Base Oil Market 2027 – Forecast & Projected Growth

Global Base Oil Market is expected to reach USD57543.56 million in 2027F with a CAGR of 7.55% due to massive advancements in manufacturing facilities and development in automotive engines to drive better fuel economy.

Base Oil is known to be majorly derived from refining crude extract by heating at various levels of temperature and pressure. With an underlying property such as temperature and viscosity correlation, it is broadly categorized into various groups, each having unique applications across various industries from automotive to personal care. The supply-demand assessment determines its extremely ever-growing importance in various end-user industries. Although the demand for Base Oil is majorly generated from the automotive industry, which hugely depends on fossil fuels, it is going to stay exceedingly high as long as any breakthrough happens in the automotive industry, which possibly might be due to growing concerns of promoting sustainable development scenario in the foreseeable future.

Growing demand in the automobile industry for high-grade oils

The demand for high-grade lubricants to ensure compatibility with fast-moving parts at high temperatures is being driven by advanced engine technology. The final lubricant's overall performance is significantly influenced by the base oil choice. Engine oils constitute 10–30% additives and 70–90% base oil. Therefore, it is estimated that the increased demand for high-grade engine oils would help accelerate the base oil industry. High-performance engine oils can enable diesel vehicles, passenger cars, light-duty trucks, and stationary engines to sustain difficult and demanding conditions. The majority of engine oils are made of base oil. As a result of the rising need for high-grade oils in the automotive industry, the base oil market is growing. Global demand for base oil is projected to increase due to rising investments and tremendous automotive sector growth. The market for base oil is anticipated to boost in the coming years as electric vehicles grow increasingly mainstream in developed nations like the United States and China.

Temperature-bearing capacity makes the base oil & its market more promising

Technological innovations in automotive engine fabrication are driving the demand for lubricants with higher grade composition. This state-of-the-art technology provides compatibility with high pace moving parts at extremely high temperatures. The basis on which the selection of base oil is made makes a significant impact on the total performance of the finished lubricants. Compositionally, engine oils are 70 -90 percent of base oils and 10-30 percent of additives. Hence, the rising demand for high-grade engine oils is likely to bolster the market for base oil. Base oils are utilized in manufacturing industrial oils, including lubricating greases. Due to their extreme temperature endurance capacity, base oil builds a huge spectrum as a significant application for a variety of automobiles.

The rapid rise in Industrialization in developing economies

The expansion of end-user industries in emerging economies is fuelling the continuous rise of the Asia-Pacific base oil market. The need for lubricants and their derivatives, such as finished lubricants, is being driven by growth in industries including industrial machinery, automotive, and energy in rising economies like India, Indonesia, Thailand, and South Korea. Due to the depletion of underground hydrocarbon reserves and the enhanced attention towards environmental protection, there has been an increase in the demand for eco-friendly synthetic hydraulic oils or hydraulic fluids. Many different end-use industries, including aviation, manufacturing, construction, and automotive, use these oils. The functions of hydraulic fluids include power transmission, lubrication, machine protection against corrosion and wear, and heat transfer. Hydraulic fluid demand is increasing because of the mechanization and rapid industrialization of various industries. As a result, the Asia Pacific base oil market is being driven.

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Market Segmentation

The Global Base Oil Market is segmented based on Source, Type, Application, End-Use, company, and regional distribution. Based on Source, the market is segmented into Mineral, Synthetic, and Vegetable. Based on Type, the market is further segmented into Group 1, Group 2, Group 3, Group 4, and Group 5. Based on Application, the market can be split into Engine Oil, General Industrial Oils, Process Oils, Greases, Others. Based on the End-Use, the market is divided into Automotive, Industrial, Personal Care, Others. The market analysis also studies the regional segmentation divided among the Asia-Pacific region, North American region, European region, Middle East & African region, and South American region. \While the United States Base Oil Market stood at 4570.21 thousand tonnes in the year 2021 and is projected to grow at a CAGR of 4.71% by volume during the forecast period.

Company Profiles

S-Oil, ENEOS Corporation (erstwhile JXTG Nippon Oil & Energy Corporation), TotalEnergies SE, Sinopec, Calumet Specialty Products Partners, L.P., ExxonMobil, SK lubricants-Repsol, ADNOC, Rosneft, Formosa Petrochemical Corporation, Shanxi Lu’An Taihang Lubricants Co. Ltd., are among the major market players in the Global Base Oil Market.

Attribute	Details
Market size value in 2021	USD 37050.88 million
Revenue Forecast in 2027	USD 57543.56 million
Growth Rate	7.55%
Base Year	2021
Historical Years	2017 – 2020
Estimated Year	2022
Forecast Period	2023 – 2027
Quantitative Units	Revenue in USD Million, Volume in Thousand Tonnes, and CAGR for 2017-2021 and 2022E-2027F
Report Coverage	·         Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	·         Source ·         Type ·         Application ·         End-Use
Regional Scope	Asia-Pacific; North America; Europe; Middle East & Africa; South America
Country Scope	China; India; Indonesia; Thailand; Philippines; Malaysia; United States; Canada; Mexico; Germany; France; Italy; Spain; Poland; Netherlands; Iran; Saudi Arabia; Egypt; South Africa; Nigeria; Iraq; UAE; Brazil; Argentina; Peru; Colombia.
Key Companies Profiled	S-Oil, ENEOS Corporation (erstwhile JXTG Nippon Oil & Energy Corporation), TotalEnergies SE, Sinopec, Calumet Specialty Products Partners, L.P., ExxonMobil, SK lubricants-Repsol, ADNOC, Rosneft, Formosa Petrochemical Corporation, Shanxi Lu’An Taihang Lubricants Co. Ltd.,
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, Global Base Oil Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Base Oil Market, By Source:

o   Mineral

o   Synthetic

o   Vegetable

• Base Oil Market, By Type:

o   Group 2

o   Group 1

o   Group 3

o   Group 5

o   Group 4

• Base Oil Market, By Application:

• • Engine Oils
  • General Industrial Oils
  • Process Oils
  • Greases
  • Others (Gear & Transmission Oil)

• Base Oil Market, By End-Use:  

• • Automotive
  • Industrial
  • Personal Care
  • Others (Marine, Defense)

• Base Oil Market, By Region:

• • Asia-Pacific
    • China
    • India
    • Indonesia
    • Thailand
    • Philippines
    • Malaysia

o   North America

• • • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • Poland
    • Netherlands
  • Middle East & Africa
    • Iran
    • Saudi Arabia
    • Egypt
    • South Africa
    • Nigeria
    • Iraq
    • UAE
  • South America
    • Brazil
    • Argentina
    • Peru
    • Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Base Oil Market.

 

 

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Table of Content

    1. Product Overview

2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on the Global Base Oil Market
5. Voice of Customer

5.1.  Factors Considered Before Purchase

5.2.  Brand Awareness and Brand Satisfaction Level

5.3.  Preferred Point of Purchase

6. Global Base Oil Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value & Volume

6.2.  Market Share & Forecast

6.2.1.    By Source (Mineral, Synthetic, Vegetable)

6.2.2.    By Type (Group 2, Group 1, Group 3, Group 5, Group 4)

6.2.3.   By Application (Engine Oils, General Industrial Oils, Process Oils, Greases, Others (Gear & Transmission Oil))

6.2.4.    By End-Use (Automotive, Industrial, Personal Care, Others (Marine, Defense))

6.2.5.    By Company (2021)

6.2.6.    By Region

6.3.  Product Market Map

7. Asia-Pacific Base Oil Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value & Volume

7.2.  Market Share & Forecast

7.2.1.    By Source

7.2.2.    By Type

7.2.3.    By Application

7.2.4.    By End-Use

7.2.5.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Base Oil Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Volume

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Application

7.3.1.2.3.           By End-Use

7.3.2.    India Base Oil Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Volume

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Application

7.3.2.2.3.           By End-Use

7.3.3.    Indonesia Base Oil Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Volume

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Application

7.3.3.2.3.           By End-Use

7.3.4.    Thailand Base Oil Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Volume

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Type

7.3.4.2.2.           By Application

7.3.4.2.3.           By End-Use

7.3.5.    Philippines Base Oil Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Volume

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Type

7.3.5.2.2.           By Application

7.3.5.2.3.           By End-Use

7.3.6.    Malaysia Base Oil Market Outlook

7.3.6.1.        Market Size & Forecast

7.3.6.1.1.           By Volume

7.3.6.2.        Market Share & Forecast

7.3.6.2.1.           By Type

7.3.6.2.2.           By Application

7.3.6.2.3.           By End-Use

8. North America Base Oil Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value & Volume

8.2.  Market Share & Forecast

8.2.1.    By Source

8.2.2.    By Type

8.2.3.    By Application

8.2.4.    By End-Use

8.2.5.    By Country

8.3.  North America: Country Analysis

8.3.1.    United States Base Oil Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Volume

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Application

8.3.1.2.3.           By End-Use

8.3.2.    Canada Base Oil Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Volume

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Application

8.3.2.2.3.           By End-Use

8.3.3.    Mexico Base Oil Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Volume

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Application

8.3.3.2.3.           By End-Use

9. Europe Base Oil Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value & Volume

9.2.  Market Share & Forecast

9.2.1.    By Source

9.2.2.    By Type

9.2.3.    By Application

9.2.4.    By End-Use

9.2.5.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Base Oil Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Volume

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Application

9.3.1.2.3.           By End-Use

9.3.2.    France Base Oil Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Volume

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Application

9.3.2.2.3.           By End-Use

9.3.3.    Italy Base Oil Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Volume

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Application

9.3.3.2.3.           By End-Use

9.3.4.    Spain Base Oil Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Volume

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Type

9.3.4.2.2.           By Application

9.3.4.2.3.           By End-Use

9.3.5.    Poland Base Oil Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Volume

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Type

9.3.5.2.2.           By Application By End-Use

9.3.5.2.3.           By End-Use

9.3.6.    Netherlands Base Oil Market Outlook

9.3.6.1.        Market Size & Forecast

9.3.6.1.1.           By Volume

9.3.6.2.        Market Share & Forecast

9.3.6.2.1.           By Type

9.3.6.2.2.           By Application

9.3.6.2.3.           By End-Use

10. Middle East & Africa Base Oil Market Outlook

10.1.               Market Size & Forecast        

10.1.1.           By Value & Volume

10.2.               Market Share & Forecast

10.2.1.          By Source

10.2.2.          By Type

10.2.3.          By Application

10.2.4.          By End-Use

10.2.5.          By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1. Iran Base Oil Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Volume

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Application

10.3.1.2.3.         By End-Use

10.3.2. Saudi Arabia Base Oil Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Volume

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Application

10.3.2.2.3.         By End-Use

10.3.3. Egypt Base Oil Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Volume

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Application

10.3.3.2.3.         By End-Use

10.3.4. South Africa Base Oil Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Volume

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Type

10.3.4.2.2.         By Application

10.3.4.2.3.         By End-Use

10.3.5. Nigeria Base Oil Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Volume

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Type

10.3.5.2.2.         By Application

10.3.5.2.3.         By End-Use

10.3.6. Iraq Base Oil Market Outlook

10.3.6.1.     Market Size & Forecast

10.3.6.1.1.         By Volume

10.3.6.2.     Market Share & Forecast

10.3.6.2.1.         By Type

10.3.6.2.2.         By Application

10.3.6.2.3.         By End-Use

10.3.7. UAE Base Oil Market Outlook

10.3.7.1.     Market Size & Forecast

10.3.7.1.1.         By Volume

10.3.7.2.     Market Share & Forecast

10.3.7.2.1.         By Type

10.3.7.2.2.         By Application

10.3.7.2.3.         By End-Use