Base Oil Market Set to Surge: Key Trends, Growth Drivers & Global Outlook 2026-2034 | Major Companies - Chevron Corporation, S-OIL CORPORATION, Exxon Mobil Corporation, Royal Dutch Shell Plc, Evonik Industries AG

Market Overview:

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

The Base Oil Market encompasses the production, distribution, and consumption of base oils, which are the primary raw materials used to manufacture lubricants, greases, and other petroleum-based products. These oils are derived from refining crude oil or synthesized chemically and are classified into groups based on their refining process and performance characteristics. The market is driven by demand from automotive, industrial, and manufacturing sectors, technological advancements in refining, and the growing need for high-performance lubricants to enhance machinery efficiency and reduce environmental impact.

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Recent Key Developments of United States:

✅ December 2025: U.S. base oil production saw a modest uptick due to increased demand from automotive lubricants amid holiday-season manufacturing ramps. Several Group II and III refineries optimized output to meet export needs, stabilizing supply chains despite global price fluctuations.

✅ November 2025: Refiners in the Gulf Coast region announced expansions in Group III base oil capacity to capitalize on rising electric vehicle lubricant specifications. This move responded to tighter inventories from seasonal maintenance turnarounds.

✅ October 2025: Spot prices for Group I base oils dipped slightly as imports from Asia eased domestic shortages, benefiting blenders in industrial applications. Regulatory pushes for lower-sulfur formulations accelerated transitions away from heavier grades.

✅ September 2025: Major U.S. producers reported stronger exports to Europe, driven by PAO demand in high-performance synthetics for aviation and marine sectors. Full-year projections indicated steady growth tied to sustainability mandates.

Recent Key Developments of Japan:

✅ December 2025: Japan's base oil exports rose to a seven-month high of 29,150 kilolitres, up 11% year-on-year, despite domestic consumption climbing 5% to 147,000 kilolitres. This reflected structural shifts toward premium imports amid steady output of 170,000 kilolitres.​

✅ November 2025: Domestic demand began recovering for the second month, signaling firmer economic activity, while full-year output dipped below 2 million kilolitres for the first time in over a decade. Exports gained share at 17% of production, the highest in seven months.

✅ October 2025: Blenders increasingly sourced overseas premium-grade base oils, contributing to a reversal in five-month export declines; full-year consumption hit a four-year low of 1.63 million kilolitres. Group I plant closures continued to limit local supply.​

✅ September 2025: Annual exports rose to 384,000 kilolitres for the first time in three years, adding to Asia's well-supplied market alongside Chinese shipments. This highlighted declining domestic Group I reliance and new unit startups regionally.

List of the Key Players in the Base Oil Market:

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

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This Report Covers:

✔ Go-to-market Strategy.

✔ Neutral perspective on the market performance.

✔Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, and other significant analysis, as well as development status.

✔Customized regional/country reports as per request and country level analysis.

✔ Potential & niche segments and regions exhibiting promising growth covered.

✔ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer).

Segments Covered in the Base Oil Market:

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:

⇥ 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)

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Chapter Outline

⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, Base Oil market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global Base Oil Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The Global Base Oil market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Base Oil Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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People Also Ask:

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