According to IMARC Group’s latest research report, titled “Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global base oil market size reached 32.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 37.5 Million Tons by 2028, exhibiting a growth rate (CAGR) of 2.2% during 2023-2028.
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Base Oil Market Overview:
Base oil is a crucial component in lubricant formulations. It is a refined petroleum or synthetic oil that serves as a primary ingredient, providing lubrication and protection to various machinery and engines. It possesses desirable properties like viscosity, oxidation stability, and thermal resistance, ensuring smooth functioning and reducing friction and wear. It is categorized into different groups based on refining processes and properties, with Group I being the least refined and Group V being the most advanced. Manufacturers blend base oils with additives to create specific lubricants tailored for various applications, such as automotive, industrial, and marine sectors, ensuring optimal performance and extended equipment life.
Base Oil Market Growth:
The global market is majorly driven by the increasing demand for high-performance lubricants. In line with this, the rising number of infrastructure projects such as construction, transportation, and energy is significantly contributing to the product demand. Furthermore, the growth of industrial and manufacturing sectors, especially in developing regions, necessitates using lubricants, fueling the demand for base oil. Apart from this, the advancements in base oil refining technologies and processes have produced improved base oils with superior properties, boosting their adoption across various industries.
Moreover, the escalating focus on energy efficiency and environmental sustainability has led to developing and using energy-efficient lubricants, driving the market expansion. Besides, the expanding aviation industry necessitates using high-performance lubricants, creating a significant demand for base oils to meet the specific requirements of aircraft engines and components. Additionally, the increasing demand for synthetic base oils is providing a boost to the market.
Key Market Segmentation:
• Abu Dhabi National Oil Company
• Bharat Petroleum Corporation Limited
• BP plc
• Chevron Corporation
• China National Petroleum Corporation
• China Petroleum & Chemical Corporation
• Evonik Industries AG
• Exxon Mobil Corporation
• Petroliam Nasional Berhad (PETRONAS)
• Phillips 66 Company
• PT Pertamina(Persero)
• Repsol S.A.
• Saudi Arabian Oil Co.
• Shell plc
• TotalEnergies SE.
Breakup by Type:
Breakup by Group:
• Group I
• Group II
• Group III
• Group IV
• Group V
Breakup by Application:
• Automotive Oil
• Industrial Oil
• Metalworking Fluids
• Hydraulic Oil
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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