Major players in the base oil market are Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc., Ergon Inc., Neste Oyj, Nynas AB, S-OIL CORPORATION, Sepahan Oil, Repsol S.A., Sinopec Limited, BP PLC, Evonik Industries AG, H&R Group, Saudi Aramco, and SK Lubricants Co. Ltd.
The global base oil market is expected to grow from $27.39 billion in 2020 to $27.95 billion in 2021 at a compound annual growth rate (CAGR) of 2.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $36.64 billion in 2025 at a CAGR of 7%.
The base oil market consists of sales of base oil by entities (organizations, sole traders, and partnerships) that are produced from refining crude oil or synthetic material.It is the most commonly used lubricating oil.
Base oil is classified as hydrocarbons with 18 to 40 carbon atoms that have a boiling point between 550 and 1050 F. The various products such as lubricating oils, motor oil, metal processing fluids, and others are manufactured with the help of base oils.
The main types of base oil are mineral, synthetic, and bio-based.The mineral oil is produced from a highly refined variant of ground-based oil.
Mineral oils are widely utilized by classic and vintage automobile owners, in part as synthetic oils have a lower viscosity, which enhances the risk of leaks in older engines. The different groups include Group I, Group II, Group III, Group IV, Group V and is used in automotive oil, industrial oil, metalworking fluid, greases, hydraulic oil, and others.
Asia Pacific was the largest region in the base oil market in 2020.North America was the second-largest region in the base oil market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The launch of renewable base oil is gaining significant popularity in the base oil market.Major companies operating in the base oil sector are focused on developing innovative and eco-friendly solutions for base oils to strengthen their position in the industry.
For instance, in August 2020, Chevron Products Company, a subsidiary of Novvi LLC and Chevron U.S.A. Inc., revealed the production of the first 100% renewable base oil based on ISODEWAXING technology from Novvi’s Deer Park, Houston facility. The innovative manufacturing process and molecules are projected to outperform conventional and synthetic base oils, with the added benefit of being made from renewable feedstocks.
In October 2019, Repsol, a Spanish energy and petrochemical company based in Madrid acquired a 40% stake in United Oil Company for an undisclosed amount.This acquisition will allow Repsol to increase its presence in Southeast Asia, one of the world’s largest and fastest-growing lubricants markets with sales of 3 million metric tons per year and an annual growth rate of 4%.
United Oil Company is a Singapore-based lubricant manufacturer that produces high-quality, well-engineered lubricant products and has base oil storage capacities of nearly 6 million liters.
The growing automotive industry is expected to fuel the growth of the base oil market in the coming years.Advanced engine technology is driving the demand for motor oils and lubricating greases that gives compatibility to fast-moving parts and high temperatures.
Moreover, engine oils that retain their viscosity, reduce engine wear to a minimum, and help assure dependability are made using high-quality base oil and best-in-class additive technology.Automotive base oil is a fluid for internal combustion engines that power automobiles, motorbikes, lawnmowers, generators, and a variety of other machinery.
According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021.
The countries covered in the base oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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