Global Base Oil Market Forecast 2022-2030

Global Base Oil Market Forecast 2022-2030

KEY FINDINGS

The global base oil market is predicted to grow with a CAGR of 3.12% in terms of revenue and 3.65% in terms of volume over the forecast years of 2022 to 2030. The market’s growth is facilitated by the diverse range of applications across different end-users, the rising demand for high-grade oils within the automotive industry, and stringent environmental legislation resulting in strict performance standards.

MARKET INSIGHTS

Base oil is a refined product of crude oil, primarily utilized to manufacture metal processing fluids, motor oil, lubricating greases, and others. Chemical substances like additives are added to base oils in order to meet the quality needs of end products. These include cleaning properties and friction, among others.

The use of advanced engine technology raises the need for high-grade automotive lubricants for the purpose of delivering compatibility to fast-moving parts as well as high temperatures within automobiles. The base oil selection significantly impacts the entire performance of finished lubricants, as well.

Moreover, the composition of base oil entails 10%-30% additives and 70%-90% base oil. High-performance engine oils are also capable of enduring extreme and rigorous conditions for stationary engines, light-duty trucks, passenger cars, and diesel trucks. As a result, the surging demand for high-grade engine oils is set to reinforce the market for base oil, globally.

REGIONAL INSIGHTS

The global base oil market growth analysis comprises the assessment of Europe, North America, Asia-Pacific, and Rest of World. The market in the Asia-Pacific is projected to rise with the highest CAGR of 3.54% and 4.07% in terms of revenue and volume, respectively, over the forecasting period. The regional market’s growth is mainly accredited to the rising sales and production of automobiles in developing countries in order to increase the deployment and adoption of automotive lubricants derived from base oils.

COMPETITIVE INSIGHTS

The competitive rivalry in the global base oil market is intense and is expected to remain high during the forecast period. Some of the leading players operating in the market are Chevron Corporation, Saudi Aramco, Exxon Mobil Corporation, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments