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Base Oil Market Size

  • Report ID: GMI11992
  • Published Date: Oct 2024
  • Report Format: PDF

Base Oil Market Size

The global base oil market was valued at USD 34.8 billion in 2023 and is estimated to grow at a CAGR of over 5.3% from 2024 to 2032.

 

base oil market

Base oil is a crucial ingredient in producing lubricants, encompassing both automotive and industrial oils. Acting as the foundation, it imparts essential properties like viscosity, lubricity, and stability across diverse applications. The base oil industry is growing due to the increasing demand for high-performance lubricants in the automotive and industrial sectors. As vehicles and machinery evolve, there's a heightened demand for lubricants that ensure better protection, efficiency, and longevity. This trend is driving the need for higher-grade base oils, especially Groups II and III.
 

Another significant factor is the rising preference for synthetic and bio-based base oils. This shift is largely driven by environmental regulations targeting carbon emission reductions and a broader push for sustainability. Synthetic oils perform well in extreme conditions, making them suitable for high-performance applications.
 

Moreover, base oils are finding applications in emerging sectors like electric vehicles (EVs) and renewable energy. EVs, for instance, require specialized lubricants for components such as bearings and cooling systems, creating new opportunities in the market. This move towards sustainable energy and transportation further increases the demand for innovative base oil solutions.

Authors: Kiran Pulidindi , Manish Verma

Frequently Asked Questions (FAQ) :

The global market size for base oil was valued at USD 34.8 billion in 2023 and is projected to reach USD 55.1 billion by 2032, driven by a CAGR of over 5.3% from 2024 to 2032.

Base oil industry from Group I base oils generated USD 12.5 billion in revenue in 2023 but are gradually losing market share due to their lower performance compared to more refined alternatives.

U.S. market generated USD 8.7 billion in revenue in 2023, driven by strong demand from the automotive and industrial sectors.

Major players in the industry include Abu Dhabi National Oil Company, Arabo Impex, Aramco, Chevron, Exxon Mobil, GS Caltex, Nynas, and Petro?Canada Lubricants.

Base Oil Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 11
  • Tables & Figures: 240
  • Countries covered: 18
  • Pages: 310
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