United States Base Oil Market 2025 | Growth Drivers, Trends & Market Forecast, Competitive Landscape & Investment Opportunities

Market Size and Growth

The Global Base Oil Market is estimated to grow at a CAGR of 2.10% during the forecast period (2024-2031).

Key Development:

United States: Recent Industry Developments

✅ In August 2025, ExxonMobil introduced a new Group III base stock slate at its Baytown, Texas complex, featuring 4 cSt and 6 cSt grades designed to serve North American lubricant producers. The development strengthens the company's premium base oil portfolio and supports next-generation engine oil formulations.

✅ In August 2025, ExxonMobil announced an expansion of its Group III base oil production capacity by approximately 8,000 barrels per day at Baytown. This move makes ExxonMobil the only U.S. supplier capable of offering a complete range of Group I to Group V base oils for diverse industrial and automotive uses.

✅ In May 2025, the U.S. base oil market stabilized as refineries resumed normal operations following maintenance turnarounds. The improved supply and easing crude prices led to steady base oil pricing across major viscosity grades during the month.

✅ In March 2025, Chevron Corporation revealed plans to become the first North American producer of Group III+ base oils at its Pascagoula, Mississippi facility. The project, scheduled for completion in 2026, will supply ultra-high-purity base oils under the NEXBASE® 4 XP brand to support advanced lubricant technologies.

Japan: Recent Industry Developments

✅ In March 2025, ENEOS Holdings, Inc. announced that it will gradually phase out lubricants and petroleum product lines at its Yokohama site by March 2028. The decision signals a strategic reconfiguration of Japan's domestic base oil and lubricant operations toward higher-value formulations.

✅ In February 2025, Japan's base oil output dropped to a multi-year low due to scheduled maintenance shutdowns and weakening domestic demand. The decline highlights ongoing structural challenges in the country's lubricant and base oil manufacturing segment.

✅ In Early 2025, Japan's base oil market outlook indicated a shift toward higher-grade synthetic base oils as industrial modernization and electric mobility accelerate. Producers are optimizing production to maintain competitiveness in the evolving lubricant landscape.

✅ In Mid-2025, Japanese base oil manufacturers faced continued headwinds from reduced downstream lubricant consumption, prompting capacity adjustments and renewed focus on specialty oil innovations for export markets.

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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 and among others.

Growth Forecast Projected:

The Global Base Oil Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, 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 Base Oil 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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FAQ

Q: What is the growth rate of the Base Oil Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 2.10% during the forecast period from 2024 to 2031.

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