Market Size – USD 30 Billion in 2021, Market Growth - CAGR of 4.6%, Market Trends –the increasing demand from electronics industry is widening the scope for Base Oil Market.
According to the current analysis of Introspective Market Research, the global Base Oil Market was valued at USD 30 Billion in 2021 and is expected to reach USD 41.10 Billion by the year 2028, at a CAGR of 4.6%.
Base Oil refers to all forms, grades, viscosities, and quality of paraffinic-based lubricant stock suitable for mixing into finished oils (e.g., passenger car motor oil, heavy-duty engine oil, automatic transmission fluid, hydraulic fluids, or gear oils). The most common way to make base oil is to refine crude oil. Some of the basic oils, on the other hand, are obtained from vegetable oils and synthetic oil sources. Mineral oil-based fluids are used to provide more than 70% of all lubricant requirements worldwide each year, according to various research. The key reason driving demand for mineral-based lubricants across the world has been the cheaper cost. However, the usage of these lubricants is fraught with oxidation and acid development issues, which can lead to sludge formation, especially in high-temperature applications. Furthermore, these lubricants have uneven molecule surfaces that cause friction within the fluid, raising power needs and decreasing efficiency. As a result, mineral oil-based lubricants are increasingly being replaced with synthetic oil-based lubricants such as PAO (Polyalphaolefin).
As a result of rising industrialization, the need for lubricants has expanded. The rise of sectors such as industrial machinery, automotive, and energy in emerging economies such as China, India, Brazil, and South Africa is driving demand for lubricants and their derivatives, such as finished lubricants. Demand for ecologically friendly synthetic hydraulic oils or hydraulic fluids has grown due to the depletion of crude oil supplies and the rising attention on environmental preservation. Aviation, manufacturing, construction, and vehicles are just a few of the industries that employ these oils.
Base Oil Market is segmented by Group (Group I, Group II, Group III, Group IV, Group V), Application (Process Oils, Industrial Oil, Automotive Oil, Hydraulic Oil, Grease, Metalworking Fluid, Others), and Region.
Major key players such as Evonik Industries AG (Germany), Hindustan Petroleum Corporation Limited or HPCL (India), AVISTA OIL AG (Germany), Chevron Corporation (US), Total SA (France), PT Pertamina (Persero) (Indonesia), GRUPA LOTOS S.A. (Poland), Abu Dhabi National Oil Company (ADNOC) (UAE), Exxon Mobil Corporation (US), Motiva Enterprises LLC (US), SK Innovation Co., Ltd. (South Korea), Royal Dutch Shell Plc (Netherlands), Neste Oyj (Finland), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (the US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Saudi Aramco (Saudi Arabia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), Sinopec Corp. (China), S-OIL CORPORATION (South Korea), PetroChina Company Limited (China), and others.
For this report, Introspective Market Research has segmented the Base Oil Market based on of region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2021-2027)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM