Base Oil Market

Base Oil Market (Group: Group I, Group II, Group II+, Group III, Group III+, Group IV [PAO], Group V [excluding Naphthenic], and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2031

Global Base Oil Market Outlook 2031

  • The global industry was valued at US$ 39.1 Bn in 2022
  • It is projected to grow at a CAGR of 3.8% from 2023 to 2031 and reach US$ 54.9 Bn by the end of 2031

Analysts’ Viewpoint

The base oil market is at the forefront of the lubricants sector, ensuring the smooth operation of diverse machines and vehicle engines throughout the world. Rapid industrialization is a major factor driving market revenue. Lubricants are gaining traction in various end-use industries including industrial machinery, automotive, and energy.

Major players operating in the global base oil industry are focusing on the development of advanced products to expand their customer base. These novel products satisfy performance requirements and fit with environmental imperatives. The competitive dynamics of the base oil business are being reshaped by this paradigm shift toward eco-friendly and resource-efficient lubricating solutions.

Base Oil Market

Global Base Oil Market Introduction

Base oils are the foundation of lubricant compositions. They play an important role in the performance and lifetime of different industrial and automobile engines. Base oils are generally obtained by refining crude extracts at various temperatures and pressures. These oils are widely classified into numerous classes based on underlying attributes such as temperature and viscosity correlation, with each having distinct uses across diverse sectors. They are the most important components of lubricants, providing lubrication, heat dissipation, and corrosion prevention.

The global base oil sector is a dynamic and vital section of the petroleum industry, with its products essential in industries such as automotive, industrial, and aerospace. The base oil market landscape has witnessed significant change in the past few years owing to factors such as technical breakthroughs, demanding regulatory standards, and shift in customer tastes toward more sustainable and ecologically friendly goods. Thus, base oil manufacturers and end-users are looking for new solutions that exceed performance standards and correspond with increase in emphasis on sustainability and resource conservation.

Rise in utilization of lubricants across industries, surge in demand for group II and III base oils, and substantial investments in the thriving automotive sector are contributing to the base oil market growth.

Rapid Industrialization in Emerging Economies

Lubricants and their derivatives, especially finished lubricants, are in high demand as industries, particularly in emerging nations, are expanding significantly. This rise in demand is most noticeable in industries such as industrial machinery, automotive, and energy. In-depth base oil market analysis demonstrates a strong association between industrial expansion and lubricant consumption. Expansion of industrial sectors, particularly in emerging countries, is boosting demand for high-grade oils in the automobile sector.

Decline in crude oil sources and rise in emphasis on environmental safety is augmenting the need for environmentally acceptable synthetic hydraulic oils and fluids. These fluids are essential in aviation, manufacturing, construction, and automotive sectors, where they provide a range of services including power transmission, machinery lubrication, corrosion prevention, wear protection, and heat transfer. Hence, rapid industrialization and automation is fueling demand for hydraulic fluids, thereby propelling the base oil market size.

Hydraulic fluids transfer potential or kinetic energy, create volume flow between pumps and hydrostatic motors, and reduce the wear of parts that rub against each other. These fluids safeguard the system from corrosion and aid in the removal of heat generated during energy transformation.

Surge in adoption of hydraulic oils in automobile automatic transmissions, brakes, power steering, and industrial machinery, such as tractors and other agricultural equipment, forklift trucks, and bulldozers, is driving the base oil market expansion. In terms of production process, materials, and geometry, the automobile sector has grown significantly in the past few years. The sector is working on fulfilling higher mileage and reduced emissions criteria. This, in turn, is augmenting demand for metalworking fluids in the automotive sector. High-performance lubricants are gaining traction in the automotive sector process oils are also gaining popularity as plasticizers and carrier fluids in tire and rubber manufacturing.

Increase in Production of Automobiles in Developing Countries

Base oils are necessary basic fluids in the production of many lubricants. The automotive sector is a significant user of these lubricants, which are used in engine oils, transmission oils, and greases. Rise in global vehicle production volumes, driven by rapid population expansion and urbanization, is projected to propel the base oil market during the forecast period.

The global automotive sector, particularly in emerging economies, is expanding rapidly. The number of government, corporate, and individual automobiles on the road is rapidly increasing. The International Organization of Automobile Manufacturers (OICA) reports that new automobile sales increased from 87.5 million in 2013 to 95.05 million in 2018. This surge in sales is likely linked with continued microeconomic development, efficient and cost-effective car manufacturing technologies, and growth in the middle-class consumer base. Thus, rise in automotive production and sales is expected to boost demand for base oil in the near future.

Regional Outlook

According to the latest base oil market forecast, Asia Pacific is anticipated to hold largest share from 2023 to 2031. The region dominated the industry in 2022 with a revenue share of 42.1%. Presence of thriving economies and growth in disposable income are fueling the market dynamics of the region.

China is a major market for base oils in Asia Pacific due to economic expansion and surge in demand for lubricants and associated goods. Rise in production of vehicles and expansion in the manufacturing sector is also driving the base oil market development in the country. Access to raw supplies, greater foreign investment, fast industrialization, and growth in the population are also contributing to the market trajectory in China. The industry in India is predicted to grow at a rapid pace during the forecast period owing to the presence of various base oil producers and rapid infrastructure development in the country.

North America accounted for 19.6% share in 2022. Rise in demand for lubricants in the U.S., driven by the implementation of stringent emission regulations and research in automation technologies, is boosting market value in North America.

Europe held 17.3% market share, which is expected to fall to 17.1% by the end of 2031 due to the recovering economy. However, increase in government investment in R&D of automotive technologies, and reduction in prices of group I base oils are anticipated to contribute to the global base oil industry growth during the forecast period.

Analysis of Key Players

Most companies are employing several strategies to increase their base oil market share. They are also investing in R&D of new products to expand product portfolio. SK Lubricants, Shell plc, Petronas, ADNOC, S-Oil Corporation, Nynas AB, Chevron Corporation, Repsol, GS Caltex Corporation, and PetroChina Company Limited are key players in the base oil market.

Each of these companies has been profiled in the base oil market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments. The report also provides detailed insights into the industry's dynamics. It throws light on changing trends, competitive landscapes, and new possibilities, providing stakeholders with useful information for strategic decision-making.

Key Developments

  • In September 2023, Petronas agreed with Pertamina to explore the possibility of the companies building a base oil plant at Pertamina’s fuels refinery in Cilacap, Indonesia
  • In April 2022, Chevron Global Energy, Inc., a wholly-owned subsidiary of Chevron Corporation, acquired Neste Corporation’s NEXBASE brand, associated qualifications and approvals, and related sales and marketing business

Global Base Oil Market Snapshot

Attribute Detail
Market Value in 2022 US$ 39.1 Bn
Forecast Value in 2031 US$ 54.9 Bn
Growth Rate (CAGR) 3.8%
Forecast Period 2023-2031
Historical Data Available for 2020-2022
Quantitative Tons US$ Bn for Value and Kilo Tons for Volume
Market Analysis It includes segment analysis as well as regional level analysis. Furthermore, the qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces Analysis, value chain analysis, and key trend analysis.
Competition Landscape
  • Market share analysis by company (2022)
  • Company profiles section includes an overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy and recent developments, and key financials
Format Electronic (PDF) + Excel
Market Segmentation
  • Group
    • Group I
    • Group II
    • Group II+
    • Group III
    • Group III+
    • Group IV (PAO)
    • Group V (excluding Naphthenic)
    • Others
  • Application
    • Automotive Fluids
    • Process Oils
    • Industrial Oils
    • Metalworking Fluids
    • Hydraulic Oils
    • Others
Regions Covered
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
Countries Covered
  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia and CIS
  • Japan
  • China
  • India
  • ASEAN
  • Brazil
  • Mexico
  • GCC
  • South Africa
Companies Profiled
  • SK Lubricants
  • Shell plc
  • Petronas
  • ADNOC
  • S-Oil Corporation
  • Nynas AB
  • Chevron Corporation
  • Repsol
  • GS Caltex Corporation
  • PetroChina Company Limited
Customization Scope Available upon request
Pricing Available upon request

Frequently Asked Questions

How big was the global base oil market in 2022?

It was valued at US$ 39.1 Bn in 2022

How is the base oil industry expected to grow during the forecast period?

It is projected to grow at a CAGR of 3.8% from 2023 to 2031

What are the key factors driving the demand for base oils?

Rapid industrialization in emerging economies and increase in production of automobiles in developing countries

Which was the largest base oil application segment in 2022?

Automotive fluids was the largest application segment in 2022

Which region recorded the highest demand for base oils in 2022?

Asia Pacific recorded the highest demand in 2022

Who are the prominent base oil manufacturers?

SK Lubricants, Shell plc, Petronas, ADNOC, S- Oil Corporation, Nynas AB, Chevron Corporation, Repsol, GS Caltex Corporation, and PetroChina Company Limited

    1. Executive Summary

        1.1. Global Market Outlook

        1.2. Demand Side Trends

        1.3. Key Facts and Figures

        1.4. Trends Impacting Market

        1.5. TMR’s Growth Opportunity Wheel

    2. Market Overview

        2.1. Market Segmentation

        2.2. Key Developments

        2.3. Market Definitions

        2.4. Key Market Trends

        2.5. Market Dynamics

            2.5.1. Drivers

            2.5.2. Restraints

            2.5.3. Opportunities

        2.6. Global Base Oil Market Analysis and Forecast, 2023-2031

            2.6.1. Global Base Oil Market Volume (Kilo Tons)

            2.6.2. Global Base Oil Market Revenue (US$ Bn)

        2.7. Porter’s Five Forces Analysis

        2.8. Regulatory Landscape

        2.9. Value Chain Analysis

            2.9.1. List of Component Providers

            2.9.2. List of Manufacturers

            2.9.3. List of Dealers/Distributors

            2.9.4. List of Potential Customers

        2.10. Product Specification Analysis

        2.11. Production Overview

        2.12. Cost Structure Analysis

    3. COVID-19 Impact Analysis

        3.1. Impact on Supply Chain of Base Oil

        3.2. Impact on Demand for Base Oil– Pre & Post Crisis

    4. Impact of Current Geopolitical Scenario on Market

    5. Production Output Analysis (Tons)

        5.1. North America

        5.2. Europe

        5.3. Asia Pacific

        5.4. Latin America

        5.5. Middle East & Africa

    6. Price Trend Analysis and Forecast (US$/Ton), 2023-2031

        6.1. Price Comparison Analysis by Group

        6.2. Price Comparison Analysis by Region

    7. Global Base Oil Market Analysis and Forecast, by Group, 2023-2031

        7.1. Introduction and Definitions

        7.2. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            7.2.1. Group I

            7.2.2. Group II

            7.2.3. Group II+

            7.2.4. Group III

            7.2.5. Group III+

            7.2.6. Group IV (PAO)

            7.2.7. Group V (excluding Naphthenic)

            7.2.8. Others

        7.3. Base Oil Market Attractiveness, by Group

    8. Global Base Oil Market Analysis and Forecast, by Application, 2023-2031

        8.1. Introduction and Definitions

        8.2. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Application, 2023-2031

            8.2.1. Automotive Fluids

            8.2.2. Process Oils

            8.2.3. Industrial Oils

            8.2.4. Metalworking Fluids

            8.2.5. Hydraulic Oils

            8.2.6. Others

        8.3. Base Oil Market Attractiveness, by Application

    9. Global Base Oil Market Analysis and Forecast, by Region, 2023-2031

        9.1. Key Findings

        9.2. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Region, 2023-2031

            9.2.1. North America

            9.2.2. Europe

            9.2.3. Asia Pacific

            9.2.4. Latin America

            9.2.5. Middle East & Africa

        9.3. Base Oil Market Attractiveness, by Region

    10. North America Base Oil Market Analysis and Forecast, 2023-2031

        10.1. Key Findings

        10.2. North America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

        10.3. North America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Application, 2023-2031

        10.4. North America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Country, 2023-2031

            10.4.1. U.S. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            10.4.2. U.S. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            10.4.3. Canada Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            10.4.4. Canada Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

        10.5. North America Base Oil Market Attractiveness Analysis

    11. Europe Base Oil Market Analysis and Forecast, 2023-2031

        11.1. Key Findings

        11.2. Europe Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

        11.3. Europe Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Application, 2023-2031

        11.4. Europe Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Country and Sub-region, 2023-2031

            11.4.1. Germany Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            11.4.2. Germany. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            11.4.3. France Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            11.4.4. France. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            11.4.5. U.K. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            11.4.6. U.K. Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            11.4.7. Italy Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            11.4.8. Italy Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            11.4.9. Russia & CIS Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            11.4.10. Russia & CIS Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            11.4.11. Rest of Europe Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            11.4.12. Rest of Europe Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

        11.5. Europe Base Oil Market Attractiveness Analysis

    12. Asia Pacific Base Oil Market Analysis and Forecast, 2023-2031

        12.1. Key Findings

        12.2. Asia Pacific Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group

        12.3. Asia Pacific Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Application, 2023-2031

        12.4. Asia Pacific Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Country and Sub-region, 2023-2031

            12.4.1. China Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            12.4.2. China Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            12.4.3. Japan Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            12.4.4. Japan Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            12.4.5. India Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            12.4.6. India Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            12.4.7. ASEAN Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            12.4.8. ASEAN Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            12.4.9. Rest of Asia Pacific Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            12.4.10. Rest of Asia Pacific Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

        12.5. Asia Pacific Base Oil Market Attractiveness Analysis

    13. Latin America Base Oil Market Analysis and Forecast, 2023-2031

        13.1. Key Findings

        13.2. Latin America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

        13.3. Latin America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Application, 2023-2031

        13.4. Latin America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Country and Sub-region, 2023-2031

            13.4.1. Brazil Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            13.4.2. Brazil Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            13.4.3. Mexico Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            13.4.4. Mexico Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            13.4.5. Rest of Latin America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            13.4.6. Rest of Latin America Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

        13.5. Latin America Base Oil Market Attractiveness Analysis

    14. Middle East & Africa Base Oil Market Analysis and Forecast, 2023-2031

        14.1. Key Findings

        14.2. Middle East & Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

        14.3. Middle East & Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Application, 2023-2031

        14.4. Middle East & Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Country and Sub-region, 2023-2031

            14.4.1. GCC Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            14.4.2. GCC Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            14.4.3. South Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            14.4.4. South Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

            14.4.5. Rest of Middle East & Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, by Group, 2023-2031

            14.4.6. Rest of Middle East & Africa Base Oil Market Volume (Kilo Tons) and Value (US$ Bn) Forecast, Application, 2023-2031

        14.5. Middle East & Africa Base Oil Market Attractiveness Analysis

    15. Competition Landscape

        15.1. Market Players - Competition Matrix (by Tier and Size of Companies)

        15.2. Market Share Analysis, 2022

        15.3. Market Footprint Analysis

            15.3.1. By Group

            15.3.2. By Application

        15.4. Company Profiles

            15.4.1. SK Lubricants

                15.4.1.1. Company Revenue

                15.4.1.2. Business Overview

                15.4.1.3. Product Segments

                15.4.1.4. Geographic Footprint

                15.4.1.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.1.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.2. Shell plc

                15.4.2.1. Company Revenue

                15.4.2.2. Business Overview

                15.4.2.3. Product Segments

                15.4.2.4. Geographic Footprint

                15.4.2.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.2.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.3. Petronas

                15.4.3.1. Company Revenue

                15.4.3.2. Business Overview

                15.4.3.3. Product Segments

                15.4.3.4. Geographic Footprint

                15.4.3.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.3.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.4. ADNOC

                15.4.4.1. Company Revenue

                15.4.4.2. Business Overview

                15.4.4.3. Product Segments

                15.4.4.4. Geographic Footprint

                15.4.4.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.4.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.5. S-Oil Corporation

                15.4.5.1. Company Revenue

                15.4.5.2. Business Overview

                15.4.5.3. Product Segments

                15.4.5.4. Geographic Footprint

                15.4.5.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.5.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.6. Nynas AB

                15.4.6.1. Company Revenue

                15.4.6.2. Business Overview

                15.4.6.3. Product Segments

                15.4.6.4. Geographic Footprint

                15.4.6.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.6.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.7. Chevron Corporation

                15.4.7.1. Company Revenue

                15.4.7.2. Business Overview

                15.4.7.3. Product Segments

                15.4.7.4. Geographic Footprint

                15.4.7.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.7.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.8. Repsol

                15.4.8.1. Company Revenue

                15.4.8.2. Business Overview

                15.4.8.3. Product Segments

                15.4.8.4. Geographic Footprint

                15.4.8.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.8.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.9. GS Caltex corporation

                15.4.9.1. Company Revenue

                15.4.9.2. Business Overview

                15.4.9.3. Product Segments

                15.4.9.4. Geographic Footprint

                15.4.9.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.9.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

            15.4.10. PetroChina Company limited

                15.4.10.1. Company Revenue

                15.4.10.2. Business Overview

                15.4.10.3. Product Segments

                15.4.10.4. Geographic Footprint

                15.4.10.5. Production Process/Plant Details, etc. (*As Applicable)

                15.4.10.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.

    16. Primary Research: Key Insights

    17. Appendix

    List of Tables

    Table 1: Global Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 2: Global Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 3: Global Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 4: Global Base Oil Market Value (US$ Bn) Forecast, by Application, 2023–2031

    Table 5: Global Base Oil Market Volume (Kilo Tons) Forecast, by Region, 2023–2031

    Table 6: Global Base Oil Market Value (US$ Bn) Forecast, by Region, 2023–2031

    Table 7: North America Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 8: North America Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 9: North America Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 10: North America Base Oil Market Value (US$ Bn) Forecast, by Application, 2023–2031

    Table 11: North America Base Oil Market Volume (Kilo Tons) Forecast, by Country, 2023–2031

    Table 12: North America Base Oil Market Value (US$ Bn) Forecast, by Country, 2023–2031

    Table 13: U.S. Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 14: U.S. Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 15: U.S. Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 16: U.S. Base Oil Market Value (US$ Bn) Forecast, by Application, 2023–2031

    Table 17: Canada Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 18: Canada Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 19: Canada Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 20: Canada Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 21: Europe Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 22: Europe Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 23: Europe Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 24: Europe Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 25: Europe Base Oil Market Volume (Kilo Tons) Forecast, by Country and Sub-region, 2023–2031

    Table 26: Europe Base Oil Market Value (US$ Bn) Forecast, by Country and Sub-region, 2023–2031

    Table 27: Germany Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 28: Germany Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 29: Germany Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 30: Germany Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 31: France Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 32: France Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 33: France Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 34: France Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 35: U.K. Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 36: U.K. Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 37: U.K. Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 38: U.K. Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 39: Italy Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 40: Italy Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 41: Italy Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 42: Italy Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 43: Spain Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 44: Spain Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 45: Spain Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 46: Spain Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 47: Russia & CIS Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 48: Russia & CIS Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 49: Russia & CIS Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 50: Russia & CIS Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 51: Rest of Europe Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 52: Rest of Europe Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 53: Rest of Europe Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 54: Rest of Europe Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 55: Asia Pacific Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 56: Asia Pacific Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 57: Asia Pacific Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 58: Asia Pacific Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 59: Asia Pacific Base Oil Market Volume (Kilo Tons) Forecast, by Country and Sub-region, 2023–2031

    Table 60: Asia Pacific Base Oil Market Value (US$ Bn) Forecast, by Country and Sub-region, 2023–2031

    Table 61: China Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 62: China Base Oil Market Value (US$ Bn) Forecast, by Group 2023–2031

    Table 63: China Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 64: China Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 65: Japan Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 66: Japan Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 67: Japan Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 68: Japan Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 69: India Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 70: India Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 71: India Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 72: India Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 73: ASEAN Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 74: ASEAN Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 75: ASEAN Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 76: ASEAN Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 77: Rest of Asia Pacific Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 78: Rest of Asia Pacific Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 79: Rest of Asia Pacific Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 80: Rest of Asia Pacific Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 81: Latin America Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 82: Latin America Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 83: Latin America Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 84: Latin America Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 85: Latin America Base Oil Market Volume (Kilo Tons) Forecast, by Country and Sub-region, 2023–2031

    Table 86: Latin America Base Oil Market Value (US$ Bn) Forecast, by Country and Sub-region, 2023–2031

    Table 87: Brazil Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 88: Brazil Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 89: Brazil Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 90: Brazil Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 91: Mexico Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 92: Mexico Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 93: Mexico Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 94: Mexico Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 95: Rest of Latin America Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 96: Rest of Latin America Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 97: Rest of Latin America Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 98: Rest of Latin America Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 99: Middle East & Africa Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 100: Middle East & Africa Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 101: Middle East & Africa Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 102: Middle East & Africa Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 103: Middle East & Africa Base Oil Market Volume (Kilo Tons) Forecast, by Country and Sub-region, 2023–2031

    Table 104: Middle East & Africa Base Oil Market Value (US$ Bn) Forecast, by Country and Sub-region, 2023–2031

    Table 105: GCC Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 106: GCC Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 107: GCC Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 108: GCC Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 109: South Africa Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 110: South Africa Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 111: South Africa Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 112: South Africa Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    Table 113: Rest of Middle East & Africa Base Oil Market Volume (Kilo Tons) Forecast, by Group, 2023–2031

    Table 114: Rest of Middle East & Africa Base Oil Market Value (US$ Bn) Forecast, by Group, 2023–2031

    Table 115: Rest of Middle East & Africa Base Oil Market Volume (Kilo Tons) Forecast, by Application, 2023–2031

    Table 116: Rest of Middle East & Africa Base Oil Market Value (US$ Bn) Forecast, by Application 2023–2031

    List of Figures

    Figure 1: Global Base Oil Market Volume Share Analysis, by Group, 2022, 2027, and 2031

    Figure 2: Global Base Oil Market Attractiveness, by Group

    Figure 3: Global Base Oil Market Volume Share Analysis, by Application, 2022, 2027, and 2031

    Figure 4: Global Base Oil Market Attractiveness, by Application

    Figure 5: Global Base Oil Market Volume Share Analysis, by Region, 2022, 2027, and 2031

    Figure 6: Global Base Oil Market Attractiveness, by Region

    Figure 7: North America Base Oil Market Volume Share Analysis, by Group, 2022, 2027, and 2031

    Figure 8: North America Base Oil Market Attractiveness, by Group

    Figure 9: North America Base Oil Market Volume Share Analysis, by Application, 2022, 2027, and 2031

    Figure 10: North America Base Oil Market Attractiveness, by Application

    Figure 11: North America Base Oil Market Volume Share Analysis, by Country, 2022, 2027, and 2031

    Figure 12: North America Base Oil Market Attractiveness, by Country

    Figure 13: Europe Base Oil Market Volume Share Analysis, by Group, 2022, 2027, and 2031

    Figure 14: Europe Base Oil Market Attractiveness, by Group

    Figure 15: Europe Base Oil Market Volume Share Analysis, by Application, 2022, 2027, and 2031

    Figure 16: Europe Base Oil Market Attractiveness, by Application

    Figure 17: Europe Base Oil Market Volume Share Analysis, by Country and Sub-region, 2022, 2027, and 2031

    Figure 18: Europe Base Oil Market Attractiveness, by Country and Sub-region

    Figure 19: Asia Pacific Base Oil Market Volume Share Analysis, by Group, 2022, 2027, and 2031

    Figure 20: Asia Pacific Base Oil Market Attractiveness, by Group

    Figure 21: Asia Pacific Base Oil Market Volume Share Analysis, by Application, 2022, 2027, and 2031

    Figure 22: Asia Pacific Base Oil Market Attractiveness, by Application

    Figure 23: Asia Pacific Base Oil Market Volume Share Analysis, by Country and Sub-region, 2022, 2027, and 2031

    Figure 24: Asia Pacific Base Oil Market Attractiveness, by Country and Sub-region

    Figure 25: Latin America Base Oil Market Volume Share Analysis, by Group, 2022, 2027, and 2031

    Figure 26: Latin America Base Oil Market Attractiveness, by Group

    Figure 27: Latin America Base Oil Market Volume Share Analysis, by Application, 2022, 2027, and 2031

    Figure 28: Latin America Base Oil Market Attractiveness, by Application

    Figure 29: Latin America Base Oil Market Volume Share Analysis, by Country and Sub-region, 2022, 2027, and 2031

    Figure 30: Latin America Base Oil Market Attractiveness, by Country and Sub-region

    Figure 31: Middle East & Africa Base Oil Market Volume Share Analysis, by Group, 2022, 2027, and 2031

    Figure 32: Middle East & Africa Base Oil Market Attractiveness, by Group

    Figure 33: Middle East & Africa Base Oil Market Volume Share Analysis, by Application, 2022, 2027, and 2031

    Figure 34: Middle East & Africa Base Oil Market Attractiveness, by Application

    Figure 35: Middle East & Africa Base Oil Market Volume Share Analysis, by Country and Sub-region, 2022, 2027, and 2031

    Figure 36: Middle East & Africa Base Oil Market Attractiveness, by Country and Sub-region

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