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Base Oil Market: Based on Type, Application, Geography, size, key players, trend and opportunities- Forecast up to 2028- Product Image
Base Oil Market: Based on Type, Application, Geography, size, key players, trend and opportunities- Forecast up to 2028- Product Image
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Base Oil Market: Based on Type, Application, Geography, size, key players, trend and opportunities- Forecast up to 2028

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  • 105 Pages
  • July 2023
  • Region: Global
  • IHR Insights
  • ID: 5125708
UP TO OFF until Dec 31st 2024
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The base oil is extracted from heating the crude oil, and the process is known as refining and is subject to a required set of specifications. The base oil is characteristically termed as lubricant base stock. The quality of a lubricant depends on the type of base oil used and the method of production used to produce the base oil. It is critical toward the grade of lubricant as base oils usually make up to 70-97% of the formulation of lubricants. The automotive industry is a significant consumer of base oils, which are used as a key component in the formulation of lubricants for engines, transmissions, and other automotive parts. The increasing production and sales of automobiles worldwide drive the demand for base oils. On the other hand, variations in the crude oil prices and emission standards requirements are limiting the market growth. Global Base Oil Market was predicted to grow at a rate of 1.8% CAGR by 2028.

Base Oil Market Key Segments:

By Type

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

By Application

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

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of World
The market for product is divided into Group I, Group II, Group III, Group IV and Group V. The group I segment has a majority share in the base oil market. This is ascribed to the rise in usage in automotive, marine, and rail lubricants owing to their inexpensiveness, simple processing, high viscosity index, low volatility, and lubrication properties. Group I product are segregated as greater than 0.03% sulfur, less than 90% saturates, and viscosity range from 80 to 120. This group is featured by its low aromatic compound content and paraffinic nature. The temperature range is from 32°F to 150°F. Compared to all other groups, group I are less refined and are a mixture of various hydrocarbon chains with little uniformity.

Based on the application, the global base oil market has been segmented into automobile oils, industrial oils, metalworking fluids, hydraulic oils, greases, and others. The automobile oils segment consisted of a significant share of the global base oil market. Base oils are widely used to manufacture lubricants in the automobile industry. Lubricants have a significant role in the automobile engine, transmission, and steering mechanisms by minimizing friction and heat generation. Moreover, the rising preference of automobile oils in the fragrance products for homes in developed countries is also boosting growth.

The Asia Pacific was the dominant region in the global base oil market. The demand for base oil is likely to increase at a significant stride during the forecast period due to a rise in the disposable income of people, the rapid growth of the automotive industry, and a surge in demand for electric vehicles in the region.

Globally, the synthetic base oils, such as Group III and Group IV (polyalphaolefins), are witnessing increased demand due to their superior properties, including excellent thermal stability, oxidative resistance, and extended drain intervals. The growing emphasis on high-performance lubricants for critical applications is driving global base oils.

The Key Players

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) and Phillips 66 Company are few leading players operating in the base oil market.

As a result, global base oil market is highly competitive, with major players and refineries located around the world. As industries evolve, the demand for high-quality base oils continues to grow, leading to ongoing research and innovation in lubricant technology and refining processes. Additionally, increasing environmental awareness has resulted in the development of more sustainable and eco-friendly base oils to meet regulatory requirements and customer preferences.
  • In-depth information on the aspects which will propel the growth of the base oil market during the forthcoming years is depicted in this report.
  • Precise estimations of the market size and its contribution to the parent market are given in the global base oil market report.
  • The penetration of the base oil market among the North America, Europe, APAC, and ROW.
  • A complete analysis of the competitive landscape of market and detailed information on various players.

Table of Contents

1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. TYPE: Market Size & Analysis
5.1. Overview
5.2. Group I
5.3. Group II
5.4. Group III
5.5. Group IV
5.6. Group V
6. Application: Market Size & Analysis
6.1. Overview
6.2. Automobile Oil
6.3. Industrial Oil
6.4. Metalworking Fluids
6.5. Hydraulic Oil
6.6. Greases
6.7. Others
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America
7.3. Europe
7.4. Asia Pacific
7.5. Rest of the World
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. Abu Dhabi National Oil Company
9.1.1. Overview
9.1.2. Financial Overview
9.1.3. Product Offerings
9.1.4. Developments
9.1.5. Business Strategy
9.2. Bharat Petroleum Corporation Limited
9.2.1. Overview
9.2.2. Financial Overview
9.2.3. Product Offerings
9.2.4. Developments
9.2.5. Business Strategy
9.3. BP plc
9.3.1. Overview
9.3.2. Financial Overview
9.3.3. Product Offerings
9.3.4. Developments
9.3.5. Business Strategy
9.4. Chevron Corporation
9.4.1. Overview
9.4.2. Financial Overview
9.4.3. Product Offerings
9.4.4. Developments
9.4.5. Business Strategy
9.5. China National Petroleum Corporation
9.5.1. Overview
9.5.2. Financial Overview
9.5.3. Product Offerings
9.5.4. Developments
9.5.5. Business Strategy
9.6. China Petroleum & Chemical Corporation
9.6.1. Overview
9.6.2. Financial Overview
9.6.3. Product Offerings
9.6.4. Developments
9.6.5. Business Strategy
9.7. Evonik Industries AG
9.7.1. Overview
9.7.2. Financial Overview
9.7.3. Product Offerings
9.7.4. Developments
9.7.5. Business Strategy
9.8. Exxon Mobil Corporation
9.8.1. Overview
9.8.2. Financial Overview
9.8.3. Product Offerings
9.8.4. Developments
9.8.5. Business Strategy
9.9. Petroliam Nasional Berhad (PETRONAS)
9.9.1. Overview
9.9.2. Financial Overview
9.9.3. Product Offerings
9.9.4. Developments
9.9.5. Business Strategy
9.10. Phillips 66 Company
9.10.1. Overview
9.10.2. Financial Overview
9.10.3. Product Offerings
9.10.4. Developments
9.10.5. Business Strategy
10. Analyst Opinion
11. Annexure
11.1. Report Scope
11.2. Market Definitions
11.3. Research Methodology
11.3.1. Data Collation and In-house Estimation
11.3.2. Market Triangulation
11.3.3. Forecasting
11.4. Report Assumptions
11.5. Declarations
11.6. Stakeholders
11.7. Abbreviations
List of Tables
Table 1. Global Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 2. Global Base Oil Market Value for Group I, by Geography, 2022-2028 (USD Billion)
Table 3. Global Base Oil Market Value for Group Ii, by Geography, 2022-2028 (USD Billion)
Table 4. Global Base Oil Market Value for Group Iii, by Geography, 2022-2028 (USD Billion)
Table 5. Global Base Oil Market Value for Group Iv, by Geography, 2022-2028 (USD Billion)
Table 6. Global Base Oil Market Value for Group V, by Geography, 2022-2028 (USD Billion)
Table 7. Global Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 8. Global Base Oil Market Value for Automobile Oil, 2022-2028 (USD Billion)
Table 9. Global Base Oil Market Value for Industrial Oil, by Geography, 2022-2028 (USD Billion)
Table 10. Global Base Oil Market Value for Metalworking Fluids, by Geography, 2022-2028 (USD Billion)
Table 11. Global Base Oil Market Value for Hydraulic Oil, by Geography, 2022-2028 (USD Billion)
Table 12. Global Base Oil Market Value for Greases, by Geography, 2022-2028 (USD Billion)
Table 13. Global Base Oil Market Value for Others, by Geography, 2022-2028 (USD Billion)
Table 14. North America Base Oil Market Value, by Country, 2022-2028 (USD Billion)
Table 15. North America Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 16. North America Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 17. U.S Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 18. U.S Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 19. Canada Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 20. Canada Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 21. Europe Base Oil Market Value, by Country, 2022-2028 (USD Billion)
Table 22. Europe Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 23. Europe Base Oil Market Value, Application, 2022-2028 (USD Billion)
Table 24. Germany Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 25. Germany Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 26. U.K Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 27. U.K Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 28. France Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 29. France Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 30. Italy Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 31. Italy Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 32. Spain Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 33. Spain Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 34. Roe Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 35. Roe Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 36. Asia Pacifc Base Oil Market Value, by Country, 2022-2028 (USD Billion)
Table 37. Asia Pacifc Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 38. Asia Pacifc Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 39. China Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 40. China Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 41. India Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 42. India Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 43. Japan Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 44. Japan Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 45. Rest of APAC Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 46. Rest of APAC Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 47. Rest of World Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Table 48. Rest of World Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Table 49. Abu Dhabi National Oil Company: Financials
Table 50. Abu Dhabi National Oil Company: Product and Services
Table 51. Abu Dhabi National Oil Company: Recent Developments
Table 52. Abu Dhabi National Oil Company: Application/Service Provider Portfolio
Table 53. Bharat Petroleum Corporation Limited: Financials
Table 54. Bharat Petroleum Corporation Limited: Product and Services
Table 55. Bharat Petroleum Corporation Limited: Recent Developments
Table 56. Bharat Petroleum Corporation Limited: Application/Service Provider Portfolio
Table 57. Bp plc: Financials
Table 58. Bp plc: Product and Services
Table 59. Bp plc: Recent Developments
Table 60. Bp plc: Application/Service Provider Portfolio
Table 61. Chevron Corporation: Financials
Table 62. Chevron Corporation: Product and Services
Table 63. Chevron Corporation: Recent Developments
Table 64. Chevron Corporation: Application/Service Provider Portfolio
Table 65. China National Petroleum Corporation: Financials
Table 66. China National Petroleum Corporation: Product and Services
Table 67. China National Petroleum Corporation: Recent Developments
Table 68. China National Petroleum Corporation: Application/Service Provider Portfolio
Table 69. China Petroleum & Chemical Corporation: Financials
Table 70. China Petroleum & Chemical Corporation: Product and Services
Table 71. China Petroleum & Chemical Corporation: Recent Developments
Table 72. China Petroleum & Chemical Corporation: Application/Service Provider Portfolio
Table 73. Evonik Industries Ag: Financials
Table 74. Evonik Industries Ag: Product and Services
Table 75. Evonik Industries Ag: Recent Developments
Table 76. Evonik Industries Ag: Application/Service Provider Portfolio
Table 77. Exxon Mobil Corporation: Financials
Table 78. Exxon Mobil Corporation: Product and Services
Table 79. Exxon Mobil Corporation: Recent Developments
Table 80. Exxon Mobil Corporation: Application/Service Provider Portfolio
Table 81. Petroliam Nasional Berhad (Petronas): Financials
Table 82. Petroliam Nasional Berhad (Petronas): Product and Services
Table 83. Petroliam Nasional Berhad (Petronas): Recent Developments
Table 84. Petroliam Nasional Berhad (Petronas): Application/Service Provider Portfolio
Table 85. Phillips 66 Company: Financials
Table 86. Phillips 66 Company: Product and Services
Table 87. Phillips 66 Company: Recent Developments
Table 88. Phillips 66 Company: Application/Service Provider Portfolio
List of Figures
Chart. 1. Global Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 2. Global Base Oil Market Value for Group I, by Geography, 2022-2028 (USD Billion)
Chart. 3. Global Base Oil Market Value for Group Ii, by Geography, 2022-2028 (USD Billion)
Chart. 4. Global Base Oil Market Value for Group Iii, by Geography, 2022-2028 (USD Billion)
Chart. 5. Global Base Oil Market Value for Group Iv, by Geography, 2022-2028 (USD Billion)
Chart. 6. Global Base Oil Market Value for Group V, by Geography, 2022-2028 (USD Billion)
Chart. 7. Global Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 8. Global Base Oil Market Value for Automobile Oil, 2022-2028 (USD Billion)
Chart. 9. Global Base Oil Market Value for Industrial Oil, by Geography, 2022-2028 (USD Billion)
Chart. 10. Global Base Oil Market Value for Metalworking Fluids, by Geography, 2022-2028 (USD Billion)
Chart. 11. Global Base Oil Market Value for Hydraulic Oil, by Geography, 2022-2028 (USD Billion)
Chart. 12. Global Base Oil Market Value for Greases, by Geography, 2022-2028 (USD Billion)
Chart. 13. Global Base Oil Market Value for Others, by Geography, 2022-2028 (USD Billion)
Chart. 14. North America Base Oil Market Value, by Country, 2022-2028 (USD Billion)
Chart. 15. North America Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 16. North America Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 17. U.S Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 18. U.S Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 19. Canada Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 20. Canada Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 21. Europe Base Oil Market Value, by Country, 2022-2028 (USD Billion)
Chart. 22. Europe Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 23. Europe Base Oil Market Value, Application, 2022-2028 (USD Billion)
Chart. 24. Germany Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 25. Germany Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 26. U.K Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 27. U.K Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 28. France Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 29. France Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 30. Italy Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 31. Italy Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 32. Spain Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 33. Spain Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 34. Roe Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 35. Roe Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 36. Asia Pacifc Base Oil Market Value, by Country, 2022-2028 (USD Billion)
Chart. 37. Asia Pacifc Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 38. Asia Pacifc Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 39. China Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 40. China Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 41. India Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 42. India Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 43. Japan Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 44. Japan Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 45. Rest of APAC Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 46. Rest of APAC Base Oil Market Value, by Application, 2022-2028 (USD Billion)
Chart. 47. Rest of World Base Oil Market Value, by Type, 2022-2028 (USD Billion)
Chart. 48. Rest of World Base Oil Market Value, by Application, 2022-2028 (USD Billion)

Companies Mentioned

  • 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

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