London, Dec. 12, 2023 (GLOBE NEWSWIRE) -- In a resounding projection, the global base oil market, valued at approximately US$19.9 Bn as of 2022, is set to surge to a remarkable revenue of US$29.7 Bn by the end of 2030. This robust growth, expected to unfold at a compelling CAGR of 5.9% between 2023 and 2030.
The global base oil market is on an upward trajectory, collectively fuelled by dynamic trends, shifting consumer preferences, and an expanding automotive industry.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$19.9 Bn | |
| Estimated Market Size in 2030 | US$29.7 Bn | |
| CAGR | 5.9% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | Aramco Saudi Arabian Oil Co., Kuwait Petroleum Corporation (KPC), Royal Dutch Shell, Exxon Mobil Corporation, China National Petroleum Corporation | |
As the world embraces greater energy efficiency, environmental sustainability, and advanced technologies, the market for base oil is all set to play a pivotal role in meeting the evolving demands of diverse industries.
The company’s analyst remarks, “A growing focus on energy efficiency, worldwide, is largely responsible for notably rising adoption of base oils”.
The burgeoning demand for enhanced energy efficiency acts as a catalyst for the expansion of the market. The use of high-quality lubricants and base oils, especially in the automotive sector, is instrumental in reducing internal friction within engines, leading to improved fuel efficiency—a paramount consideration for both vehicle owners, and manufacturers.
Key Research Insights
- The automotive oils category maintains dominance in the industry.
- Group II category dominates, whereas the Group I segment is expected to be the fastest-growing one through 2030.
- Asia Pacific is expected to dominate while Europe is set for notable prospects.
Insights into Segmentation Analysis
Automotive Oils at the Helm
The automotive oils category took the lead in 2022, driven by the lubrication needs of internal combustion engines. With the global automotive industry expanding, the demand for lubricants, and consequently, base oils, is on a steady rise.
Preferential Shift to Group II and Group III Base Oils
The Group I segment is poised to experience the fastest growth during the forecast period. Widely used in general-purpose lubricants such as motor oils for older engines, hydraulic fluids, and industrial gear oils, Group I base oils cater to diverse applications.
The industry is witnessing a visible shift toward Group II and Group III base oils for their superior performance characteristics. Industries stand to benefit from longer intervals between oil changes, reducing maintenance frequency and costs, and meeting fuel efficiency and emissions regulations.
Dominance of Group II Base Oils Prevails
In 2022, the Group II category asserted its dominance in the industry. Renowned for a meticulous purification process resulting in higher purity and fewer contaminants, Group II base oils are preferred for various applications, including high-performance engines and industrial machinery.
Key Report Highlights
- Automotive industry's swift expansion contributes significantly to the demand for base oils. The need for lubricants extends beyond new vehicle production, to the maintenance and repair of existing vehicles, sustaining steady demand.
- Utilising sustainable sources such as plant oils, and animal fats, the market for base oils is witnessing a rise in bio-based and renewable base oils. The environmentally conscious consumer base is increasingly favouring these oils, attributing to their lower carbon impact as compared to petroleum-based alternatives.
Insights into Regional Analysis
Asia Pacific's Dominance Intact
Asia Pacific is poised to maintain its dominance throughout the forecast period, driven by rapid industrial growth, particularly in countries like China, and India. The region's reliance on lubricants and base oils for machinery maintenance aligns with the escalating demand.
The market here is expected to spearhead throughout the period of projection, propelled by a plethora of ongoing building and infrastructure projects. The region's reliance on large machinery and equipment for such projects significantly contributes to the escalating demand for base oils.
Europe's Market Attractiveness on the Rise
Europe stands out as the fastest-growing region in the base oil market, leveraging advanced R&D in the lubricants sector.
Predominantly fuelled by advanced production and refining technologies, European businesses are adept at manufacturing high-quality base oils that align with stringent industry standards.
The region's strong commitment to sustainability, including recycling and re-refining spent lubricants, shapes the production of more environmentally friendly and recyclable base oil products.
Leaders in Global Base Oil Industry
Noteworthy leaders in the global base oil market include,
- Aramco Saudi Arabian Oil Co.
- Kuwait Petroleum Corporation (KPC)
- Royal Dutch Shell
- Ergon, Inc.
- China National Petroleum Corporation
- China Petrochemical Corporation
- Exxon Mobil Corporation
- Petróleo Brasileiro S.A.
- HPCL
- Repsol
- bp p.l.c.
- Abu Dhabi National Oil Company
- Nynas AB
- Chevron Corporation
- Petroliam Nasional Berhad (PETRONAS)
Browse Global Base Oil Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Group Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/base-oil-market
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