In FY 2022, the global base oil market (ベースオイル市場) reached a value of US$ 35.26 million, showing growth from USD 34.47 billion in 2021. This represents a year-on-year increase of 2%. The market is projected to continue growing, with base oil sales expected to achieve a compound annual growth rate (CAGR) of 2.3% from 2022 to 2032, reaching a value of US$ 44 billion by the end of 2032.

The increasing demand for high-grade engine oils is a key factor driving the base oil market. Base oils are essential in the production of industrial oils, lubricating greases, metal processing fluids, and motor oils. High-performance engine oils are particularly crucial for withstanding extreme conditions in diesel trucks, passenger cars, light-duty trucks, and stationary engines.

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Market Dynamics:

Base oil is a key component in the production of lubricants and is derived from refining crude oil. The global base oil market is influenced by several factors, including the growth of the automotive industry, industrialization, and increasing demand for high-quality lubricants.

The automotive industry's expansion, particularly in emerging economies, is a major driver for the base oil market. As vehicle production increases, so does the demand for lubricants, thus boosting the need for base oil. Additionally, rapid industrialization and the growth of manufacturing sectors are driving up the demand for lubricants, further fueling the base oil market's growth.

Market Future Outlook:

The base oil market (베이스 오일 시장) is expected to witness significant growth in the coming years. The increasing focus on sustainable practices and the development of bio-based lubricants are likely to create new opportunities in the market. Moreover, the rise of electric vehicles (EVs) is expected to impact the market, as these vehicles require different types of lubricants compared to traditional internal combustion engine vehicles.

Market Insights:

The base oil market is segmented based on product type, including Group I, Group II, Group III, and others. Group II base oils are the most widely used due to their high performance and compatibility with a wide range of applications. The automotive industry is the largest consumer of base oils, followed by the industrial sector.

Geographically, Asia Pacific dominates the base oil market, driven by the rapid industrialization and automotive industry growth in countries like China and India. North America and Europe are also significant markets, with the presence of major automotive and manufacturing industries.

List of Key Companies Profiled in The Report

• 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
• SK Lubricants Co. Ltd.

Recent Developments

Prominent providers in the Base Oil market (marché des huiles de base) rely on partnerships, collaborations, acquisitions, and new software launches to maintain their competitiveness in the global market. Their primary focus is on constant innovation to ensure a seamless client-customer relationship.

In July 2020, SWEPI LP, a subsidiary of Royal Dutch Shell, completed the sale of its Appalachia shale gas position to Seneca Resources Company, LLC, and NFG Midstream Covington, LLC, subsidiaries of National Fuel Gas Company, generating USD 541 million for investment in high-quality base oil production assets.

In October 2020, Indian Oil Corporation signed an agreement with the Indian Institute of Science (IISc) to develop hydrogen generation technology based on biomass gasification.

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