DUBLIN, Jan. 21, 2025 (Globe Newswire) — “Base Oil Market Report 2025” has been added to ResearchAndMarkets.com’s offering.
The base oil market size is expected to grow significantly in the coming years. It is expected to grow to $43.77 billion in 2029 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable and bio-based lubricants, Asia-Pacific dominance, research and development, and supply chain globalization.
Key trends over the forecast period include a shift to Group II and Group III base oils, a focus on specialty and performance lubricants, digitalization and Industry 4 impact, collaborations and partnerships.
The expanding automotive industry is expected to drive the growth of the base oil market in the coming years. Advanced engine technology has increased the demand for motor oils and lubricating greases that ensure compatibility with fast-moving components and high temperatures. Additionally, high-quality base oils combined with superior additive technology produce engine oils that maintain viscosity, minimize engine wear, and improve reliability. Automotive base oils serve as fluids for internal combustion engines that power cars, motorcycles, lawn mowers, generators, and a variety of other equipment. For example, the Belgium-based European Automobile Manufacturers Association reported in August 2024 that new car registrations increased by 3.9% in the first seven months of 2024 to more than 6.5 million vehicles. The European Union’s largest markets showed positive but modest growth, including Spain (+5.6%), Italy (+5.2%), Germany (+4.3%) and France (+2.2%). Therefore, the growth in the automotive industry is expected to boost the base oil market in the future.
Rapid industrialization is expected to drive the growth of the base oil market in the coming years. Industrialization is the transition from an economy primarily dependent on agricultural, manual labor to one characterized by mechanized, large-scale manufacturing and production processes. With increasing industrialization, the demand for lubricants has increased significantly in various fields such as manufacturing, construction, and transportation. Base oils are essential in lubricant formulations, and their demand is increasing along with the need for lubrication solutions. For example, a report released in July 2023 by the government agency Statistics Canada showed that approximately 19.5% of manufacturing companies intend to expand their operations or footprint within the next 12 months. I am. This number is more than double the percentage observed in the Arts, Entertainment, and Recreation sector (8.2%) and nearly triple the average for all companies (6.7%).
Furthermore, nearly 9% of manufacturing companies plan to expand elsewhere within the same state, a number comparable to companies in administration and support, waste management, and remediation services (9.1%). Additionally, more than 5.5% of manufacturing businesses have expressed plans to expand internationally, while 5.3% of arts, entertainment, and recreation businesses and 4.5% of wholesale businesses have expressed similar aspirations. Thus, rapid industrialization is driving the growth of the base oil market.
Leading companies operating in the base oil market are focusing on developing new technologies, such as a new family of lubricants called Neste ReNew, to increase their profitability in the market. Neste ReNew is a new family of lubricants introduced by Neste as a renewable circular solution. Neste’s commitment to sustainability and reducing carbon emissions continues with innovations such as Neste ReNew Base Oil, which aims to provide a greener alternative to traditional base oils used in the production of lubricants. This led to the development of innovative products. These renewable base oils contribute to a more sustainable and environmentally friendly approach in the lubricant industry by providing high quality performance while reducing environmental impact. For example, in February 2023, Neste, a Finland-based oil refining and marketing company, introduced a new, more sustainable lubricant produced using renewable or rerefined base oils. did. These lubricants are designed to be environmentally sustainable and contribute to reducing carbon emissions. These are produced from renewable and sustainable raw materials such as vegetable oils and animal fats, as opposed to traditional petroleum-based raw materials.
Leading companies operating in the base oil market are focusing on innovating new technologies such as Oxlube L7-NPG ester base oil for EV (electric vehicle) fluids to increase their profitability in the market. Oxlube L7-NPG is a type of ester-based oil specifically designed for use in electric vehicle (EV) fluids. Designed to improve EV performance and efficiency by providing efficient heat transfer, conductivity, and lubrication. For example, OQ Chemicals, a Germany-based chemical company specializing in manufacturing a wide range of chemicals used in a variety of industries, launched Oxlube L7-NPG ester base oil for EV fluids in September 2022. did. It has excellent thermal stability and can withstand high temperatures without deteriorating.
Some of the major companies operating in the base oil market are Chevron Corporation, Exxon Mobil Corporation, Shell PLC, Ergon Inc., Neste Oil, Ninus AB, S-Oil Corporation, Sepahan Oil, Repsol SA, and China Petroleum & Chemical Corporation. (SINPOEC), BP, etc. , Evonik Industries, H&R Group, Saudi Aramco, SK Lubricants Ltd., Dodge, DYM Resources GmbH, Gazprom Neft PJSC, Gulf Petrochem Group, GS Caltex Corporation, Indian Oil Corporation Ltd., The PJSC Lukoil Oil Company, PETRONAS Lubricants International, The Philips 66 Company, Petro-Canada Corporation, Infinity Galaxy, Abu Dhabi National Oil Company, CNOOC and Eni SpA.
This report focuses on the base oil market, which is experiencing strong growth. This report provides a guide to the trends that will shape the market over the next decade and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdown, competitive landscape, market share, trends and strategies for this market. It tracks market history and projected market growth by geography.
Target market:
By type: Mineral;Synthetic;Bio-BasedBy Group: Group I;Group II;Group III;Group IV;Group V By use: Automotive oil. Industrial oil; Metal working fluid; Grease; Hydraulic oil; Other uses
Subsegment:
By mineral base: Paraffinic. naphthenic; aromatic synthetic base: polyalphaolefin (PAO); ester; group III oil; biobased base; vegetable oil; animal fat; biosynthetic oil
Key attributes:
Report Attribute Details No. Number of Pages 200 Forecast Period 2025 – 2029 Estimated Market Value in 2025 (USD) 35.89 billion USD Predicted Market Value by 2029 (USD) 43.77 Billion USD Average Annual Growth Rate 5.1% Target region worldwide
Main topics covered:
1. Summary
2. Characteristics of the base oil market
3. Base oil market trends and strategies
4. Base Oil Market – Macroeconomic scenario including interest rates, inflation, geopolitics, impact of COVID-19 and market recovery
5. Global base oil growth analysis and strategic analysis framework
5.1. Global Base Oil PESTEL Analysis (Political, Social, Technological, Environmental, Legal Factors, Drivers and Constraints)
5.2. End-use industry analysis
5.3.Global Base Oil Market Growth Rate Analysis
5.4. Global Base Oil Market Historical Size and Growth, 2019-2024, Value ($ Billion)
5.5. Global Base Oil Market Size and Growth Forecast, 2024-2029, 2034F, Value ($ Billion)
5.6.Global Base Oil Total Addressable Market (TAM)
6. Base oil market segmentation
6.1. Global Base Oil Market, Segmentation by Type, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
mineral synthesis biobased
6.2. Global Base Oil Market, Segmentation by Groups, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Group I Group II Group III Group IV Group V
6.3. Global Base Oil Market, Segmentation by Application, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Automotive oil Industrial oil Metal processing oil Grease Hydraulic oil Other uses
6.4. Global Base Oil Market, Mineral-based Subsegmentation, By Type, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Paraffinic naphthenic aromatic
6.5. Global Base Oil Market, Synthetic Based Subsegmentation, By Type, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Polyalphaolefin (PAO) Ester Group III Oil
6.6. Global Base Oil Market, Bio-based Subsegmentation, By Type, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Vegetable oil Animal fat Biosynthetic oil
7.Base Oil Market Regional and Country Analysis
7.1. Global Base Oil Market, By Region, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Base Oil Market, by Country, Historical and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8-29. Base oil market analysis by country
30. Base oil market competitive environment and company profile
30.1. Competitive environment of base oil market
30.2. Base Oil Market Company Profiles
30.2.1.Chevron
30.2.2.ExxonMobil
30.2.3.Shell
30.2.4. ergon
30.2.5. neste
31. Base Oil Market Other Major and Innovative Companies
31.1. Ninas
31.2.S-Oil Co., Ltd.
31.3. sepahan oil
31.4. repsol
31.5. China Petroleum and Chemical Corporation (SINOPEC)
31.6. blood pressure
31.7. Evonik Industries
31.8. H&R Group
31.9. saudi aramco
October 31st. SK Lubricants Co., Ltd.
November 31st. dodge
December 31st. DYM resources
March 31st. Gazprom Neft PJSC
14/31. Gulf Petrochemical Group
15/31. GS Caltex Co., Ltd.
32. Global Base Oil Market Competitive Benchmarking and Dashboard
33. Major Mergers and Acquisitions in the Base Oil Market
34. Recent trends in the base oil market
35. Countries, segments and strategies with high potential for base oil market
35.1 Countries offering the most new opportunities
35.2 Segments offering the most new opportunities
35.3 Growth strategy
For more information on this report, please visit https://www.researchandmarkets.com/r/u6pu24.
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