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Global Base Oil Market Worth will Reach US$ 36.7 Billion by 2025, at a CAGR of 5.0%, Concludes MarketsandMarkets™ 

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Global Base Oil Market Worth will Reach US$ 36.7 Billion by 2025, at a CAGR of 5.0%, Concludes MarketsandMarkets™ 

September 15
23:18 2022
Global Base Oil Market Worth will Reach US$ 36.7 Billion by 2025, at a CAGR of 5.0%, Concludes MarketsandMarkets™ 
Browse 340 market data Tables and 55 Figures spread through 301 Pages and in-depth TOC on “Base Oil Market
Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA)

The global base oil market size is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% 2020 to 2025. Surging demand for high-grade oils in the automotive industry, as well as increasing GDP led by increasing industrial activities, is fueling the growth of the market across the globe.

Base oil is a lubricant component used to manufacture all kinds of lubricants. The manufacturing of base oil involves a variety of different processes, including distillation, solvent refining, hydrogen processing, oligomerization, esterification, and re-refining. All the base oils have been divided into five general categories, namely Group I, Group II, Group III, Group IV, and Group V. Group I base stocks contain less than 90% saturates and/or greater than 0.03% sulfur and have a viscosity index greater than or equal to 80 and less than 120. Group II base stocks contain greater than or equal to 90% saturates and less than or equal to 0.03% sulfur and have a viscosity index greater than or equal to 80 and less than 120. Group III base stocks contain greater than or equal to 90% saturates and less than or equal to 0.03% sulfur and have a viscosity index greater than or equal to 120. Group IV base stocks are poly-alpha-olefins (PAO). Group V base stocks include all other base stocks not included in Group I, II, III, or IV. 

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Based on the group, the base oil market has been segmented into Group I, Group II, Group III, Group IV, and Group V. The Group II-based base oil segment had the highest base oil market share in 2019, and the trend is expected to continue during the forecast period between 2020 and 2025. This is majorly due to the high performance and affordability of Group II base oils. Further, the rising demand for Group II from marine and gas engine applications is expected to further aid in the growth of the global base oil industry. Better oxidation control, improved Noack stability, enhanced viscosity control, and better base number retention are some of the superior qualities of Group II base oil when compared to the other Groups. Which in turn, fueling the growth of Group II in trunk piston engine oils (TPEO) for medium-speed, four-stroke engines in the marine sector. These factors support the rising global demands for Group II base oil, which is one of the major drivers of the base oil market. 

Based on the application, the base oil market has been segmented into automotive oil, industrial oil, hydraulic oil, grease, metalworking fluid, and others. The other application in base oils includes agriculture, additives, and detergents/dispersants. The automotive oil application segment is projected to lead the market in terms of both value and volume during the forecast period. Automotive oils are employed in the automotive lubricants. The automotive oil application was the largest segment in the base oil market in 2019. Some of the key factors, such as the growth in the automotive sector in the developing regions of the world and the ever-increasing population in the APAC region, are resulting in augmenting the automotive oil application segment growth.

The agreements, as well as plant expansions made by many prominent players in the base oil industry, are one of the key factors. The lucrative market opportunities in the regions of Brazil, Russia, India, and China (BRIC), as well as the rising demand for renewable energy, are expected to boost the base oil market.

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Companies such as Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL CORPORATION (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell Plc (Netherlands), Neste Oyj (Finland) fall under the winners’ category. These are leading players in the base oil market, globally. These players have adopted the strategies of expansions, agreements, acquisitions, investments and partnerships, to increase their presence in the global base oil market. 

Chevron Corporation is the leading player in the global fiberglass market and is estimated to have the highest share in the market. Chevron Corporation entered into a three-party collaboration with Schlumberger Limited (US) and Microsoft Corporation (US) to accelerate the creation of innovative petrotechnical and digital technologies. The involved parties in this collaboration will work together to build Azure-native applications in the DELFI cognitive E&P environment initially. The collaboration is expected to enable companies to process, visualize, interpret, and ultimately obtain meaningful insights from multiple data sources. 

Another important player in the global base oil market is Exxon Mobil Corporation. In April 2019, Exxon Mobil Corporation finalized the investment decision on a multi-billion-dollar expansion of its integrated manufacturing complex in Singapore to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates. The investment is expected to add 20,000 b/d (barrels/day) of ExxonMobil Group II base stocks, which include EHC 50 and EHC 120 grades, in addition to a new high-viscosity Group II base stock to meet increasing demand in the Asia Pacific region. The purpose of this investment is to cater to the global increase in demand for high-quality fuels and lubricants.

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