocks, such as vegetable oils and animal fats, as opposed to conventional petroleum-based feedstocks.

Major companies operating in the base oil market are focused on innovating new technologies, such as Oxlube L7-NPG ester base oil for EV (Electric vehicle) fluids, to increase their profitability in the market. Oxlube L7-NPG is a type of ester-based oil specifically designed for use in electric vehicle (EV) fluids. It is designed to improve the performance and efficiency of EVs by providing efficient heat transfer, conductivity, and lubrication. For instance, in September 2022, OQ Chemicals, a Germany-based chemical company that specializes in producing a wide range of chemicals used in various industries, launched Oxlube L7-NPG ester base oil for EV fluids. It has excellent thermal stability, meaning it can withstand high temperatures without degrading.

In April 2022, Chevron Global Energy Inc., a US-based energy company, acquired Neste Corporation's NEXBASE™ brand. The acquisition would place Chevron as a premium supplier of base oils and help it serve customers globally. NESTE is a Finland-based oil refining company and provides base oils through its brand NEXBASE.

Major companies operating in the 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

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

The countries covered in the base oil market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The base oil market consists of sales of mineral base oils, vegetable base oils, and synthetic base oils. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r10197

1. Executive Summary

2. Base Oil Market Characteristics

3. Base Oil Market Trends And Strategies

4. Base Oil Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Base Oil Market Size and Growth

5.1. Global Base Oil Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Base Oil Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Base Oil Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Base Oil Market Segmentation

6.1. Global Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Mineral
Synthetic
Bio-Based
6.2. Global Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Group I
Group II
Group III
Group IV
Group V
6.3. Global Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Automotive Oil
Industrial Oil
Metalworking Fluid
Greases
Hydraulic Oil
Other Applications

7. Base Oil Market Regional And Country Analysis

7.1. Global Base Oil Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Base Oil Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Base Oil Market

8.1. Asia-Pacific Base Oil Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. 4. Asia-Pacific Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Base Oil Market

9.1. China Base Oil Market Overview
9.2. China Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9. 4. China Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Base Oil Market

10.1. India Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Base Oil Market

11.1. Japan Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Base Oil Market

12.1. Australia Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Base Oil Market

13.1. Indonesia Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Base Oil Market

14.1. South Korea Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Base Oil Market

15.1. Western Europe Base Oil Market Overview
15.2. Western Europe Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. 4. Western Europe Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Base Oil Market

16.1. UK Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Base Oil Market

17.1. Germany Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Base Oil Market

18. 5. France Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 6. France Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. 7. France Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Base Oil Market

19. 9. Italy Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Base Oil Market

20.13. Spain Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Base Oil Market

21.1. Eastern Europe Base Oil Market Overview
21.2. Eastern Europe Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. 4. Eastern Europe Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Base Oil Market

22.1. Russia Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Base Oil Market

23.1. North America Base Oil Market Overview
23.2. North America Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. 4. North America Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Base Oil Market

24.1. USA Base Oil Market Overview
24.2. USA Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. 4. USA Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Base Oil Market

25.1. Canada Base Oil Market Overview
25.2. Canada Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. 4. Canada Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Base Oil Market

26.1. South America Base Oil Market Overview
26.2. South America Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. 4. South America Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Base Oil Market

27.1. Brazil Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Base Oil Market

28.1. Middle East Base Oil Market Overview
28.2. Middle East Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. 4. Middle East Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Base Oil Market

29.1. Africa Base Oil Market Overview
29.2. Africa Base Oil Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Base Oil Market, Segmentation By Group, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. 4. Africa Base Oil Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Base Oil Market Competitive Landscape And Company Profiles

30.1. Base Oil Market Competitive Landscape
30.2. Base Oil Market Company Profiles
- 30.2.1. Chevron Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1. 4. Financial Performance
- 30.2.2. Exxon Mobil Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2. 4. Financial Performance
- 30.2.3. Shell PLC
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3. 4. Financial Performance
- 30.2. 4. Ergon Inc.
  - 30.2. 4.1. Overview
  - 30.2. 4.2. Products and Services
  - 30.2. 4.3. Strategy
  - 30.2. 4. 4. Financial Performance
- 30.2. 5. Neste Oyj
  - 30.2. 5.1. Overview
  - 30.2. 5.2. Products and Services
  - 30.2. 5.3. Strategy
  - 30.2. 5. 4. Financial Performance

31. Global Base Oil Market Competitive Benchmarking

32. Global Base Oil Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Base Oil Market

34. Base Oil Market Future Outlook and Potential Analysis

34.1 Base Oil Market In 2028 - Countries Offering Most New Opportunities
34.2 Base Oil Market In 2028 - Segments Offering Most New Opportunities
34. 3 Base Oil Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35. 4. Research Inquiries
35. 5. The Business Research Company
35. 6. Copyright And Disclaimer