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Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global base oil market reached a volume of 31.2 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 36.7 Million Tons by 2027, exhibiting a CAGR of 2.40% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Base oil refers to a blend stock aiding in formulating numerous lubricating oils that are used in engines and other machinery. It is produced by extracting and treating high-viscosity material from narrow distillation cuts of vacuum gasoil (VGO) or residue, which requires special processing through different units. It helps create a thin film for enhancing heat transfer and reducing tension between moving parts. At present, there is a significant rise in the utilization of lubricants in automobile and truck engines, which in turn, is positively influencing the requirement of base oil across the globe.

 

 
 

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Base Oil Market Trends:

Nowadays, base oils find extensive applications in greases and transmission and gear lubricants. This, in confluence with the increasing utilization of hydraulic oil in the automotive industry and rising sales of automobiles, represents one of the key factors propelling the growth of the market. Moreover, base oils are generally made from crude oil, a non-renewable resource that produces greenhouse gases (GHGs) and causes damage to the environment. As a result, other alternatives for base oils are being researched and implemented in newer engine oil products, such as bio-olefins, which are derived from renewable resources like biomass. Besides this, vegetable oils are increasingly being utilized as base oils in lubricants instead of mineral oils as they offer numerous advantages. These include nontoxicity, biodegradability, resource renewability, affordable application cost, and high viscosity index. In addition, vegetable oils are cheaper than ester-based oils and provide more potential for the successful implementation as lubricants in base oils. This, along with the rising sales of cars around the world, is projected to drive the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global base oil market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, group and application.

Breakup by Type:

 

 
 

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  • Mineral
  • Synthetic
  • Bio-Based
     

Breakup by Group:

  • Group I
  • Group II
  • Group III
  • Group IV
  • Group V
     

Breakup by Application:

  • Automotive Oil
  • Industrial Oil
  • Metalworking Fluids
  • Hydraulic Oil
  • Greases
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Abu Dhabi National Oil Company, Bharat Petroleum Corporation Limited, BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Evonik Industries AG, Exxon Mobil Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, PT Pertamina(Persero), Repsol S.A., Saudi Arabian Oil Co., Shell plc and TotalEnergies SE.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion, Million Tons
Segment Coverage Type, Group, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Abu Dhabi National Oil Company, Bharat Petroleum Corporation Limited, BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, Evonik Industries AG, Exxon Mobil Corporation, Petroliam Nasional Berhad (PETRONAS), Phillips 66 Company, PT Pertamina(Persero), Repsol S.A., Saudi Arabian Oil Co., Shell plc and TotalEnergies SE.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global base oil market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global base oil market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the group?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global base oil market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Base Oil Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Mineral
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Synthetic
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Bio-Based
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Group
    7.1    Group I
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Group II
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Group III
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Group IV
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Group V
        7.5.1 Market Trends
        7.5.2 Market Forecast
8    Market Breakup by Application
    8.1    Automotive Oil
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Industrial Oil
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Metalworking Fluids
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Hydraulic Oil
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Greases
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Others
        8.6.1 Market Trends
        8.6.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Abu Dhabi National Oil Company
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
        14.3.2    Bharat Petroleum Corporation Limited
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    BP plc
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    Chevron Corporation
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    China National Petroleum Corporation
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 SWOT Analysis
        14.3.6    China Petroleum & Chemical Corporation
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Evonik Industries AG
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Exxon Mobil Corporation
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Petroliam Nasional Berhad (PETRONAS)
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 SWOT Analysis
        14.3.10    Phillips 66 Company
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    PT Pertamina(Persero)
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 SWOT Analysis
        14.3.12    Repsol S.A.
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Saudi Arabian Oil Co.
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
           14.3.13.4 SWOT Analysis
        14.3.14    Shell plc
           14.3.14.1 Company Overview
           14.3.14.2 Product Portfolio
           14.3.14.3 Financials
        14.3.15    TotalEnergies SE
           14.3.15.1 Company Overview
           14.3.15.2 Product Portfolio
           14.3.15.3 Financials
           14.3.15.4 SWOT Analysis

List of Figures

Figure 1: Global: Base Oil Market: Major Drivers and Challenges
Figure 2: Global: Base Oil Market: Volume Trends (in Million Tons), 2016-2021
Figure 3: Global: Base Oil Market Forecast: Volume Trends (in Million Tons), 2022-2027
Figure 4: Global: Base Oil Market: Value Trends (in Billion US$), 2016-2021
Figure 5: Global: Base Oil Market Forecast: Value Trends (in Billion US$), 2022-2027
Figure 6: Global: Base Oil Market: Breakup by Type (in %), 2021
Figure 7: Global: Base Oil Market: Breakup by Group (in %), 2021
Figure 8: Global: Base Oil Market: Breakup by Application (in %), 2021
Figure 9: Global: Base Oil Market: Breakup by Region (in %), 2021
Figure 10: Global: Base Oil (Mineral) Market: Value Trends (in Million US$), 2016 & 2021
Figure 11: Global: Base Oil (Mineral) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 12: Global: Base Oil (Synthetic) Market: Value Trends (in Million US$), 2016 & 2021
Figure 13: Global: Base Oil (Synthetic) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 14: Global: Base Oil (Bio-Based) Market: Value Trends (in Million US$), 2016 & 2021
Figure 15: Global: Base Oil (Bio-Based) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 16: Global: Base Oil (Group I) Market: Value Trends (in Million US$), 2016 & 2021
Figure 17: Global: Base Oil (Group I) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 18: Global: Base Oil (Group II) Market: Value Trends (in Million US$), 2016 & 2021
Figure 19: Global: Base Oil (Group II) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 20: Global: Base Oil (Group III) Market: Value Trends (in Million US$), 2016 & 2021
Figure 21: Global: Base Oil (Group III) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 22: Global: Base Oil (Group IV) Market: Value Trends (in Million US$), 2016 & 2021
Figure 23: Global: Base Oil (Group IV) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 24: Global: Base Oil (Group V) Market: Value Trends (in Million US$), 2016 & 2021
Figure 25: Global: Base Oil (Group V) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 26: Global: Base Oil (Automotive Oil) Market: Value Trends (in Million US$), 2016 & 2021
Figure 27: Global: Base Oil (Automotive Oil) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 28: Global: Base Oil (Industrial Oil) Market: Value Trends (in Million US$), 2016 & 2021
Figure 29: Global: Base Oil (Industrial Oil) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 30: Global: Base Oil (Metalworking Fluids) Market: Value Trends (in Million US$), 2016 & 2021
Figure 31: Global: Base Oil (Metalworking Fluids) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 32: Global: Base Oil (Hydraulic Oil) Market: Value Trends (in Million US$), 2016 & 2021
Figure 33: Global: Base Oil (Hydraulic Oil) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 34: Global: Base Oil (Greases) Market: Value Trends (in Million US$), 2016 & 2021
Figure 35: Global: Base Oil (Greases) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 36: Global: Base Oil (Other Applications) Market: Value Trends (in Million US$), 2016 & 2021
Figure 37: Global: Base Oil (Other Applications) Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 38: North America: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 39: North America: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 40: United States: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 41: United States: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 42: Canada: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 43: Canada: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 44: Asia-Pacific: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 45: Asia-Pacific: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 46: China: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 47: China: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 48: Japan: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 49: Japan: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 50: India: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 51: India: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 52: South Korea: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 53: South Korea: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 54: Australia: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 55: Australia: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 56: Indonesia: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 57: Indonesia: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 58: Others: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 59: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 60: Europe: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 61: Europe: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 62: Germany: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 63: Germany: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 64: France: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 65: France: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 66: United Kingdom: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 67: United Kingdom: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 68: Italy: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 69: Italy: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 70: Spain: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 71: Spain: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 72: Russia: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 73: Russia: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 74: Others: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 75: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 76: Latin America: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 77: Latin America: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 78: Brazil: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 79: Brazil: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 80: Mexico: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 81: Mexico: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 82: Others: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 83: Others: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 84: Middle East and Africa: Base Oil Market: Value Trends (in Million US$), 2016 & 2021
Figure 85: Middle East and Africa: Base Oil Market: Breakup by Country (in %), 2021
Figure 86: Middle East and Africa: Base Oil Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 87: Global: Base Oil Industry: SWOT Analysis
Figure 88: Global: Base Oil Industry: Value Chain Analysis
Figure 89: Global: Base Oil Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Base Oil Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Base Oil Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Base Oil Market Forecast: Breakup by Group (in Million US$), 2022-2027
Table 4: Global: Base Oil Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Base Oil Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Base Oil Market: Competitive Structure
Table 7: Global: Base Oil Market: Key Players


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