According to the latest report by IMARC Group, titled "Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global base oil market reached a value of US$ 31.2 Million Tons in 2021. Base oil is an essential component in the production of a wide range of lubricants. It is a specialty product that is manufactured in refineries by treating and extracting high-viscosity material from narrow distillation cuts of vacuum resid or gasoil. It is also blended with a thickener or additives that serve as a foundation of the lubricant, which is later used in machinery and engines. It is widely available in multiple forms across the globe that differ on the basis of viscosity index and limitations, volatility, pour and aniline points and hydrolytic, oxidation and thermal stability.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Base Oil Market Trends:
The global market is primarily driven by the growing product demand from the automotive industry. This can be attributed to the increasing manufacturing and selling of vehicles. With the rising adoption of hydraulic oil in automobiles and aircraft for the proper functioning of filtering and cooling systems, this is providing a boost to the demand for base oils across the globe. In line with this, the increasing rates of motorization as a result of the improving road connectivity across the developing economies is creating a positive market outlook. Moreover, the growing utilization of solvent refined oils in marine vehicles that help in enhancing and protecting engines are significantly supporting the product demand on the global level. The market is further driven by extensive research and development (R&D) activities conducted by key players to introduce improved product variants. Other factors, including rapid industrialization and urbanization, the widespread deployment of automation across the industrial sector and continuous expansion of manufacturing units, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 36.7 Million Tons by 2027, exhibiting a CAGR of 2.40% during 2022-2027.
- On the basis of type, the market has been segmented into mineral, synthetic and bio-based.
- Based on the group, the market has been segregated into group I, group II, group III, group IV and group V.
- On the basis of the application, the market has been categorized into automotive oil, industrial oil, metalworking fluids, hydraulic oil, greases and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.
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