Base Oil Market Study including Growth Factors, Types and Application by regions from 2022 to 2030

Posted on 2023-01-19 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Jan 20, 2023 — /EPR Network/ —

Base Oil Industry Overview

The global base oil market size was valued at USD 20.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.

The growth is attributed to the increasing utilization of engine oils from industries such as metallurgy, automotive, chemicals, heavy equipment, and power generation. The market is highly fragmented with the presence of a large number of highly innovative players. The competition is intense as the participants engage in maintaining their customers to have a competitive edge over each other. Companies are adopting collaborative business strategies to increase their productivity, provide highly regarded products to consumers, and expand their regional presence.

Gather more insights about the market drivers, restrains and growth of the Global Base Oil Market

Base Oil is critically utilized in the lubricant oil formulation globally with widespread application across a multitude of industries. Group I base oils are majorly utilized in marine lubricants which are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance marine lubricants that require high viscosity base oils, specially designed to enable optimal performance in operations.

Currently, the automotive sector is one of the major contributors to base oils globally. The demand for lubricants in manufacturing vehicles is expected to show continuity in its growth, however, the trend of electric vehicles has reduced the after-sales growth for certain lubricants. Consumers are looking for standard and specialized products to satisfy specific requirements and thus lubricant manufacturers are investing in new product developments, especially for the automotive industry. The growing consumption of lubricant manufacturers is anticipated to propel the demand for base oils over the forecast period.

Developing economies such as China, India, Indonesia, etc. are driving the manufacturing sector across the globe. The growth is supported by the availability of raw materials, reduced infrastructure cost, and labor cost. Owing to these factors base oil manufacturers are also shifting and expanding their production units in developing nations.

Browse through Grand View Research’s Petrochemicals Industry Research Reports.

Agricultural Surfactants Market – The global agricultural surfactants market size was estimated at USD 1.3 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030.
Transformer Oil Market – The global transformer oil market size was valued at USD 2.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.

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)
- Group I
- Group II
- Group III
- Group IV
- Group V
Base Oil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Automotive Oils
- Process Oils
- Hydraulic Oils
- Metalworking Fluids
- Industrial Oils
- Others
Base Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Base Oil market include

CNOOC Limited
PetroCanada Lubricants Inc.
Petroleum & Chemical Corp. (SINOPEC)
PETRONAS Lubricants International
PT Pertamina (Persero)
PetroChina Co., Ltd.
Exxon Mobil Corporation
Abu Dhabi National Oil Company
Chevron Corporation
Shell plc
Indian Oil Corporation Ltd.
BP p.l.c
Saudi Arabian Oil Co.
Sepahan Oil
Bahrain Lube Base Oil Company
LUKOIL
SK Lubricants Co., Ltd.
H&R OWS Chemie GmbH & Co. KG
Bharat Petroleum Corporation Limited
GS Caltex Corporation
Neste
Repsol

Order a free sample PDF of the Base Oil Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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