The Global Base Oil Market size valued to USD 36.55 billion in 2019 is predicted to garner USD 41.65 billion by 2030, with a CAGR of 1.1% from 2020-2030.
The Global Base Oil Market held a volumetric turn-over of 41,907.3 kilotons in 2019 that is expected to level-up to 48,879.3 kilotons by 2030, witnessing a CAGR of 1.3% from 2020-2030. Base oil is a refined petroleum product obtained from heavy hydrocarbons by the means of refining crude oil at extreme temperature ranges. It holds wide applications in manufacturing automotive oil, industrial oil, metalworking fluids, and lubricating greases and other lubricant base stock. The quality standards of base oil majorly depend on criteria such as viscosity, oxidation, vitality, consistency, compatibility, pour point, seal additive, solubility and thermal stability.
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Top Companies: BP PLC, Ergon Inc., Chevron Corporation, Evonik Industries AG, H&R Olwerke Schindler GmbH, Exxon Mobil Corporation, Nynas AB, Royal Dutch Shell PLC, Petronas Pvt. Ltd., Total S.A., and SK Lubricants Co. Ltd. and others.
The global base oil market share analysis is based on type, application, and geography. Based on type, the market is segmented into Group I, Group II, Group III, Group IV, and Group V. Based on application, the market is divided into Automotive Oil, Industrial Oil, Metalworking Fluids, Greases, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America is expected to account for notable market share over the forecast period owing to presence of developed infrastructures, increase in technological advancements coupled with increase in automotive industry. Besides, stringent regulatory standards regarding environment conservation leading to formulation of energy efficient fuels with lower GHG emissions, is expected to fuel-up the growth of global base oil market in this region. Asia Pacific region is expected to dominate the global base oil market from in terms of both value and volume, owing to augmenting industrialization, proliferating automotive industry, demand for finished lubricants in-order to improve the operational efficiency, and increasing use of synthetic base oil as a substitute to traditional oils, for reducing carbon footprints.
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