Base Oil Market Size, Share, Industry, Forecast and outlook (2023-2030)

The global base oil market is projected to grow at a compound annual growth rate (CAGR) of 2.10% from 2023 to 2030.

Some of the key players in the base oil market include Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell Plc, Evonik Industries AG, Neste Oyj, Sinopec Corp, Petroleum Nasional Berhad, GRUPA LOTOS S.A, and Hindustan Petroleum Corporation Limited.

The increasing demand for environmentally friendly and sustainable base oils, the development of new technologies like Gas-To-Liquid (GTL), and the rising adoption of electric vehicles are some of the key trends shaping the future of the base oil market.

Growing demand for automotive lubricants, industrial lubricants, hydraulic fluids, greases, and thermal oils is driving the base oil market. Additionally, the shift towards cleaner and higher-grade base oils like Group II and III is contributing to market expansion.