Base Oil Market Top Companies Size 2023, Current Trends, Industry Share, Current Growth, Business Strategy, and Forecast 2032

As per the report published by The Brainy Insights, the global base oil market is expected to grow from USD 25.81 billion in 2021 to USD 34.03 billion by 2030, at a CAGR of 3.12% during the forecast period 2022-2030. Asia Pacific emerged as the most significant global base oil market, with a 37% market revenue share in 2021. The Asia Pacific currently dominates the base oil market due to an increase in the disposable income of consumers, which has led to a rise in demand for vehicles. The demand for cars has increased the demand for high-group lubricants like base oil in the automotive industries. The growing population, accompanied by rapid industrialization, is also a significant contributing factor to the development of the base oil market in the region. Asia-Pacific is expected to rise in the forecast period due to the increasing infrastructural development projects funded by the government. The significant presence of major market players in the region will also augment well for the development of the base oil industry during the forecast period.

Leading companies in the industry include Chevron Corporation, S-OIL Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC, Saudi Aramco, Abu Dhabi National Oil Company, Hindustan Petroleum Oil Company, Evonik Industries AG, Neste Oyj, and AVISTA OIL AG, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The base oil market refers to the global trade of base oils, which are used as the primary component of many lubricants and other products. Base oils are typically derived from crude oil, although they can also be produced synthetically from other sources. The market for base oils is driven by a wide range of factors, including demand from the automotive, industrial, and marine sectors, as well as fluctuations in crude oil prices and regulatory developments. The market is highly competitive, with numerous large and small players vying for market share.

The product type segment is divided into group I, group II, group III, group IV, and group V. The group I segment dominated the market, with a market share of around 45% in 2021. The application segment is divided into automotive oil, metalworking fluid, hydraulic oil, industrial oil, greases, and process oil. In 2021, the automotive oil segment dominated the market, accounting for around 44% of global revenue. The exponential growth of the automotive industry in developing regions has increased the demand for lubricants like engine and gear oil. The rising governmental pressure on emission standards has also encouraged automobile makers to use good quality base oils to increase engine efficiency and reduce emissions. Also, the increasing demand for hydraulic oil in the automotive industry will contribute to the growing dominance of the segment.

The growing geopolitical tensions are primarily focused on free and open sea routes. Developing secure maritime borders with robust navies to safeguard national security interests has increased investments in the marine and shipping industries. The development of state-of-the-art, A-grade ships, boats, and submarines have witnessed a renewed surge of capital investments. The marine or shipping industry utilizes group 1 base oils, given their high viscosity, which enhances engine performance. The growth of the shipping industry will propel the demand for marine oils and lubricants, eventually contributing to the growth of the global base oil market.

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This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global base oil market based on the below-mentioned segments:

Global Base Oil Market by Product Type:

Group I
Group II
Group III
Group IV
Group V
Global Base Oil Market by Application:

Automotive Oil
Metalworking Fluid
Hydraulic Oil
Industrial Oil
Greases
Process Oil
Others

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