Base Oil Market | Key players operating in the market include Chevron Corporation, ExxonMobil Corporation, S-OIL Corporation, Motiva Enterprises LLC, H&R Group

The global Base Oil Market size is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The growing demand for high-grade oils in the automotive industry is driving market growth. Moreover, strategies such as agreements and plant expansions undertaken by several prominent players in the base oil industry are further fueling the base oil industry growth across the globe.

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The base oil is a lubricant component used to manufacture all kinds of lubricants. The manufacturing of base oil involves a variety of different processes, including distillation, solvent refining, hydrogen processing, oligomerization, esterification, and re-refining. All the base oils have been divided into five general categories, namely Group I, Group II, Group III, Group IV, and Group V. Group I base stocks contain less than 90% saturates and/or greater than 0.03% sulfur and have a viscosity index greater than or equal to 80 and less than 120.

Group II base stocks contain greater than or equal to 90% saturates and less than or equal to 0.03% sulfur and have a viscosity index greater than or equal to 80 and less than 120. Group III base stocks contain greater than or equal to 90% saturates and less than or equal to 0.03% sulfur and have a viscosity index greater than or equal to 120. Group IV base stocks are poly-alpha-olefins (PAO). Group V base stocks include all other base stocks not included in Group I, II, III, or IV.

Based on the group, the base oil market has been segmented into Group I, Group II, Group III, Group IV, and Group V. The Group II-based base oil segment had the highest base oil market share in 2019, and the trend is expected to continue during the forecast period between 2020 and 2025. This is majorly due to the high performance and affordability of Group II base oils. Further, the rising demand for Group II from marine and gas engine applications is expected to further aid in the growth of the global base oil industry.

Better oxidation control, improved Noack stability, enhanced viscosity control, and better base number retention are some of the superior qualities of Group II base oil when compared to the other Groups. Which in turn, fueling the growth of Group II in trunk piston engine oils (TPEO) for medium-speed, four-stroke engines in the marine sector. These factors support the rising global demands for Group II base oil, which is one of the major drivers of the base oil market.

Based on the application, the base oil market has been segmented into automotive oil, industrial oil, hydraulic oil, grease, metalworking fluid, and others. The other application in base oils includes agriculture, additives, and detergents/dispersants. The automotive oil application segment is projected to lead the market in terms of both value and volume during the forecast period. Automotive oils are employed in the automotive lubricants.

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The automotive oil application was the largest segment in the base oil market in 2019. Some of the key factors, such as the growth in the automotive sector in the developing regions of the world and the ever-increasing population in the APAC region, are resulting in augmenting the automotive oil application segment growth.

Asia Pacific, Europe, and North America are significant regional markets for base oil. The increasing global demand for automobiles and rising industrial activities have led to the growth of the base oil market across the globe. Increasing demand for high-grades oils in the automotive industry and growing GDP in the Asia-Pacific region is also boosting the growth of the market. Various leading manufacturers of base oil have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to cater to the increased demand for base oil from various applications.

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Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) are some of the leading players operating in the base oil market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.

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