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润滑油

市场调查报告书

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1615836

基础油市场：依类别、依应用、按地区，2024-2031

Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Industrial Oils, Metalworking Oils, Hydraulic Oils, Process Oils, Automotive Oils), & Region for 2024- 2031

出版日期: 2024年11月15日 | 出版商:

Verified Market Research | 英文 202 Pages | 商品交期: 2-3个工作天内

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简介目录

基础油市场评估，2024-2031

对引擎技术的投资以及要求低排放和高燃油效率的严格环境法规正在推动基础油市场的发展，推动汽车和工业领域对高性能润滑油日益增长的需求。 Verified Market Research 分析师表示，预测期内基础油市场估值预计将达到 285.7 亿美元，低于 2024 年的约 204 亿美元。

新兴国家工业化和城市化的不断发展，加上对高效机械和设备维护的需求不断增加，正在推动各种润滑油应用对基础油的需求不断增加。因此，从2024年到2031年，市场将以4.3%的复合年增长率成长。

基础油市场定义/概述

基础油是精炼石油产品或合成产品，用作润滑剂配方中的基本成分，以确保适当的润滑并减少机械系统的磨损和损坏。基础油透过各种精炼製程从原油中提取或由化合物製成，具有对成功润滑至关重要的特性，例如黏度、热稳定性和抗氧化性。

此外，基础油还有许多工业应用。在汽车工业中，它用于生产引擎油、变速箱油和齿轮油，以提高引擎性能和寿命。工业应用包括在液压机中传输动力的液压油、润滑各种机器齿轮的齿轮油以及确保空气压缩机高效运作的压缩机油配方。

影响基础油市场成长的面向有哪些？

工业部门正在迅速扩张，主要集中在中国和印度等亚太地区。因此，各种应用对润滑油的需求显着增加。润滑油对于製造过程中工厂机器的平稳运作、发电过程中涡轮机的高效运作以及采矿设备的可靠性能至关重要。由于基础油是这些润滑油的基础，工业领域不断增长的需求是基础油市场的主要推动因素。

汽车产业向高性能车辆和更长使用寿命的转变需要润滑油能够满足这些严格的标准。优质基础油在黏度指数、抗氧化性和低温流动性方面优于i组基础油。这意味着提高燃油效率、延长换油週期以及更环保的运输系统。因此，汽车产业对性能和永续性的关注正在推动对 II 类和 III 类基础油的需求。

此外，多个行业的现代机械中越来越多地使用复杂的液压系统也是基础油市场的主要推动因素。这些液压系统具有高品质，可实现从汽车（自动变速箱、煞车、动力转向）到建筑设备（拖拉机、推土机、挖掘机）到农业机械（收割机、播种机）的高效可靠运作。基础油是这些液压油的重要组成部分，因为它们提供润滑、抗磨、黏度控制、热稳定性和氧化稳定性所需的品质。随着对具有先进液压系统的复杂机械的需求增加，对高性能基础油的需求也在增加。

基础油市场面临的主要挑战是什么？

由于基础油通常是透过原油蒸馏生产的，因此基础油市场容易受到原油价格快速波动的影响。原油价格的快速快速波动影响基础油生产的整体成本结构，威胁市场稳定和炼油厂获利能力。这种价格波动也引起了依赖基础油製成的润滑油的行业的担忧。

此外，透过再精炼获得的回收基础油的使用作为一种更环保的原油替代品越来越受欢迎。回收基础油对环境有益，因为它们减少了对原始原油的依赖并有助于最大限度地减少浪费。随着回收技术的进步和製造成本的降低，回收基础油正成为原始基础油市场占有率的主要挑战。

Investments in engine technology and strict environmental rules mandating lower emissions and higher fuel efficiency are fueling the growing need for high-performance lubricants in the automotive and industrial sectors, which is driving the base oil market. According to the analyst from Verified Market Research, the base oil market is estimated to reach a valuation of USD 28.57 Billion over the forecast subjugating aroundUSD 20.4 Billion valued in 2024.

The growing industrialization and urbanization in emerging nations, combined with the increasing requirement for efficient machinery and equipment maintenance, is driving increased demand for base oils in a variety of lubricant applications. It enables the market to grow at aCAGR of 4.3% from 2024 to 2031.

Base Oil Market: Definition/Overview

Base oil is a refined petroleum or synthetic product used as the foundational ingredient in lubricant formulations, guaranteeing appropriate lubrication and reducing wear and tear in mechanical systems. Base oils, which are either derived from crude oil through various refining processes or manufactured from chemical compounds, have features such as viscosity, thermal stability, and oxidation resistance that are critical for successful lubrication.

Furthermore, base oils have numerous industrial applications. In the automobile industry, they are used to manufacture engine oils, transmission fluids, and gear oils, which improve engine performance and lifetime. Industrial applications include the formulation of hydraulic fluids, which transfer power in hydraulic machinery; gear oils, which lubricate gears in diverse machinery; and compressor oils, which ensure the efficient functioning of air compressors.

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What are the Aspects Influencing the Growth of the Base Oil Market?

The industrial sector, particularly in Asia-Pacific regions such as China and India, is expanding rapidly. This results in a huge increase in demand for lubricants in a variety of applications. Lubricants are vital for the smooth operation of factory machinery in manufacturing, the efficient working of turbines in power production, and the reliable performance of mining equipment. Because base oil is the cornerstone of these lubricants, their increasing demand in the industrial sector serves as a primary driver for the base oil market.

The automotive industry's transition to high-performance vehicles and longer lifespans demands lubricants designed to fulfill these stringent standards. The premium base oils outperform Group I base oils in terms of viscosity index, oxidation resistance, and low-temperature fluidity. This means increased fuel efficiency, longer oil drain intervals, and, eventually, a more ecologically friendly transportation system. As a result, the automobile industry's growing emphasis on performance and sustainability is driving demand for Group II and III base oils.

Furthermore, the growing usage of complicated hydraulic systems in contemporary machinery across multiple industries is a primary driver of the base oil market. These hydraulic systems, found in everything from autos (automatic transmissions, brakes, power steering) to construction equipment (tractors, bulldozers, excavators) and agricultural machinery (harvesters, planters), rely on high-quality hydraulic oils to operate efficiently and reliably. Base oil is an essential component of these hydraulic oils because it provides the qualities required for lubrication, wear protection, viscosity control, and thermal and oxidative stability. As the need for complex machinery with sophisticated hydraulic systems develops, so does the need for high-performance base oils.

What are the Primary Challenges Faced by the Base Oil Market?

Base oils are typically generated from crude oil distillation, making the base oil market naturally susceptible to dramatic variations in crude oil prices. Rapid and abrupt fluctuations in crude oil prices affect the overall cost structure of base oil production, threatening market stability and profitability for refiners. This price fluctuation has also created concern for industries that rely on lubricants manufactured using base oils.

Furthermore, the use of recycled base oils obtained through re-refining procedures is gaining popularity as a more environmentally friendly alternative to virgin base oils sourced from crude oil. Recycled base oils are environmentally beneficial since they reduce reliance on virgin crude oil and promote waste minimization. As recycling technology advances and production costs fall, recovered base oils represent a substantial challenge to virgin base oils' market share.

Category-wise Acumens

What Factors Contribute to the Increasing Demand for Group I Base Oil?

According to VMR analyst, the group I engine segment is expected to dominate within the base oil market. Group I base oils are the most cost-effective because of the simpler refining process, This makes them an appealing alternative for applications where high performance isn't a top priority, such as basic engine oils in older vehicles, industrial lubricants for less demanding machinery, and process oils in a variety of industries.

Group I base oils have been produced and used for a long time, resulting in a well-established worldwide supply chain and infrastructure for their manufacture, transportation, and storage. Many producers find Group I base oils to be a convenient and trustworthy source thanks to this easily accessible network.

Furthermore, while not the most advanced option, Group I base oils provide appropriate lubrication, viscosity index, and wear prevention for a variety of applications. This makes them an appropriate alternative in circumstances where the cost savings outweigh the necessity for greater performance provided by higher-grade groups such as Group II and III.

How does the Application in Automotive Oils Boost the Sales of the Base Oil?

The automotive oil segment is estimated to hold the largest share of the Base Oil Market during the forecast period. The worldwide automotive industry is constantly creating a wide range of vehicles, including passenger cars, light trucks, and heavy-duty commercial vehicles. To perform effectively, all of these vehicles require engine oil, transmission oil, and other lubricants manufactured with base oil. This massive number of automobiles creates a considerable and steady demand for base oil in automotive applications.

Modern car engines are engineered to last longer, but they still require often oil changes. The recommended oil change intervals vary based on the vehicle and driving circumstances but are normally every several thousand kilometers. This frequent need for fresh oil adds considerably to the continued need for base oil in the automotive industry.

Furthermore, the automotive industry's emphasis on performance and fuel efficiency is boosting demand for premium base oils. Group II and III base oils, which have superior qualities such as increased oxidation resistance and low-temperature fluidity, are increasingly preferred over traditional Group I base oils when manufacturing modern vehicle lubricants. This tendency reinforces the automotive segment's dominant position in the base oil market.

Country/Region-wise Acumens

What are the Drivers Contributing to the Dominance of Asia Pacific in the Market?

The Asia Pacific region is estimated to dominate the base oil market during the forecast period. The Asia-Pacific region, particularly China and India, has a fast-expanding automobile sector. This correlates to an increase in vehicle manufacturing and sales, including passenger automobiles, two-wheelers, and commercial vehicles. To ensure proper functioning, each of these vehicles requires lubricants prepared with base oil. This huge and ever-expanding automotive base generates enormous demand for base oil in the Asia-Pacific region.

Many Asian economies are undergoing fast industrialization, resulting in a thriving manufacturing sector. This leads to increased demand for lubricants in a variety of industries, including power generating, construction, and mining. These lubricants use base oil as a major component to ensure the proper operation of machinery and equipment. As Asia-Pacific's industrial landscape continues to expand, the need for base oil is expected to rise proportionally.

Furthermore, several Asian nations are putting in place laws to improve fuel efficiency and car emissions management. This, in turn, mandates the use of high-performance lubricants made from Group II and III base oils. Also, government investments in infrastructure development projects drive up the need for base oil in construction equipment and machinery. Collectively, these factors contribute to Asia-Pacific's supremacy in the base oil market.

What Factors Influence the Market of Base Oil in the European Region?

Europe region is estimated to exhibit substantial growth within the market during the forecast period. The European automotive sector is well-known for its emphasis on advanced technologies and high-performance automobiles. Lubricants made with superior base oils are required for modern automotive engines to provide optimal performance, longer lifespans, and increased fuel efficiency. This demand for high-quality base oils in European automobile manufacturing adds greatly to the region's base oil market expansion.

Furthermore, despite the trend toward electric vehicles, Europe still has a substantial number of older automobiles on the road. Modern lubricants produced with high-quality base oils allow for longer oil drain intervals in these cars. This implies that demand for base oil will remain high, even if new car production slows down.

Competitive Landscape

The competitive landscape of the base oil market is characterized by fierce competition among producers seeking to improve product quality, broaden their portfolios, and increase market presence. Additionally, strategic collaborations, mergers and acquisitions, and investments in research and development are critical techniques used to acquire a competitive advantage.

Some of the prominent players operating in the base oil market include:

Chevron Corporation

Exxon Mobil Corporation

S-OIL CORPORATION

Motiva Enterprises LLC

SK Innovation Co. Ltd.

Royal Dutch Shell Plc

Neste Oyj

AVISTA OIL AG

Nynas AB

Repsol S.A.

Ergon Inc.

Calumet Specialty Products Partners L.P.

H&R Group

Sinopec Corp.

PetroChina Company Limited

Latest Developments:

In September 2023, Petronas and Pertamina agreed to consider developing a base oil plant at Pertamina's fuels refinery in Cilacap, Indonesia.

In March 2023, ExxonMobil Corporation extended its gasoline supply with the Beaumont refinery expansion project, increasing capacity to 250,000 barrels per day. The strategic approach has helped the corporation increase crude production in the Permian Basin.

In April 2022, Chevron Global Energy, Inc., a subsidiary of Chevron Corporation, bought Nestle Corporation's NEXBASE brand, qualifications, approvals, and sales and marketing operations.

In January 2021, Pennzoil-Quaker State Company (dba SOPUS products) and CSW Industrials, Inc., a subsidiary of Shell Plc., announced a cooperation with Whitemore Manufacturing LLC. The alliance has formed a joint venture to provide greases, lubricants, and coolants to the US mining and North American rail industries.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL BASE OIL MARKET

1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE

3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL BASE OIL MARKET OUTLOOK

4.1 Overview
4.2 Market Dynamics
- 4.2.1 Drivers
- 4.2.2 Restraints
- 4.2.3 Opportunities
4.3 Porter Five Force Model
4.4 Value Chain Analysis
4.5 Regulatory Framework

5 GLOBAL BASE OIL MARKET, BY TYPE

5.1 Overview
5.2 Group I
5.3 Group II
5.4 Group III
5.5 Group IV
5.6 Group V

6 GLOBAL BASE OIL MARKET, BY APPLICATION

6.1 Overview
6.2 Automotive Oil
6.3 Greases
6.4 Hydraulic Oil
6.5 Industrial Oil
6.6 Metalworking Fluids
6.7 Others

7 GLOBAL BASE OIL MARKET, BY GEOGRAPHY

7.1 Overview
7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
- 7.2.3 Mexico
7.3 Europe
- 7.3.1 Germany
- 7.3.2 U.K.
- 7.3.3 France
- 7.3.4 Rest of Europe
7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 Japan
- 7.4.3 India
- 7.4.4 Rest of Asia Pacific
7.5 Latin America
- 7.5.1 Brazil
- 7.5.2 Argentina
7.6 Rest of the World

8 GLOBAL BASE OIL MARKET COMPETITIVE LANDSCAPE

8.1 Overview
8.2 Company Market Share
8.3 Vendor Landscape
8.4 Key Development Strategies

9 COMPANY PROFILES

9.1 Royal dutch shell plc
- 9.1.1 Overview
- 9.1.2 Financial performance
- 9.1.3 Product outlook
- 9.1.4 Key Developments
9.2 Exxon Mobil Corporation
- 9.2.1 Overview
- 9.2.2 Financial performance
- 9.2.3 Product outlook
- 9.2.4 Key Developments
9.3 Neste oil
- 9.3.1 Overview
- 9.3.2 Financial performance
- 9.3.3 Product outlook
- 9.3.4 Key Developments
9.4 Avista oil AG
- 9.4.1 Overview
- 9.4.2 Financial performance
- 9.4.3 Product outlook
- 9.4.4 Key Developments
9.5 Nynas AB
- 9.5.1 Overview
- 9.5.2 Financial performance
- 9.5.3 Product outlook
- 9.5.4 Key Developments
9.6 Chevron Corporation
- 9.6.1 Overview
- 9.6.2 Financial performance
- 9.6.3 Product outlook
- 9.6.4 Key Developments
9.7 Evonik industries
- 9.7.1 Overview
- 9.7.2 Financial performance
- 9.7.3 Product outlook
- 9.7.4 Key Developments
9.8 Ergon inc
- 9.8.1 Overview
- 9.8.2 Financial performance
- 9.8.3 Product outlook
- 9.8.4 Key Developments
9.9 H&R olwerke Schindler gmbh
- 9.9.1 Overview
- 9.9.2 Financial performance
- 9.9.3 Product outlook
- 9.9.4 Key Developments
9.10 Petronas
- 9.10.1 Overview
- 9.10.2 Financial performance
- 9.10.3 Product outlook
- 9.10.4 Key Developments
9.11 Repsol
- 9.11.1 Overview
- 9.11.2 Financial performance
- 9.11.3 Product outlook
- 9.11.4 Key Developments