United States Base Oil Industry Forecast 2032 | Group II & III Oils Drive Sustainable Lubricant Innovation | Royal Dutch Shell Plc, Evonik Industries AG, Neste Oyj, Sinopec Corp, Petroleum Nasional Berhad

The Base Oil market was valued at US$ 20.04 billion in 2024 and is projected to reach US$ 33.36 billion by 2032, expanding at a CAGR of 6.75% between 2025 and 2032.

DataM Intelligence has published a new research report on "Base Oil Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

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Latest M&A Activity

M&A volumes in the energy and petrochemical sectors, including base oil companies, have seen significant deals recently, though specific headline base oil-focused transactions are less frequent.

Global oil majors like ExxonMobil, Chevron, and Occidental Petroleum continue strategic acquisitions and divestitures impacting base oil production capacity and distribution footprints indirectly.

Consolidation among specialty chemical and lubricant manufacturers supports synergies in base oil R&D and product development, with private equity backing niche players growing.

Key Players:

Chevron Corporation, S-OIL CORPORATION, Exxon Mobil Corporation, Royal Dutch Shell Plc, Evonik Industries AG, Neste Oyj, Sinopec Corp, Petroleum Nasional Berhad, GRUPA LOTOS S.A, Hindustan Petroleum Corporation Limited or HPCL

Market News & Trends
The base oil market grew from USD 33.54 billion in 2024 to USD 35.59 billion in 2025, expected to maintain a CAGR of around 6% through 2034 driven by industrial growth, automotive production, and rising lubricant consumption.

Prices remained relatively stable in mid-2025 due to balanced refinery outputs and manageable feedstock costs, with regional variations due to inventories and demand fluctuations (e.g., China, US, Netherlands).

Increasing focus on Group III and higher base oils with better performance attributes shapes market demand, amplified by tightening global fuel economy and emissions regulations driving synthetic lubricant growth.

Sustainability trends drive incorporation of re-refined base oils (RRBO), circular economy initiatives, and low carbon footprint products in the value chain.

Growth Forecast Projected:

The Global Base Oil Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Base Oil Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

By Group: (Group I, Group II, Group III, Group IV, Group V)

By Application: (Automotive Oil, Hydraulic Oil, Process Oil, Metalworking Oil, Industrial Oil, Others)

Regional Analysis for Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Base Oil producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Base Oil revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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Recent Product Launches

Shell India launched an upgraded premium motor oil range, Shell Helix Ultra, engineered to meet the advanced 2025 API SQ standard, featuring PurePlus Technology converting natural gas to 99.5% pure base oil, improving engine power and fuel economy.​

Base oil producers and lubricant formulators are advancing "green" base oils made from natural gas and Bioblend technologies, enhancing sustainability credentials while retaining performance.

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