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潤滑油

市場調查報告書

商品編碼

1615836

基礎油市場：依類別、依應用、按地區，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個工作天內

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簡介目錄

基礎油市場評估，2024-2031

對引擎技術的投資以及要求低排放和高燃油效率的嚴格環境法規正在推動基礎油市場的發展，推動汽車和工業領域對高性能潤滑油日益增長的需求。 Verified Market Research 分析師表示，預測期內基礎油市場估值預計將達到 285.7 億美元，低於 2024 年的約 204 億美元。

新興國家工業化和城市化的不斷發展，加上對高效機械和設備維護的需求不斷增加，正在推動各種潤滑油應用對基礎油的需求不斷增加。因此，從2024年到2031年，市場將以4.3%的複合年增長率成長。

基礎油市場定義/概述

基礎油是精煉石油產品或合成產品，用作潤滑劑配方中的基本成分，以確保適當的潤滑並減少機械系統的磨損和損壞。基礎油透過各種精煉製程從原油中提取或由化合物製成，具有對成功潤滑至關重要的特性，例如黏度、熱穩定性和抗氧化性。

此外，基礎油還有許多工業應用。在汽車工業中，它用於生產引擎油、變速箱油和齒輪油，以提高引擎性能和壽命。工業應用包括在液壓機中傳輸動力的液壓油、潤滑各種機器齒輪的齒輪油以及確保空氣壓縮機高效運作的壓縮機油配方。

影響基礎油市場成長的面向有哪些？

工業部門正在迅速擴張，主要集中在中國和印度等亞太地區。因此，各種應用對潤滑油的需求顯著增加。潤滑油對於製造過程中工廠機器的平穩運作、發電過程中渦輪機的高效運作以及採礦設備的可靠性能至關重要。由於基礎油是這些潤滑油的基礎，工業領域不斷增長的需求是基礎油市場的主要推動因素。

汽車產業向高性能車輛和更長使用壽命的轉變需要潤滑油能夠滿足這些嚴格的標準。優質基礎油在黏度指數、抗氧化性和低溫流動性方面優於i組基礎油。這意味著提高燃油效率、延長換油週期以及更環保的運輸系統。因此，汽車產業對性能和永續性的關注正在推動對 II 類和 III 類基礎油的需求。

此外，多個行業的現代機械中越來越多地使用複雜的液壓系統也是基礎油市場的主要推動因素。這些液壓系統具有高品質，可實現從汽車（自動變速箱、煞車、動力轉向）到建築設備（拖拉機、推土機、挖掘機）到農業機械（收割機、播種機）的高效可靠運作。基礎油是這些液壓油的重要組成部分，因為它們提供潤滑、抗磨、黏度控制、熱穩定性和氧化穩定性所需的品質。隨著對具有先進液壓系統的複雜機械的需求增加，對高性能基礎油的需求也在增加。

基礎油市場面臨的主要挑戰是什麼？

由於基礎油通常是透過原油蒸餾生產的，因此基礎油市場容易受到原油價格快速波動的影響。原油價格的快速快速波動影響基礎油生產的整體成本結構，威脅市場穩定和煉油廠獲利能力。這種價格波動也引起了依賴基礎油製成的潤滑油的行業的擔憂。

此外，透過再精煉獲得的回收基礎油的使用作為一種更環保的原油替代品越來越受歡迎。回收基礎油對環境有益，因為它們減少了對原始原油的依賴並有助於最大限度地減少浪費。隨著回收技術的進步和製造成本的降低，回收基礎油正成為原始基礎油市場佔有率的主要挑戰。

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