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Report
Base Oil Market Report by Type (Mineral, Synthetic, Bio-Based), Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases, and Others), and Region 2024-2032
Market Report I 2024-07-01 I 147 Pages I IMARC Group
The global base oil market size reached 33.2 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 39.9 Million Tons by 2032, exhibiting a growth rate (CAGR) of 2% during 2024-2032.
Base oil refers to a blend stock aiding in formulating numerous lubricating oils that are used in engines and other machinery. It is produced by extracting and treating high-viscosity material from narrow distillation cuts of vacuum gasoil (VGO) or residue, which requires special processing through different units. It helps create a thin film for enhancing heat transfer and reducing tension between moving parts. At present, there is a significant rise in the utilization of lubricants in automobile and truck engines, which in turn, is positively influencing the requirement of base oil across the globe.
Base Oil Market Trends:
Nowadays, base oils find extensive applications in greases and transmission and gear lubricants. This, in confluence with the increasing utilization of hydraulic oil in the automotive industry and rising sales of automobiles, represents one of the key factors propelling the growth of the market. Moreover, base oils are generally made from crude oil, a non-renewable resource that produces greenhouse gases (GHGs) and causes damage to the environment. As a result, other alternatives for base oils are being researched and implemented in newer engine oil products, such as bio-olefins, which are derived from renewable resources like biomass. Besides this, vegetable oils are increasingly being utilized as base oils in lubricants instead of mineral oils as they offer numerous advantages. These include nontoxicity, biodegradability, resource renewability, affordable application cost, and high viscosity index. In addition, vegetable oils are cheaper than ester-based oils and provide more potential for the successful implementation as lubricants in base oils. This, along with the rising sales of cars around the world, is projected to drive the market in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global base oil market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, group and application.
Breakup by Type:
Mineral
Synthetic
Bio-Based
Breakup by Group:
Group I
Group II
Group III
Group IV
Group V
Breakup by Application:
Automotive Oil
Industrial Oil
Metalworking Fluids
Hydraulic Oil
Greases
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Abu Dhabi National Oil Company, Bharat Petroleum Corporation Limited, BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Evonik Industries AG, Exxon Mobil Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, PT Pertamina(Persero), Repsol S.A., Saudi Arabian Oil Co., Shell plc and TotalEnergies SE.
Key Questions Answered in This Report
1. How big is the global base oil market?
2. What is the expected growth rate of the global base oil market during 2024-2032?
3. What are the key factors driving the global base oil market?
4. What has been the impact of COVID-19 on the global base oil market?
5. What is the breakup of the global base oil market based on the type?
6. What is the breakup of the global base oil market based on the group?
7. What is the breakup of the global base oil market based on the application?
8. What are the key regions in the global base oil market?
9. Who are the key players/companies in the global base oil market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Base Oil Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Mineral
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Synthetic
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Bio-Based
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Group
7.1 Group I
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Group II
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Group III
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Group IV
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Group V
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Application
8.1 Automotive Oil
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Industrial Oil
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Metalworking Fluids
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Hydraulic Oil
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Greases
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Abu Dhabi National Oil Company
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Bharat Petroleum Corporation Limited
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 BP plc
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Chevron Corporation
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 China National Petroleum Corporation
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 SWOT Analysis
14.3.6 China Petroleum & Chemical Corporation
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Evonik Industries AG
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Exxon Mobil Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Petroliam Nasional Berhad (PETRONAS)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 SWOT Analysis
14.3.10 Phillips 66 Company
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 PT Pertamina(Persero)
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 SWOT Analysis
14.3.12 Repsol S.A.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Saudi Arabian Oil Co.
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
14.3.14 Shell plc
14.3.14.1 Company Overview
14.3.14.2 Product Portfolio
14.3.14.3 Financials
14.3.15 TotalEnergies SE
14.3.15.1 Company Overview
14.3.15.2 Product Portfolio
14.3.15.3 Financials
14.3.15.4 SWOT Analysis
Figure 1: Global: Base Oil Market: Major Drivers and Challenges
Figure 2: Global: Base Oil Market: Volume Trends (in Million Tons), 2018-2023
Figure 3: Global: Base Oil Market Forecast: Volume Trends (in Million Tons), 2024-2032
Figure 4: Global: Base Oil Market: Value Trends (in Billion US$), 2018-2023
Figure 5: Global: Base Oil Market Forecast: Value Trends (in Billion US$), 2024-2032
Figure 6: Global: Base Oil Market: Breakup by Type (in %), 2023
Figure 7: Global: Base Oil Market: Breakup by Group (in %), 2023
Figure 8: Global: Base Oil Market: Breakup by Application (in %), 2023
Figure 9: Global: Base Oil Market: Breakup by Region (in %), 2023
Figure 10: Global: Base Oil (Mineral) Market: Value Trends (in Million US$), 2018 & 2023
Figure 11: Global: Base Oil (Mineral) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 12: Global: Base Oil (Synthetic) Market: Value Trends (in Million US$), 2018 & 2023
Figure 13: Global: Base Oil (Synthetic) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 14: Global: Base Oil (Bio-Based) Market: Value Trends (in Million US$), 2018 & 2023
Figure 15: Global: Base Oil (Bio-Based) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 16: Global: Base Oil (Group I) Market: Value Trends (in Million US$), 2018 & 2023
Figure 17: Global: Base Oil (Group I) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 18: Global: Base Oil (Group II) Market: Value Trends (in Million US$), 2018 & 2023
Figure 19: Global: Base Oil (Group II) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 20: Global: Base Oil (Group III) Market: Value Trends (in Million US$), 2018 & 2023
Figure 21: Global: Base Oil (Group III) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 22: Global: Base Oil (Group IV) Market: Value Trends (in Million US$), 2018 & 2023
Figure 23: Global: Base Oil (Group IV) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 24: Global: Base Oil (Group V) Market: Value Trends (in Million US$), 2018 & 2023
Figure 25: Global: Base Oil (Group V) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 26: Global: Base Oil (Automotive Oil) Market: Value Trends (in Million US$), 2018 & 2023
Figure 27: Global: Base Oil (Automotive Oil) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 28: Global: Base Oil (Industrial Oil) Market: Value Trends (in Million US$), 2018 & 2023
Figure 29: Global: Base Oil (Industrial Oil) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 30: Global: Base Oil (Metalworking Fluids) Market: Value Trends (in Million US$), 2018 & 2023
Figure 31: Global: Base Oil (Metalworking Fluids) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 32: Global: Base Oil (Hydraulic Oil) Market: Value Trends (in Million US$), 2018 & 2023
Figure 33: Global: Base Oil (Hydraulic Oil) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 34: Global: Base Oil (Greases) Market: Value Trends (in Million US$), 2018 & 2023
Figure 35: Global: Base Oil (Greases) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 36: Global: Base Oil (Other Applications) Market: Value Trends (in Million US$), 2018 & 2023
Figure 37: Global: Base Oil (Other Applications) Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 38: North America: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 39: North America: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 40: United States: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 41: United States: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 42: Canada: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 43: Canada: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 44: Asia-Pacific: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 45: Asia-Pacific: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 46: China: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 47: China: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 48: Japan: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 49: Japan: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 50: India: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 51: India: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 52: South Korea: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 53: South Korea: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 54: Australia: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 55: Australia: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 56: Indonesia: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 57: Indonesia: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 58: Others: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 59: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 60: Europe: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 61: Europe: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 62: Germany: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 63: Germany: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 64: France: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 65: France: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 66: United Kingdom: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 67: United Kingdom: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 68: Italy: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 69: Italy: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 70: Spain: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 71: Spain: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 72: Russia: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 73: Russia: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 74: Others: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 75: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 76: Latin America: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 77: Latin America: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 78: Brazil: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 79: Brazil: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 80: Mexico: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 81: Mexico: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 82: Others: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 83: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 84: Middle East and Africa: Base Oil Market: Value Trends (in Million US$), 2018 & 2023
Figure 85: Middle East and Africa: Base Oil Market: Breakup by Country (in %), 2023
Figure 86: Middle East and Africa: Base Oil Market Forecast: Value Trends (in Million US$), 2024-2032
Figure 87: Global: Base Oil Industry: SWOT Analysis
Figure 88: Global: Base Oil Industry: Value Chain Analysis
Figure 89: Global: Base Oil Industry: Porter's Five Forces Analysis
Table 1: Global: Base Oil Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Base Oil Market Forecast: Breakup by Type (in Million US$), 2024-2032
Table 3: Global: Base Oil Market Forecast: Breakup by Group (in Million US$), 2024-2032
Table 4: Global: Base Oil Market Forecast: Breakup by Application (in Million US$), 2024-2032
Table 5: Global: Base Oil Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Base Oil Market: Competitive Structure
Table 7: Global: Base Oil Market: Key Players
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