Market by Group, Application, and Regional Outlook | Forecast 2022-2028
Base oils refer to blendstocks that are adopted for the formulation of a
range of lubricating oil for application in engines as well as other machinery.
Such oils are produced by the extraction and treatment of the high viscosity
material of vacuum resid or vacuum gas oil (from narrow distillation cuts).
According to Triton Market Research’s report, the Global Base Oil Market is likely to grow with CAGRs of 3.42% and 3.95%, in terms of revenue and volume, respectively, in the forecast period 2022-2028. In terms of revenue, the market was valued at $29.70 billion in 2021 and is expected to reach $37.51 billion by 2028. In terms of volume, the market was valued at 32697.08 kilotons in 2021 and is likely to reach 42798.74 kilotons by 2028.
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MARKET PERFORMANCE: DRIVERS,
CHALLENGES, AND TRENDS
Factors
such as rising demand for high-grade oils in the automotive sector, a wide
range of applications across different end-users, and strict environmental
regulations leading to strict performance standards are driving the growth of
the market. Different types
of base oil find multiple applications across a range of end use industries
owing to their distinct characteristics as well as performance capabilities.
Base oil is segmented into different groups such as Group I, Group II, Group
III, Group IV, and Group V base oils. These are used across different
industries such as automotive, marine, industrial, and others as automotive
oils, process oils, hydraulic oils, metalworking fluids, industrial oils, and
others.
Group I base oils are majorly used in marine lubricants that are widely
deployed in the shipping industry to enhance and protect the efficiency of
equipment and engines. Further, power-based oils with great solubility
witnessed high demand from a range of industrial applications in which solvency
is a critical parameter. Hence, such distinct properties of different base oils
are expected to drive the demand for oils in the near future, further
contributing to the development as well as the growth of the global base oil
market in the coming years.
However, volatility in the prices of crude oil
and a decrease in the demand for Group I base oil are hampering the market’s
growth. Base oil
production has been dominated by Group I oils since the early 20th century.
However, in the current scenario, the Group I base oils are projected to
experience a significant drop in demand, especially in the North American and
European regions. This decrement is majorly attributed to the rising
inclination toward better-quality and cleaner base oil, as Group I base oils
have high impurity content such as nitrogen, olefins, sulfur, poly-cyclic
nuclear aromatics (PCNA), and others. Besides, the high content of sulfur in
Group I base oil makes it hard to meet the specifications, such as SAPS, and
match the high performance of grade oils (lighter viscosity).
Rapid industrialization worldwide showcases an
overall positive outlook for the market. Growth in industrial production across the world
is anticipated to increase manufacturing activities as well. This is likely to
boost the demand and adoption of high-grade industrial lubricants in various
parts of the machinery used across a range of industries, such as automotive
and marine, among others. Thus, the rapid industrialization rate, as well as
the rise in manufacturing activities and infrastructural development in
developing nations worldwide, are key factors that are expected to promote the
growth of the base oil market during the forecast period.
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KEY GEOGRAPHIES COVERED:
• North America: United States and Canada
• Europe: United Kingdom,
Germany, France, Spain, Italy, and Rest of Europe
• Asia-Pacific: China,
Japan, India, South Korea, ASEAN Countries, Australia & New Zealand and
Rest of Asia-Pacific
• Latin America: Brazil,
Mexico, and Rest of Latin America
• Middle East and Africa:
United Arab Emirates, Saudi Arabia, Turkey, South Africa, and Rest of Middle
East & Africa
SEGMENTATION ANALYSIS – BASE
OIL MARKET:
• Market by Group:
o Group
I
o Group
II
o Group
III
o Group
IV
o Group
V
Group I is expected to dominate the market by
group during the forecast period. Group I base oils have an easier refining process owing to which these
oils are the most cost-effective base oils available in the market. Growth in
automotive production across the globe is one of the major factors which is
expected to contribute to the market growth during the forecast period.
• Market by Application:
o Automotive
Oil
o Industrial
Oil
o Greases
o Hydraulic
Oil
o Metalworking
Fluids
o Other
Applications
Automotive oil is expected to dominate the
market by application during the forecast period. Market players across the globe are developing
and launching novel and high-grade products in automotive lubricants. For
instance, in 2021, ExxonMobil Lubricants Pvt Ltd announced the launch of its
new product in automotive oil, Mobil SuperTM, which is synthetic engine oil.
Also, in 2021, Steelbird International expanded its product range with the
unveiling of engine oil and lubricants aimed at two-wheelers. Such factors are
expected to further increase the adoption of automotive oil, and hence, this is
likely to supplement the market growth during the forecast period.
COMPETITIVE LANDSCAPE:
The competitive landscape helps dive into data about the key players in
the base oil market. The strategic initiatives for each of the companies
considered have been covered in detail.
Collaboration (2022): S-Oil
Corporation and Saudi Aramco
S-Oil Corporation signed 4 memoranda of understanding with Saudi Aramco
for collaboration on the business of alternative energies. These agreements
include cooperation in thermal crude to chemicals technology and research &
development to produce lower carbon future energy, as well as investment in
venture capital. The MOUs will also help S-Oil Corporation to enhance its
competitiveness in sectors such as oil refining, petrochemical as well as lube
base oil.
Product Launch (2022): ADNOC
Distribution
ADNOC Distribution unveiled its new Voyager Green Series, which is a
line of lubricant products for petrol as well as diesel engines produced from
base oil (100% plant-based).
Key Benefits of the Report:
● Triton
Market Research has a collective experience of 25-30 years in the industry,
with its analysts and experts encompassing the most infallible research
methodology for its market intelligence and industry analysis.
● Our
research methodology helps in achieving a broader consensus of the market size,
shape, and industry trends within each industry segment.
● The
strategy adopted in designing the research methodology includes the
amalgamation of the information assembled from primary and secondary sources,
with the assistance of analytical tools to construct the forecast and
predictive models.
● The
scope of the market report comprises the current scenario of the global base
oil market, along with a detailed overview of the industry outlook, market
dynamics, segmentation analysis, regional outlook, and competitive landscape
for the period 2022-2028.
FAQs:
Q 1) Does this report include
the impact of COVID-19 on the base oil industry?
The market study has analyzed the impact of COVID-19 on the base oil
industry qualitatively as well as quantitatively.
Q 2) Which application is
dominating the base oil market?
Automotive oil accounted for the largest market share in terms of
revenue in 2021 and is expected to dominate the market during the forecast
period.
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VIEW REPORT1. GLOBAL
BASE OIL MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE BASE OIL MARKET
2.2. KEY
INSIGHTS
2.2.1. RAPID
INDUSTRIALIZATION ACROSS THE GLOBE
2.2.2. INCREASING
DEMAND FOR HYDRAULIC OIL
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. KEY
MARKET STRATEGIES
2.6.1. PRODUCT
LAUNCHES & DEVELOPMENTS
2.6.2. PARTNERSHIPS
& AGREEMENTS
2.7. MARKET
DRIVERS
2.7.1. RISING
DEMAND FOR HIGH-GRADE OILS FROM THE AUTOMOTIVE SECTOR
2.7.2. WIDE
RANGE OF APPLICATIONS ACROSS DIFFERENT END-USERS
2.7.3. STRINGENT
ENVIRONMENTAL REGULATIONS LEADING TO STRICT PERFORMANCE STANDARDS
2.8. MARKET
CHALLENGES
2.8.1. VOLATILITY
IN THE PRICE OF CRUDE OIL
2.8.2. DECREASE
IN THE DEMAND FOR GROUP I BASE OIL
2.9. MARKET
OPPORTUNITIES
2.9.1. INCREASING
POPULARITY OF RENEWABLE BASE OIL
2.9.2. GROWING
DEMAND ACROSS THE ASIA-PACIFIC REGION
3. GLOBAL
BASE OIL MARKET OUTLOOK - BY GROUP (IN TERMS OF VALUE: $ MILLION &
VOLUME: KILOTON)
3.1. GROUP
I
3.2. GROUP
II
3.3. GROUP
III
3.4. GROUP
IV
3.5. GROUP
V
4. GLOBAL BASE OIL MARKET OUTLOOK
- BY APPLICATION (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTON)
4.1. AUTOMOTIVE
OIL
4.2. INDUSTRIAL
OIL
4.3. GREASES
4.4. HYDRAULIC
OIL
4.5. METALWORKING
FLUIDS
4.6. OTHER
APPLICATIONS
5. GLOBAL BASE OIL MARKET –
REGIONAL OUTLOOK (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTON)
5.1. NORTH
AMERICA
5.1.1. MARKET
BY GROUP
5.1.2. MARKET
BY APPLICATION
5.1.3. COUNTRY
ANALYSIS
5.1.3.1. UNITED
STATES
5.1.3.2. CANADA
5.2. EUROPE
5.2.1. MARKET
BY GROUP
5.2.2. MARKET
BY APPLICATION
5.2.3. COUNTRY
ANALYSIS
5.2.3.1. UNITED
KINGDOM
5.2.3.2. GERMANY
5.2.3.3. FRANCE
5.2.3.4. SPAIN
5.2.3.5. ITALY
5.2.3.6. REST
OF EUROPE
5.3. ASIA-PACIFIC
5.3.1. MARKET
BY GROUP
5.3.2. MARKET
BY APPLICATION
5.3.3. COUNTRY
ANALYSIS
5.3.3.1. CHINA
5.3.3.2. JAPAN
5.3.3.3. INDIA
5.3.3.4. SOUTH KOREA
5.3.3.5. ASEAN
COUNTRIES
5.3.3.6. AUSTRALIA
& NEW ZEALAND
5.3.3.7. REST
OF ASIA-PACIFIC
5.4. LATIN
AMERICA
5.4.1. MARKET
BY GROUP
5.4.2. MARKET
BY APPLICATION
5.4.3. COUNTRY
ANALYSIS
5.4.3.1. BRAZIL
5.4.3.2. MEXICO
5.4.3.3. REST
OF LATIN AMERICA
5.5. MIDDLE
EAST AND AFRICA
5.5.1. MARKET
BY GROUP
5.5.2. MARKET
BY APPLICATION
5.5.3. COUNTRY
ANALYSIS
5.5.3.1. UNITED
ARAB EMIRATES
5.5.3.2. SAUDI
ARABIA
5.5.3.3. TURKEY
5.5.3.4. SOUTH
AFRICA
5.5.3.5. REST
OF MIDDLE EAST & AFRICA
6. COMPETITIVE
LANDSCAPE
6.1. EXXON
MOBIL CORPORATION
6.2. CHEVRON
CORPORATION
6.3. SAUDI
ARAMCO
6.4. SHELL
PLC
6.5. NESTE
OYJ
6.6. GS
CALTEX CORPORATION
6.7. AVISTA
OIL AG
6.8. PT
PERTAMINA (PERSERO)
6.9. PHILLIPS
66 COMPANY
6.10. SEPAHAN
OIL
6.11. ERGON
INC
6.12. GRUPA
LOTOS
6.13. NYNAS
AB
6.14. S-OIL
CORPORATION
6.15. REPSOL
SA
7. RESEARCH
METHODOLOGY & SCOPE
7.1. RESEARCH
SCOPE & DELIVERABLES
7.2. SOURCES
OF DATA
7.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL BASE OIL
MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 2: GLOBAL BASE OIL
MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 3: VENDOR SCORECARD
TABLE 4: GLOBAL BASE OIL
MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 5: GLOBAL BASE OIL
MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 6: GLOBAL BASE OIL
MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 7: GLOBAL BASE OIL
MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 8: GLOBAL BASE OIL
MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 9: GLOBAL BASE OIL
MARKET, BY REGIONAL OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 10: NORTH AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 11: NORTH AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 12: NORTH AMERICA BASE
OIL MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 13: NORTH AMERICA BASE
OIL MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 14: NORTH AMERICA BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 15: NORTH AMERICA BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 16: EUROPE BASE OIL
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 17: EUROPE BASE OIL
MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ KILOTON)
TABLE 18: EUROPE BASE OIL
MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 19: EUROPE BASE OIL
MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 20: EUROPE BASE OIL
MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 21: EUROPE BASE OIL
MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 22: ASIA-PACIFIC BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 23: ASIA-PACIFIC BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 24: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 25: ASIA-PACIFIC BASE
OIL MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 26: ASIA-PACIFIC BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 27: ASIA-PACIFIC BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 28: LATIN AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 29: LATIN AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 30: LATIN AMERICA BASE
OIL MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 31: LATIN AMERICA BASE
OIL MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 32: LATIN AMERICA BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 33: LATIN AMERICA BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 34: MIDDLE EAST AND
AFRICA BASE OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 35: MIDDLE EAST AND
AFRICA BASE OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 36: MIDDLE EAST AND
AFRICA BASE OIL MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 37: MIDDLE EAST AND
AFRICA BASE OIL MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 38: MIDDLE EAST AND
AFRICA BASE OIL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 39: MIDDLE EAST AND
AFRICA BASE OIL MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
FIGURE 1: MARKET
ATTRACTIVENESS INDEX
FIGURE 2: GLOBAL BASE OIL
MARKET, BY GROUP, 2021 & 2028 (IN %)
FIGURE 3: GLOBAL BASE OIL
MARKET, BY GROUP I, 2022-2028 (IN $ MILLION)
FIGURE 4: GLOBAL BASE OIL
MARKET, BY GROUP II, 2022-2028 (IN $ MILLION)
FIGURE 5: GLOBAL BASE OIL
MARKET, BY GROUP III, 2022-2028 (IN $ MILLION)
FIGURE 6: GLOBAL BASE OIL
MARKET, BY GROUP IV, 2022-2028 (IN $ MILLION)
FIGURE 7: GLOBAL BASE OIL
MARKET, BY GROUP V, 2022-2028 (IN $ MILLION)
FIGURE 8: GLOBAL BASE OIL
MARKET, BY APPLICATION, 2021 & 2028 (IN %)
FIGURE 9: GLOBAL BASE OIL
MARKET, BY AUTOMOTIVE OIL, 2022-2028 (IN $ MILLION)
FIGURE 10: GLOBAL BASE OIL
MARKET, BY INDUSTRIAL OIL, 2022-2028 (IN $ MILLION)
FIGURE 11: GLOBAL BASE OIL
MARKET, BY GREASES, 2022-2028 (IN $ MILLION)
FIGURE 12: GLOBAL BASE OIL
MARKET, BY HYDRAULIC OIL, 2022-2028 (IN $ MILLION)
FIGURE 13: GLOBAL BASE OIL
MARKET, BY METALWORKING FLUIDS, 2022-2028 (IN $ MILLION)
FIGURE 14: GLOBAL BASE OIL
MARKET, BY OTHER APPLICATIONS, 2022-2028 (IN $ MILLION)
FIGURE 15: GLOBAL BASE OIL
MARKET, REGIONAL OUTLOOK, 2021 & 2028 (IN %)
FIGURE 16: UNITED STATES BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 17: CANADA BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 18: UNITED KINGDOM BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 19: GERMANY BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 20: FRANCE BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 21: SPAIN BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 22: ITALY BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 23: REST OF EUROPE BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 24: CHINA BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 25: JAPAN BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 26: INDIA BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 27: SOUTH KOREA BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 28: ASEAN COUNTRIES
BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 29: AUSTRALIA & NEW
ZEALAND BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 30: REST OF
ASIA-PACIFIC BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 31: BRAZIL BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 32: MEXICO BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 33: REST OF LATIN
AMERICA BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 34: UNITED ARAB
EMIRATES BASE OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 35: SAUDI ARABIA BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 36: TURKEY BASE OIL
MARKET 2022-2028 (IN $ MILLION)
FIGURE 37: SOUTH AFRICA BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 38: REST OF MIDDLE EAST
& AFRICA BASE OIL MARKET 2022-2028 (IN $ MILLION)