openPR Logo
Press release

Base Oil Market Is Slated To Reach Of US$ 44 Billion By 2032

06-21-2023 10:58 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

As per a recent report published by Fact.MR, the global base oil market is poised to grow at a CAGR of 2.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 35.27 Billion in 2022, expected to close at a valuation of US$ 44 Billion. The rising trend of electric vehicles and the robust temperature-bearing capacity of naphthalene base oil is necessitating the deployment of Base Oil solutions.

From 2017 to 2021, the market for base oil grew at a CAGR of 2%, closing at a value of US$ 34.47. As of 2022, the industry is likely to reach US$ 35.27 Billion. According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity for dissolving deposits and oxidizing products during the use phase of the lubricants.

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ:
https://www.factmr.com/connectus/sample?flag=S&rep_id=5357?PS

Due to Grade V's diverse range of applications as well as the expanding end-users such as process oil manufacturers, metalworking fluid manufacturers, and others, the group V base oils are gaining rapid traction all over the world.

Key Takeaways from the Market Study

โ€ข Global base oil market to flourish 0.7x from 2022-2032
โ€ข Grade V base oil to be a top-selling category, capturing more than 2/5th market and flourishing at a 2.4% CAGR until 2032
โ€ข By application, base oil for the automotive industry to expand at a CAGR of 2.5%
โ€ข U.S to emerge as the fastest-growing Base Oil market, documenting a 2.4% CAGR
โ€ข China to be the 2nd most opportunistic market, expected to be valued at US$ 16.2 Billion in 2032

"Soaring investments and high-scale transformation in the automotive industry are likely to augment demand for the base oil market across the globe. The rising popularity of electric vehicles in the countries like U.S. & China is likely to expand the base oil market size in forthcoming years," says an analyst at Fact.MR

๐‚๐จ๐ฆ๐ฉ๐ž๐ญ๐ข๐ญ๐ข๐ฏ๐ž ๐‹๐š๐ง๐๐ฌ๐œ๐š๐ฉ๐ž

The global market for base oil is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.

In July 2020, SWEPI LP, a subsidiary of Royal Dutch Shell has completed the sale of its Appalachia shale gas position to Seneca Resources Company, LLC and NFG Midstream Covington, LLC, each of which is a subsidiary of National Fuel Gas Company acquire USD 541 million to invest as an asset for quality base oil production.

In October 2020 Indian Oil Corporation signed a pact with the Indian Institute of Science (IISc) to develop hydrogen generation technology based on biomass gasification/

๐Š๐ž๐ฒ ๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ ๐๐ซ๐จ๐Ÿ๐ข๐ฅ๐ž๐

โ€ข Chevron Corporation
โ€ข Exxon Mobil Corporation
โ€ข Royal Dutch Shell Plc.
โ€ข Ergon Inc.
โ€ข Neste Oyj
โ€ข Nynas AB
โ€ข S-OIL CORPORATION,
โ€ข Sepahan Oil
โ€ข Repsol S. A.
โ€ข Sinopec Limited,
โ€ข BP PLC
โ€ข Evonik Industries AG
โ€ข H&R Group,
โ€ข Saudi Aramco
โ€ข SK Lubricants Co. Ltd.

๐†๐ž๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐Ÿ๐จ๐ซ ๐’๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐’๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=5357?PS

๐Š๐ž๐ฒ ๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐ฌ ๐‚๐จ๐ฏ๐ž๐ซ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ž ๐๐š๐ฌ๐ž ๐Ž๐ข๐ฅ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐’๐ฎ๐ซ๐ฏ๐ž๐ฒ

Base Oil by Grade :

Group I
Group II
Group III
Group IV(PAO)
Group V (ex. Naphthenics)
Naphtheniccs
Re-refined

Base Oil by Application :

Automotive Fluids (Lubricant, Gear Oil, Transmission Fluid, Power Steering Fluid, Brake Fluid, Others)
Process Oils (Rubber Process Oils, Textile Process Oil)
Industrial Oils (Transformer Oil, Turbine Oil, Food Grade Oil, Others)
Metalworking Fluids (Emulsions, Neat Oils)
Hydraulic Oils (Petroleum-Based, Biodegradable)
Others

Base Oil by Region :

North America Base Oil Market
Latin America Base Oil Market
Europe Base Oil Market
Asia Pacific Base Oil Market
Middle East & Africa Base Oil Market
More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global Base Oil market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022 to 2032.

The study reveals essential insights based on Grade (Group I, Group II, Group III, Group IV(PAO), Group V (ex. Naphthenics), Naphtheniccs, Re-refined) by Application (Automotive Fluids (Lubricant, Gear Oil, Transmission Fluid, Power Steering Fluid, Brake Fluid, Others), Process Oils (Rubber Process Oils, Textile Process Oil), Industrial Oils (Transformer Oil, Turbine Oil, Food Grade Oil, Others), Metalworking Fluids (Emulsions, Neat Oils), Hydraulic Oils (Petroleum-Based, Biodegradable, Others) & across five major regions (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).

Contact:

Us Sales Office :
11140 Rockville Pike
Suite 400
Rockville, Md 20852
United States
Tel: +1 (628) 251-1583

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical, and materials, to even the most niche categories.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Base Oil Market Is Slated To Reach Of US$ 44 Billion By 2032 here

News-ID: 3096362 • Views: โ€ฆ

More Releases from Fact.MR

Muscle Stimulators Market is Valued USD 1.43 billion in 2025 | Key players include Actinium Pharmaceuticals, Inc., Alpha Tau Medical, Bayer AG, Fusion Pharmaceuticals, IBA Group, IBA Radiopharma Solutions, Lantheus Medical Imaging
10-01-2025 | Health & Medicine
Fact.MR
Muscle Stimulators Market is Valued USD 1.43 billion in 2025 | Key players inclu โ€ฆ
The global muscle stimulators market is set for significant expansion, with its valuation expected to increase from USD 1.43 billion in 2025 to USD 2.92 billion by 2035. This growth corresponds to a compound annual growth rate (CAGR) of 7.4% over the forecast period from 2025 to 2035. The market's robust trajectory is driven by rising awareness of health and fitness, technological advancements in rehabilitation devices, and the increasing prevalenceโ€ฆ
Sleeping Aids Market to extend USD 131.3 Billion by 2035 | Abecca Healthcare, Becton, Dickinson and Company, Betterlifehealthcare Ltd., Cadwell Industries, Inc., Compumedics Ltd., GlaxoSmithKline, Inc., Hill-Rom Holdings
10-01-2025 | Health & Medicine
Fact.MR
Sleeping Aids Market to extend USD 131.3 Billion by 2035 | Abecca Healthcare, Be โ€ฆ
Fact.MR today unveiled its latest report on the Sleeping Aids Market, forecasting robust growth amid escalating sleep disorders, heightened stress levels, and a global push for restorative wellness solutions. Valued at USD 78.3 billion in 2025, the global market is projected to expand at a compound annual growth rate (CAGR) of 5.3%, reaching USD 131.3 billion by 2035. This trajectory reflects the market's pivotal role in addressing widespread insomnia, sleepโ€ฆ
Marketing Automation Market Will Hit USD 26.68 Billion by 2034 | Adobe; Hubspot; Salesforce; SAS; Oracle; Acoustic; Act-on Software; SendinBlue
Marketing Automation Market Will Hit USD 26.68 Billion by 2034 | Adobe; Hubspot; โ€ฆ
The global marketing automation market is experiencing robust growth, valued at USD 6.83 billion in 2024 and forecasted to reach USD 26.68 billion by 2034. This expansion reflects a compound annual growth rate (CAGR) of 14.6% over the forecast period from 2024 to 2034. The surge is primarily driven by the escalating demand for targeted advertising, enhanced user retention, and data-backed strategies in digital marketing channels. As internet penetration andโ€ฆ
Integrated Workplace Management System Market to Reach USD 10.6 Billion by 2034, Driven by Digital Transformation and Hybrid Work Trends
Integrated Workplace Management System Market to Reach USD 10.6 Billion by 2034, โ€ฆ
The global Integrated Workplace Management System (IWMS) market is experiencing significant growth, with projections indicating an increase from approximately USD 4 billion in 2024 to USD 10.6 billion by 2034, reflecting a compound annual growth rate (CAGR) of 10.2% over the period from 2025 to 2034. This expansion is attributed to the rising demand for automation in facility management, the adoption of digital workplace solutions, and the need for efficientโ€ฆ

All 5 Releases


More Releases for Oil

Hydraulic Oil Market,By Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil โ€ฆ
In recent years, the production capacity for hydraulic oil has increased significantly across the globe. Moreover, the Group II and III base oils are primarily gaining popularity for utilization in lubricant formulations for automatic transmission engines, heavy-duty trucks, andย passenger automobiles.ย Therefore, these determinants are expected to for drive the development of the global hydraulic oil market in the anticipated period. Global Hydraulic Oil Market was valued at USD 10.47 billion in 2021โ€ฆ
Cosmetic Oil Market Future Outlook 2023-2029, Industry Demand, Trends, Size, New โ€ฆ
This Cosmetic Oil Market research report is one of the best and wide-ranging, which provides market insights by considering numerous factors. Therefore, businesses can get important market insights cost-effectively with the help of the Cosmetic Oil Market research report. Such a persuasive report is the best to gain a competitive advantage in this quickly transforming marketplace. In addition, the report also provides market segmentation based on type and end-user. Theโ€ฆ
Transformer Oil Market, Transformer Oil Market Size, Transformer Oil Market Shar โ€ฆ
The Transformer Oil Market research report consists of a detailed study of the market and the market dynamics that are related to the same. The in-depth data on the development of the market is presented in the Research report. Not only this but also the detailed data on the performance of the market for the forecast period are presented in the Transformer Oil Market research report. The performance analysis isโ€ฆ
Growing demand for corn oil as cooking oil is fuelling the Corn Oil Market
The research report "Corn Oil Market: by Product Type (High Oleic, Middle Oleic, Low Oleic), By Application (Biodiesel, Soap Making, Food Services, Pharmaceutical, Others) and Geography- Global/Region/Country Forecast to 2028." The global corn oil market size was valued at USD 4.2 Bn in the year 2021, growing at a CAGR rate of 7.2% during the evaluation time span 2022-2028. Glance our 200 slides market research and competitive intelligence research report,โ€ฆ
Apricot Oil, Apricot Kernel Oil Supplier, Co2 Apricot Oil Manufacturer
The seed inside every apricot contains thin oil, which is extracted from the kernel of the seed after eating the delectable fruit. Apricot oil is also known as apricot kernel oil. This oil has been the interest of many experts for research purposes due to its infinite health benefits. It has been found that the oil could cure some serious health conditions (like cancer). Apricot oil has a profound nuttyโ€ฆ
Global Sustainable Palm Oil Market analysis report- with Leading players, Applic โ€ฆ
Sustainable Palm Oil Market The most widely used vegetable oil there is, palm oil is found in everything from snacks to household cleaners to cosmetics. Palm oil is used in many of the products on supermarket shelves, from margarine and chocolate to ice cream, soaps, cosmetics, and fuel for cars and power plants.ย The report presents a comprehensive overview, market shares, and growth opportunities of Sustainable Palm Oil market by product type,โ€ฆ