Base Oil Market Size Worth $29.9 Billion by 2030 at of CAGR 4.3%: Grand View Research, Inc.
SAN FRANCISCO, April 5, 2022 /PRNewswire/ -- 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 rising demand for base stocks in the 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.
Key Insights & Findings from the report:
- 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.
Read 130-page market research report, "Base Oil Market Size, Share & Trends Analysis Report By Product (Group I, Group II, Group III, Group IV, Group V), By Application (Automotive Oils, Process Oils, Industrial Oils), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Base Oil Market Growth & Trends
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 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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Thailand
- Malaysia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Base Oil Market
- 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
Check out more related studies published by Grand View Research:
- Compressor Oil Market - The global compressor oil market size is estimated to reach USD 5.59 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.1% during the forecast period. Growing industrial sector in the Middle East and Asia Pacific is anticipated to drive the demand for compressor oils over the forecast period.
- Lubricant Additives Market - The global lubricant additives market is expected to reach USD 18.85 billion by 2024, according to a new report by Grand View Research, Inc. Stringent regulations regarding the permissible amount of carbon emission in the atmosphere are expected to remain a key driving factor for global lubricant additives market. Additive prices witnessed a significant decline in 2015 as a result of fluctuations in prices of key raw materials. Their prices are heavily dependent on prices of calcium carbonate, zinc metal, and crude oil.
- White Oil Market - The global white oil market size is projected to reach USD 1.4 billion by 2027 registering a CAGR of 3.1%, according to a new report by Grand View Research, Inc. Rising demand for the product from personal care and pharmaceutical applications is the key factor driving the market.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
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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