Rockville, Jan. 11, 2023 (GLOBE NEWSWIRE) -- As per a recent report published by Fact.MR, the global base oil market is poised to grow at a CAGR of 2.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 35.27 Billion in 2022, expected to close at a valuation of US$ 44 Billion. The rising trend of electric vehicles and the robust temperature-bearing capacity of naphthalene base oil is necessitating the deployment of Base Oil solutions.
From 2017 to 2021, the market for base oil grew at a CAGR of 2%, closing at a value of US$ 34.47. As of 2022, the industry is likely to reach US$ 35.27 Billion. According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity for dissolving deposits and oxidizing products during the use phase of the lubricants.
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Due to Grade V’s diverse range of applications as well as the expanding end-users such as process oil manufacturers, metalworking fluid manufacturers, and others, the group V base oils are gaining rapid traction all over the world.
Key Takeaways from the Market Study
- Global base oil market to flourish 0.7x from 2022-2032
- Grade V base oil to be a top-selling category, capturing more than 2/5th market and flourishing at a 2.4% CAGR until 2032
- By application, base oil for the automotive industry to expand at a CAGR of 2.5%
- U.S to emerge as the fastest-growing Base Oil market, documenting a 2.4% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 16.2 Billion in 2032
“Soaring investments and high-scale transformation in the automotive industry are likely to augment demand for the base oil market across the globe. The rising popularity of electric vehicles in the countries like U.S. & China is likely to expand the base oil market size in forthcoming years,” says an analyst at Fact.MR
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Competitive Landscape
The global market for base oil is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In July 2020, SWEPI LP, a subsidiary of Royal Dutch Shell has completed the sale of its Appalachia shale gas position to Seneca Resources Company, LLC and NFG Midstream Covington, LLC, each of which is a subsidiary of National Fuel Gas Company acquire USD 541 million to invest as an asset for quality base oil production.
- In October 2020 Indian Oil Corporation signed a pact with the Indian Institute of Science (IISc) to develop hydrogen generation technology based on biomass gasification.
Key Companies Profiled
- Chevron Corporation
- Exxon Mobil Corporation
- Royal Dutch Shell Plc.
- Ergon Inc.
- Neste Oyj
- Nynas AB
- S-OIL CORPORATION,
- Sepahan Oil
- Repsol S. A.
- Sinopec Limited,
- BP PLC
- Evonik Industries AG
- H&R Group,
- Saudi Aramco
- SK Lubricants Co. Ltd.
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Key Segments Covered in the Base Oil Industry Survey
- Base Oil by Grade :
- Group I
- Group II
- Group III
- Group IV(PAO)
- Group V (ex. Naphthenics)
- Naphtheniccs
- Re-refined
- Base Oil by Application :
- Automotive Fluids (Lubricant, Gear Oil, Transmission Fluid, Power Steering Fluid, Brake Fluid, Others)
- Process Oils (Rubber Process Oils, Textile Process Oil)
- Industrial Oils (Transformer Oil, Turbine Oil, Food Grade Oil, Others)
- Metalworking Fluids (Emulsions, Neat Oils)
- Hydraulic Oils (Petroleum-Based, Biodegradable)
- Others
- Base Oil by Region :
- North America Base Oil Market
- Latin America Base Oil Market
- Europe Base Oil Market
- Asia Pacific Base Oil Market
- Middle East & Africa Base Oil Market
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Base Oil market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022 to 2032.
The study reveals essential insights based on Grade (Group I, Group II, Group III, Group IV(PAO), Group V (ex. Naphthenics), Naphtheniccs, Re-refined) by Application (Automotive Fluids (Lubricant, Gear Oil, Transmission Fluid, Power Steering Fluid, Brake Fluid, Others), Process Oils (Rubber Process Oils, Textile Process Oil), Industrial Oils (Transformer Oil, Turbine Oil, Food Grade Oil, Others), Metalworking Fluids (Emulsions, Neat Oils), Hydraulic Oils (Petroleum-Based, Biodegradable, Others) & across five major regions (North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemical & Materials
Our chemical & materials consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical & materials sector. Our expertise in recognizing the challenges and trends impacting the global chemical & materials industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
Check out more related studies published by Fact.MR Research:
Naphthenic Base Oil Market - Consumption of naphthenic base oils is projected to increase at a CAGR of 3.9% from 2022 to 2031. At present, the global naphthenic base oil market stands at US$ 2.55 billion, and is slated to reach a market valuation of US$ 3.6 billion by the end of 2031.
Pigment Emulsion Market - The global pigment emulsion market experienced year-on-year (YoY) growth of 1% to reach US$ 12.6 billion at the end of 2021. As per forecasts, sales of pigment emulsions are predicted to increase at 7.6% CAGR and reach a market valuation of US$ 28.3 billion by the end of 2032.
Automotive Lubricants Market - The global automotive lubricants market is likely to be valued at US$ 79.23 Billion in FY 2022, up from US$ 76.82 Billion in 2021. The industry registered a Y-o-Y increase worth 3%. From 2022 to 2032.
Lubricant Antioxidants Market - The lubricant antioxidants market is set to witness 3% y-o-y in 2019 over 2018. The long-term outlook on the market is also bullish, with our estimates suggesting a CAGR of 3.6% between 2018 and 2028.
Wind Turbine Gear Oil Market - Wind turbine gear oil is indispensably used to maintain the proper functioning of a wind turbine gearbox. Wind turbine gear oil should possess necessary characteristics such as viscosity, pour point, foaming characteristics, steel/copper corrosion, and scuffing load resistance.
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