The global base oil market size reached 33.9 Million Tons in 2024. Looking forward, the market is projected to reach 40.2 Million Tons by 2033, exhibiting a growth rate (CAGR) of 1.92% during 2025-2033. The growing implementation of stringent emission regulations, rising adoption of reprocessed items to lessen ecological footprint without compromising on product effectiveness, and the increasing demand for synthetic lubricants on account of their superior performance are some of the factors impelling the market growth.
Base oil refers to a blend stock aiding in formulating numerous lubricating oils that are used in engines and other machinery. It is produced by extracting and treating high-viscosity material from narrow distillation cuts of vacuum gasoil (VGO) or residue, which requires special processing through different units. It helps create a thin film for enhancing heat transfer and reducing tension between moving parts. At present, there is a significant rise in the utilization of lubricants in automobile and truck engines, which in turn, is positively influencing the requirement of base oil across the globe.
2. What is the expected growth rate of the global base oil market during 2025-2033?
3. What are the key factors driving the global base oil market?
4. What has been the impact of COVID-19 on the global base oil market?
5. What is the breakup of the global base oil market based on the type?
6. What is the breakup of the global base oil market based on the group?
7. What is the breakup of the global base oil market based on the application?
8. What are the key regions in the global base oil market?
9. Who are the key players/companies in the global base oil market?
Base oil refers to a blend stock aiding in formulating numerous lubricating oils that are used in engines and other machinery. It is produced by extracting and treating high-viscosity material from narrow distillation cuts of vacuum gasoil (VGO) or residue, which requires special processing through different units. It helps create a thin film for enhancing heat transfer and reducing tension between moving parts. At present, there is a significant rise in the utilization of lubricants in automobile and truck engines, which in turn, is positively influencing the requirement of base oil across the globe.
Base Oil Market Trends:
Nowadays, base oils find extensive applications in greases and transmission and gear lubricants. This, in confluence with the increasing utilization of hydraulic oil in the automotive industry and rising sales of automobiles, represents one of the key factors propelling the growth of the market. Moreover, base oils are generally made from crude oil, a non-renewable resource that produces greenhouse gases (GHGs) and causes damage to the environment. As a result, other alternatives for base oils are being researched and implemented in newer engine oil products, such as bio-olefins, which are derived from renewable resources like biomass. Besides this, vegetable oils are increasingly being utilized as base oils in lubricants instead of mineral oils as they offer numerous advantages. These include nontoxicity, biodegradability, resource renewability, affordable application cost, and high viscosity index. In addition, vegetable oils are cheaper than ester-based oils and provide more potential for the successful implementation as lubricants in base oils. This, along with the rising sales of cars around the world, is projected to drive the market in the upcoming years.Market Segmentation:
This report provides an analysis of the key base oil market trends in each segment, along with forecasts at the global, regional, and country levels for 2025-2033. The report categorizes the market based on type, group, and application.Breakup by Type:
- Mineral
- Synthetic
- Bio-Based
Breakup by Group:
- Group I
- Group II
- Group III
- Group IV
- Group V
Breakup by Application:
- Automotive Oil
- Industrial Oil
- Metalworking Fluids
- Hydraulic Oil
- Greases
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and TotalEnergies SE.Key Questions Answered in This Report
1. How big is the global base oil market?2. What is the expected growth rate of the global base oil market during 2025-2033?
3. What are the key factors driving the global base oil market?
4. What has been the impact of COVID-19 on the global base oil market?
5. What is the breakup of the global base oil market based on the type?
6. What is the breakup of the global base oil market based on the group?
7. What is the breakup of the global base oil market based on the application?
8. What are the key regions in the global base oil market?
9. Who are the key players/companies in the global base oil market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Base Oil Market
6 Market Breakup by Type
7 Market Breakup by Group
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 146 |
| Published | May 2025 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value in 2024 | 33.9 Million Tons |
| Forecasted Market Value by 2033 | 40.2 Million Tons |
| Compound Annual Growth Rate | 1.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
