베이스 오일 시장 : 제품 유형, 용도, 최종 사용자, 지역별 세계 분석 예측(-2030년)

According to Stratistics MRC, the Global Base Oil Market is accounted for $37.06 billion in 2024 and is expected to reach $54.38 billion by 2030 growing at a CAGR of 6.6% during the forecast period. Base oil is the primary component of lubricants, derived from crude oil or chemical synthesis. It provides the foundation for engine oils, transmission fluids, and industrial lubricants. The type and quality of base oil significantly influence the lubricant's performance, including viscosity, oxidation resistance, and friction. Additives are often mixed with base oil to enhance specific properties like wear protection or extreme-pressure resistance.

According to the U.S. Energy Information Administration (EIA), in 2022, U.S. petroleum consumption averaged approximately 20.28 million barrels per day.

Market Dynamics:

Driver:

Increasing automotive industry demand

The increasing demand for vehicles globally is driving the need for base oils, as they are crucial components in engine and transmission oils. Growth in the automotive sector, especially in emerging economies, is bolstering lubricant consumption, which directly supports base oil demand. The shift toward high-performance lubricants to improve vehicle efficiency and reduce emissions further amplifies the market's growth. This trend is expected to sustain, driven by advancements in automotive technology and the growing use of premium lubricants in vehicles.

Restraint:

Fluctuating crude oil prices

Fluctuating crude oil prices significantly impact the production cost of base oils, as crude oil is the primary raw material. These price variances create challenges for manufacturers in maintaining stable pricing and profit margins. Additionally, geopolitical tensions and supply chain disruptions often exacerbate these fluctuations, making it difficult for manufacturers and consumers to plan long-term purchases. This uncertainty in raw material pricing acts as a major restraint for the market, affecting both production and demand for high-performance oils.

Opportunity:

Demand for high-performance oils

The rising need for high-performance lubricants, particularly in industrial and automotive applications, presents a significant opportunity for the base oil market. High-performance oils offer superior thermal stability, longer life, and enhanced efficiency, which are increasingly demanded by modern machinery and vehicles. This trend is supported by stricter environmental regulations and a focus on reducing carbon footprints, encouraging the adoption of advanced lubricants formulated with high-quality base oils.

Threat:

Rising competition from synthetic oils

The growing preference for synthetic and bio-based oils poses a threat to the traditional base oil market. Synthetic oils offer better performance in extreme temperatures, enhanced durability, and environmental benefits, making them a preferred choice in many applications. As consumers and industries move toward sustainable and high-efficiency solutions, the increasing adoption of synthetic alternatives is expected to limit the growth potential for conventional base oils.

Covid-19 Impact:

Covid-19 pandemic caused a significant decline in base oil demand due to reduced industrial and automotive activities during lockdowns. Supply chain disruptions and decreased mobility further impacted the market. However, as economies recover and industries resume operations, the demand for base oils is expected to rebound, driven by the resurgence in the automotive and industrial sectors.

The engine oils segment is expected to be the largest during the forecast period

Over the forecasted timeframe, the engine oils segment is anticipated to dominate the market share due to the widespread use of base oils in engine lubricants. Engine oils play a critical role in maintaining vehicle performance and protecting engine components from wear and tear. The increasing global vehicle fleet, coupled with advancements in engine technologies that demand high-quality lubricants, continues to boost this segment. Furthermore, stringent emission norms drive the use of premium-grade engine oils, sustaining the dominance of this segment.

The metal processing & metallurgy segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the metal processing & metallurgy segment is predicted to witness the highest growth rate due to the rising demand for specialized lubricants in industrial applications. Base oils used in metalworking fluids enhance the efficiency and precision of machining processes. The expansion of manufacturing and construction industries, particularly in emerging markets, is driving the adoption of high-quality base oils in metal processing. This growth is further supported by advancements in metallurgy requiring more sophisticated lubrication solutions.

Region with largest share:

During the estimation period, the Asia Pacific region is anticipated to dominate the market share. The region's dominance is attributed to its thriving automotive and industrial sectors, particularly in countries like China, India, and Japan. Asia Pacific's growing population, increasing disposable incomes, and expanding manufacturing activities are driving the consumption of lubricants and base oils. Additionally, the region's position as a manufacturing hub enhances its demand for industrial lubricants, solidifying its leadership in the global base oil market.

Region with highest CAGR:

During the forecast period, the Asia Pacific region is also anticipated to register the highest CAGR. Rapid industrialization, urbanization, and infrastructure development in emerging economies like India and Southeast Asian nations are key contributors to this growth. The increasing adoption of advanced machinery and vehicles, along with the rising need for high-performance lubricants, further accelerates the demand for base oils in this region. As economic activities continue to grow, Asia Pacific remains a pivotal market for base oil consumption.

Key players in the market

Some of the key players in Base Oil Market include Exxon Mobil Corporation, Chevron Corporation, Aramco, Sinopec, Shell PLC, PetroChina Company Limited, SK Innovation Co., Ltd., TotalEnergies SE, Abu Dhabi National Oil Company (ADNOC), LUKOIL, Nynas AB, GS Caltex Corporation, Petronas Lubricants International, Indian Oil Corporation Ltd, Phillips 66 Company, Repsol S.A., Neste Oyj, and Sepahan Oil Company.

Key Developments:

In October 2024, Exxon Mobil Corporation has executed the largest offshore carbon dioxide (CO2) storage lease in the U.S. with the Texas General Land Office (GLO). The over 271,000-acre site complements the onshore CO2 storage portfolio ExxonMobil is developing, and further solidifies the U.S. Gulf Coast as a carbon capture and storage (CCS) leader.

In June 2024, TransLanka and Ariyadasa, the two signature service stations of Sinopec Energy Lanka (Private) Limited, officially started operation in Sri Lanka. Featured with Sri Lankan languages and elements, streamlined canopy and brand-new fueling island design, the stations offer local customers a refreshing shopping experience with new brands such as Changbaishan mineral water. In the future, Sinopec will explore value-added services such as fuel storage and transportation, non-fuel products, and EV charging, providing consumers with a premium refueling experience.

In March 2024, Chevron Corporation announced that its 50 percent owned affiliate Tengizchevroil LLP (TCO) has safely commenced operations at its Wellhead Pressure Management Project (WPMP) at the Tengiz oil field in Kazakhstan.

Product Types Covered:

• Group I Base Oils
• Group II Base Oils
• Group III Base Oils
• Group IV (PAO)
• Group V (Synthetic Esters)
• Naphthenic Base Oils
• Re-refined Base Oils

Applications Covered:

• Engine Oils
• Industrial Lubricants
• Specialty Applications

End Users Covered:

• Transportation
• Industrial
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Product Analysis
• 3.7 Application Analysis
• 3.8 End User Analysis
• 3.9 Emerging Markets
• 3.10 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Base Oil Market, By Product Type

• 5.1 Introduction
• 5.2 Group I Base Oils
• 5.3 Group II Base Oils
• 5.4 Group III Base Oils
• 5.5 Group IV (PAO)
• 5.6 Group V (Synthetic Esters)
• 5.7 Naphthenic Base Oils
• 5.8 Re-refined Base Oils

6 Global Base Oil Market, By Application

• 6.1 Introduction
• 6.2 Engine Oils
  • 6.2.1 Passenger Vehicle Oils
  • 6.2.2 Commercial Vehicle Oils
  • 6.2.3 Marine Engine Oils
  • 6.2.4 Gas Engine Oils
• 6.3 Industrial Lubricants
  • 6.3.1 Process Oils
  • 6.3.2 Industrial Gear Oils
  • 6.3.3 Turbine Oils
  • 6.3.4 Compressor Oils
• 6.4 Specialty Applications
  • 6.4.1 Metalworking Fluids
  • 6.4.2 Greases
  • 6.4.3 Hydraulic Fluids
  • 6.4.4 Transformer Oils

7 Global Base Oil Market, By End User

• 7.1 Introduction
• 7.2 Transportation
  • 7.2.1 Automotive Manufacturing
  • 7.2.2 Marine & Shipping
  • 7.2.3 Aviation
  • 7.2.4 Railroad
• 7.3 Industrial
  • 7.3.1 Metal Processing & Metallurgy
  • 7.3.2 Power Generation
  • 7.3.3 Mining & Construction
  • 7.3.4 Chemical Manufacturing
• 7.4 Other End Users
  • 7.4.1 Agriculture
  • 7.4.2 Textile
  • 7.4.3 Paper & Pulp

8 Global Base Oil Market, By Geography

• 8.1 Introduction
• 8.2 North America
  • 8.2.1 US
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 UK
  • 8.3.3 Italy
  • 8.3.4 France
  • 8.3.5 Spain
  • 8.3.6 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 Japan
  • 8.4.2 China
  • 8.4.3 India
  • 8.4.4 Australia
  • 8.4.5 New Zealand
  • 8.4.6 South Korea
  • 8.4.7 Rest of Asia Pacific
• 8.5 South America
  • 8.5.1 Argentina
  • 8.5.2 Brazil
  • 8.5.3 Chile
  • 8.5.4 Rest of South America
• 8.6 Middle East & Africa
  • 8.6.1 Saudi Arabia
  • 8.6.2 UAE
  • 8.6.3 Qatar
  • 8.6.4 South Africa
  • 8.6.5 Rest of Middle East & Africa

9 Key Developments

• 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 9.2 Acquisitions & Mergers
• 9.3 New Product Launch
• 9.4 Expansions
• 9.5 Other Key Strategies

10 Company Profiling

• 10.1 Exxon Mobil Corporation
• 10.2 Chevron Corporation
• 10.3 Aramco
• 10.4 Sinopec
• 10.5 Shell PLC
• 10.6 PetroChina Company Limited
• 10.7 SK Innovation Co., Ltd.
• 10.8 TotalEnergies SE
• 10.9 Abu Dhabi National Oil Company
• 10.10 LUKOIL
• 10.11 Nynas AB
• 10.12 GS Caltex Corporation
• 10.13 Petronas Lubricants International
• 10.14 Indian Oil Corporation Ltd
• 10.15 Phillips 66 Company
• 10.16 Repsol S.A.
• 10.17 Neste Oyj
• 10.18 Sepahan Oil Company