The global base oil market size was valued at USD 19.46 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The growth is attributed to increasing utilization of engine oils from industries such as metallurgy, automotive, chemicals, heavy equipment, and power generation. The market is highly fragmented with presence of a large number of highly innovative players. The competition is intense as the participants engage in maintaining their customers to have a competitive edge over each other. Companies are adopting collaborative business strategy to increase their productivity, provide highly regarded products to consumers, and expand their regional presence.

Base Oil is critically utilized in the lubricant oil formulation globally with widespread application across a multitude of industries. Group I base oils are majorly utilized in marine lubricants which are widely utilized in the shipping industry to protect and enhance the efficiency of engines and equipment. These are high-performance marine lubricants that require high viscosity base oils, specially designed to enable optimal performance in operations.

Base Oil Market Report Highlights

• Group V product witnessed the fastest growth rate of 7.1%, owing to its increasing use as an additive to other base oil products, and the usage of high-performance lubricants due to OEM recommendations
• Global base oil market is projected to benefit from the expansion of the base oil production capacity of emerging economies. As automobile manufacturers globally focus on downsizing their engines and prolonging the oil change intervals, these factors are anticipated to stifle the growth in the coming years
• The automotive oil application witnessed for the fastest growth rate of nearly 5.8%, as we can see growth in the sales of consumer automotive such as trucks, buses, and other forms of public transport
• Asia Pacific region witnessed the fastest growth rate globally with 6.2%. This is because of the high consumption of automotive fuel in this region, especially in China, India, and Japan
• The competition is high due to numerous companies engaging in strategic divestures and investments in the upstream facilities

Browse through Grand View Research's Petrochemicals Industry Research Reports.

• The global polymer modified bitumen market size was valued at USD 12.86 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2030.
• The global fracking chemicals & fluids market size was valued at USD 35.8 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2030.

Segments Covered in the Report

Grand View Research has segmented the global base oil market on the basis of product, application, and region:

Base Oil Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Group I
• Group II
• Group III
• Group IV
• Group V

Base Oil Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive Oils
• Process Oils
• Hydraulic Oils
• Metalworking Fluids
• Industrial Oils
• Others

Base Oil Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Thailand
  • Malaysia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa

Order a free sample PDF of the Base Oil Market Intelligence Study, published by Grand View Research.