Press release
Base Oil Industry to See Robust Expansion, Valued at $43.24 Billion by 2029
Base Oil
What Is the Projected CAGR for the Base Oil Market from 2024 to 2025?
In recent times, the size of the base oil market has expanded significantly. It is anticipated to progress from $33.54 billion in 2024 to an impressive $35.59 billion in 2025, achieving a Compound Annual Growth Rate (CAGR) of 6.1%. Factors such as industry growth, expansion in the automotive sector, globalization, as well as regulatory standards, have contributed to this historical growth period.
What are the Expected Market Size and CAGR for Base Oil by 2029?
The anticipated steady expansion of the base oil market over the coming years is projected to hit $43.24 billion in 2029, with a compound annual growth rate (CAGR) of 5.0%. This projected growth within the forecast period can be linked to elements such as the rise of renewable and bio-based lubricants, the dominance of the Asia-pacific region, advances in research and development, and the globalization of supply chains. Key trends to watch during this period include the move towards group ii and group iii base oils, a heightened focus on specialty and high-performance lubricants, the effect of digitalization and industry 4.0, as well as collaborations and partnerships.
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Which Factors Are Driving the Global Base Oil Market Expansion?
The expansion of the automotive industry is projected to stimulate the base oil market's growth in the forthcoming years. The evolution of engine technology is a significant factor that is pushing the need for motor oils and lubricant greases, which offer adaptability with swift-moving components and high operating temperatures. Additionally, engine oils, which maintain their viscosity, minimize engine wear, and ensure reliability, are manufactured using superior base oil and top-tier additive technology. Auto base oil serves as a fluid used in internal combustion engines that function in cars, motorcycles, lawnmowers, generators, and a myriad of other equipment. For example, in August 2024, the Belgium-based institution, the European Auto Manufacturers' Association, reported that new car registrations increased by 3.9%, crossing over 6.5 million units, in the first seven months of the year. The most prominent markets in the bloc exhibited modest yet positive growth, with increases reported in Spain (+5.6%), Italy (+5.2%), Germany (+4.3%), and France (+2.2%). As a result, the ascending automotive industry is set to propel the base oil market in the future.
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Which Segment Currently Holds the Largest Share of the Base Oil Market?
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
Which Major Trends Are Shaping the Future of the Base Oil Industry?
Leading firms in the base oil market, such as Neste, are concentrating on creating innovative technologies in a bid to improve their market profitability. One such innovation by Neste is the Neste ReNew lubricants family, a circular and sustainable solution. Neste, known for its dedication towards sustainability and carbon reduction, birthed cutting-edge products like Neste ReNew Base Oil, aiming to be an eco-friendly alternative to traditional base oils in lubricant production. These innovative base oils contribute to a greener and more sustainable approach in the lubricants sector by maintaining exceptional performance, simultaneously minimizing environmental damage. For instance, in February 2023, Neste, an oil refining and marketing organization based in Finland, unveiled newly formed, greener lubricants made with replenishable or reprocessed base oils. These lubricants are fashioned to be eco-friendly and aid in decreasing carbon emissions. They are manufactured from renewable and sustainable raw materials, including vegetable oils and animal fats, unlike regular petroleum-based raw materials.
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Which Key Players Dominate the Base Oil Industry Globally?
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
What Are the Fastest-Growing Regions 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
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