Press release
Key Influencer in the Base Oil Market 2025: The Automotive Industry's Impact On The Base Oil Market Driver
Base Oil Market Size
The expansion of the automotive industry in the forthcoming years is projected to propel the base oil market. The surge in demand for motor oils and lubricating grease is stimulated by advancements in engine technology, which necessitates compatibility with rapid-moving parts and elevated temperatures. Further, engine oils designed to maintain viscosity, minimize engine wear, and ensure reliability are produced using top-notch base oil and state-of-the-art additive technology. Automotive base oil is employed as a fluid in internal combustion engines that operate automobiles, motorcycles, lawnmowers, generators, and various other machinery. As an illustration, the European Automobile Manufacturers' Association, a Belgium-based entity, reported that new car registrations augmented by 3.9% seven months into 2024, surpassing 6.5 million units. Notable growth, although modest, was reported in the largest markets in the bloc, including Spain (+5.6%), Italy (+5.2%), Germany (+4.3%), and France (+2.2%). Hence, the burgeoning automotive industry will contribute to driving the base oil market's growth in the future.
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How will the growth rate of the base oil market shape industry trends by 2034?
The size of the base oil market has seen robust growth in the past few years. It's projected to expand from $33.54 billion in 2024 to $35.89 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. Factors driving this growth in the historical period include industrial development, automotive industry's amplification, globalization, and regulatory standards.
The market size for base oil is predicted to experience significant expansion in the coming years, reaching a value of $43.77 billion in 2029, with a compound annual growth rate (CAGR) of 5.1%. Factors such as the adoption of renewable and bio-based lubricants, the supremacy of the Asia-Pacific region, research and development initiatives, and the globalization of supply chains are expected to drive growth during the forecast period. Key trends to monitor throughout this period encompass a shift towards group II and group III base oils, an emphasis on specialty and high-performance lubricants, the influence of digitalization and industry 4.0, as well as various collaborations and partnerships.
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What trends are poised to drive the future success of the base oil market?
Key players in the base oil market, such as Neste, are centering their strategies on the creation of innovative technologies, like the Neste ReNew product line, to improve their market profitability. Neste ReNew is an inventive family of lubricants presented by Neste as a sustainable, circular solution. Their commitment to sustainability and carbon emission reduction has sparked the creation of pioneering products like the Neste ReNew Base Oil. This product offers a greener substitute for typical base oils used in lubricant manufacturing. These renewable base oils offer a superior performance and promote a more sustainable, environmentally-friendly method in the lubricants sector, diminishing the environmental footprint. For example, in February 2023, Neste, an oil refining and marketing corporation based in Finland, unveiled a new range of more sustainable lubricants created with renewable or re-refined base oils. These lubricants aim to be eco-friendly and help lower carbon emissions. Made from renewable and sustainable raw materials, such as plant oils and animal fats, unlike traditional petroleum-based raw materials.
Which primary segments of the base oil market are driving growth and industry transformations?
The base oil market covered in this report is segmented -
1) By Type: Mineral, Synthetic, Bio-Based
2) By Group: Group I, Group II, Group III, Group IV, Group V
3) By Application: Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil, Other Applications
Subsegments:
1) By Mineral Base: Paraffinic, Naphthenic, Aromatic
2) By Synthetic Base: Polyalphaolefins (PAO), Esters, Group III Oils
3) By Bio-Based Base: Vegetable Oils, Animal Fats, Bio-Synthetic Oils
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Which geographical regions are pioneering growth in the base oil market?
Asia-Pacific was the largest region in the base oil market in 2024.North America was the second-largest region in the base oil market. The regions covered in the base oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the base oil market landscape?
Major companies operating in the base oil market include Chevron Corporation, Exxon Mobil Corporation, Shell PLC, Ergon Inc., Neste Oyj, Nynas AB, S-OIL CORPORATION, Sepahan Oil, Repsol S. A., China Petroleum & Chemical Corporation (SINPOEC), BP PLC, Evonik Industries AG, H&R Group, Saudi Aramco, SK Lubricants Co. Ltd., Dodge, DYM Resources GmbH, Gazprom Neft PJSC, Gulf Petrochem Group, GS Caltex Corporation, Indian Oil Corporation Ltd., The PJSC Lukoil Oil Company, PETRONAS Lubricants International Sdn Bhd, The Philips 66 Company, Petro-Canada Corporation, Infinity Galaxy, Abu Dhabi National Oil Company, CNOOC Limited, Eni SpA
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What Is Covered In The Base Oil Global Market Report?
•Market Size Forecast: Examine the base oil market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the base oil market for a structured understanding.
•Key Players Overview: Analyze major players in the base oil market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the base oil market.
•Segment Contributions: Evaluate how different segments drive overall growth in the base oil market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the base oil market.
•Industry Challenges: Identify potential risks and obstacles affecting the base oil market.
•Competitive Landscape: Review strategic developments in the base oil market, including expansions, agreements, and new product launches.
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