Pune, Aug. 26, 2024 (GLOBE NEWSWIRE) -- According to the SNS Insider report, the base oil market is valued at USD 20.86 billion in 2023 and is projected to reach USD 33.20 billion by the end of 2032. During the forecast period of 2024-2032, it will grow with a CAGR of 5.3%. This growth has been influenced by growing industrial activities along with increasing demand for high-performance lubricants.
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Market Analysis: Key Drivers
Increasing vehicle production and sales foster demand for premium quality automotive oils. Moreover, growth in automotive technologies and quest for better fuel economy and engine performance generate further demand for sophisticated base oils.
Expanding industrial activities and manufacturing sectors, particularly in the economies that are developing, increase demand for industrial lubricants and hydraulic fluids that use base oils as a key component.
Innovations in base stock manufacturing processes and innovative high-performance lubricant and fluid manufacturing processes increase demand. Latest Refining Processes: Hydrocracking and hydroisomerization are advanced refining technologies that enhance base oil performance.
Base Oil Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 20.86 Billion |
| Market Size by 2032 | US$ 33.20 Billion |
| CAGR | CAGR of 5.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Group (Group I, Group II, Group III, Group IV, and Group V) • By Application (Automotive Oils, Hydraulic Oils, Metalworking Fluids, General Industrial Oils, Greases, Process Oils, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Increasing vehicle production and sales globally • Expansion in industrial sectors such as manufacturing, construction, and mining • Advancements in base oil refining technologies enable the production of high-quality lubricants • Rising marine industry demand for base oils |
| Company Profiles | Sumitomo Heavy Industries, Ltd. (Japan), Veolia Water Technologies (France), Saltworks Technologies Inc. (Canada), JEOL Ltd. (Japan), Colmac Coil Manufacturing, Inc. (US), GEA Group AG (Germany), De Dietrich Process Systems (France), Coilmaster Corporation (US), SPX Flow Inc. (US), Belmar Technologies Ltd. (England), SUEZ Water Technologies & Solutions (France) |
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Segment Analysis
By Group: Group III was the fastest-growing of the various groups of base oils. Base oils belonging to Group III are hydrocracked or hydroisomerized oils with increased performance characteristics than Groups I and II, including improved thermal and oxidation stability. High-performance applications in both automotive and industrial uses significantly contribute to their rapid growth. On the other hand, Group V base oils are predominantly used, mostly because of their extraordinary properties, which make them applicable in specialized uses, especially in the automotive and industrial sectors.
By Application: The segment of automotive oils would grow at the fastest rate among all of the base oil applications, mainly due to the increasing demand for advanced engine oils and lubricants that enhance vehicle performance and fuel efficiency. On the other hand, hydraulic oils show the greatest market share because hydraulic fluids are used in most machinery and equipment running any industry, which require top-grade base oils for proper functioning and durability.
Key Trends;
The happening base oil market is experiencing radical change, led by some important trends that are restructuring the industry. One major movement is toward synthetic and high-performance base oils.
Especially, Group III and Group IV are in high demand because of their more-uninterrupted properties, including improved thermal stability, better lubricating performance, and longer service life.
These are timely innovations, considering the growing demands that modern automotive engines and industrial machinery place on high-quality lubricants. Another major trend is a move to more sustainable and environmentally friendlier base oils.
With increasing regulations and growing consumer awareness of environmental issues, there is a fast-rising demand for biodegradable and renewable base oils.
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Regional Analysis
In 2023, APAC region held the largest market share, driven by rapid growth in industrialization and the automotive sector, particularly in countries such as China and India. In the near future, North America will also register a significant market with advancements in technology in the automotive sector and high demand for good-quality lubricants.
Recent Developments
In July 2024, one of the major base oil suppliers announced its intention to increase the capacity at its Singapore production facility to cater to increasing demand in the Asia-Pacific region.
In June 2024, a key player in the field of automotive lubricants launched a new range of high-performance engine oils manufactured from superior Group III base oils and designed to provide improved fuel economy and increased engine protection.
Key Takeaways
The growth in the base oil market is significant, and Group III base oils are in the front of that growth, given their performance characteristics.
Since application in automotive oils is growing at a faster pace, hydraulic oils remain the largest in consumption due to their wide use in the industry.
The key driver of growth is the Asia Pacific region, with huge investments and expansions eyeing the industry.
The report includes an overall analysis of the Base Oil market with respect to segment data and market trends. Recent developments across the industry provide insights for stakeholders and companies looking forward to leveraging market opportunities.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Base Oil Market Segmentation, by Group
8. Base Oil Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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