Press release
Base Oil Market Deep Research Report with Forecast by 2034 | BP plc, ExxonMobil, FUCHS
In 2024, the base oil market was valued at USD 22.80 billion. The market is anticipated to grow from USD 23.87 billion in 2025 to USD 36.51 billion by 2034 at a CAGR of 4.8% from 2025 to 204.
Report Scope
The report primarily focuses on market share, revenue produced, key industry rivals, future trends, and regional information in order to give a comprehensive insight into the base oil market.
What Is Base Oil?
A 'base oil' is a primary component of a lubricant derived from refined crude oil. It serves as the foundation for creating various lubricating products like motor oil, transmission fluid, and greases by adding specific additives to enhance its properties. Basically, it is the raw oil that is further processed to achieve desired lubrication characteristics depending on the application, with key factors including viscosity, thermal stability, and pour point depending on the type of base oil used. Base oils are categorized into different groups based on their refining level and properties, with Group I being the least refined and Group V representing highly refined synthetic base oils. While most base oils are derived from mineral oil, synthetic base oils can be produced from chemical processes, often offering superior performance in extreme conditions.
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Growth Drivers and Opportunities
☛ The rising need for high-performance lubricants in the automotive industry is driving market growth.
☛ The market is being boosted by synthetic oils that possess outstanding thermal stability, oxidation resistance, and long drain intervals, rendering them a preferred material in high-performance automotive and industrial applications.
☛ Global industrial growth and infrastructure advancements persist in driving the demand for the base oil market.
☛ The increasing focus on energy efficiency propels the growth of the base oils market with elevated viscosity indices and enhanced thermal stability.
Key Players in Market
Key market participants are making significant investments in research and development to broaden their product range, which will further enhance the growth of the base oil market. Some of the key players include:
• BP plc
• Calumet, Inc.,
• Chevron Corporation
• ExxonMobil
• FUCHS
• H&R Group
• Lukoil
• Motiva Enterprises LLC
• Neste
• Petro‐Canada Lubricants Inc.,
• Phillips 66 Company.
• Shell
• Sinopec
• SK Enmove Co., Ltd.
• TotalEnergies
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Base Oil Market Report Highlights
📚 In terms of grade, the Group II segment led the market in 2024, attributed to its optimal balance of cost-effectiveness and performance.
📚 Based on type, the synthetic oil segment is projected to witness the fastest growth during the forecast period, driven by the increasing demand for superior lubrication in modern high-performance engines operating under extreme conditions.
📚 Asia Pacific led the base oil market revenue in 2024, fueled by rapid industrial growth, increasing automotive production, and large-scale infrastructure development.
📚 The Middle East & Africa is anticipated to record the fastest growth in the base oil market, supported by rising oil production capacities and significant investments in refining infrastructure.
Regional Analysis
➽ In 2024, Asia Pacific led the market revenue share for base oil, driven by rapid industrialization, increasing automotive manufacturing, and infrastructure growth throughout the area.
➽ The market for base oil in the Middle East & Africa is anticipated to experience the fastest expansion, thanks to increasing oil production capabilities and investments in refining facilities.
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✔ Segmental Overview
Base Oil Market, Type Outlook (Revenue - USD Billion, 2020-2034)
• Mineral Oil
• Synthetic Oil
• Bio-Based Oil
Base Oil Market, Applications Outlook (Revenue - USD Billion, 2020-2034)
• Automotive Oil
• Industrial Oil
• Metalworking Fluids
• Hydraulic Oil
• Greases
• Others
Base Oil Market, Grade Outlook (Revenue - USD Billion, 2020-2034)
• Group I
• Group II
• Group III
• Group IV
• Others
☛ FAQ's
1. What are the base oil market stats?
2. What is the growth rate of the base oil market value?
3. Which region dominated the base oil market revenue in 2024?
4. Who are the key players in the base oil market?
5. Which grade segment dominated the base oil market in 2024?
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