Base Oil Market Expected to Reach $38,031 Million, Globally, by 2023


quote The demand for Group I is expected to remain large for the coming years, though Group II & III are expected to respond rapidly by 2023. The need for higher quality base oils in automotive sector, coupled with, government regulations regarding the environment and better fuel economy are expected to drive this shift. quote

Eswara Prasad
Team Lead, Energy & Power at AMR

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a new report published by Allied Market Research titled, "Base oil Market by Application, Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the base oil market was valued at $35,430 million in 2016, and is projected to reach at $38,031 million by 2023, growing at a CAGR of 1.0% from 2017 to 2023. Asia-Pacific dominates the base oil market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period.

Access Full Summary at: https://www.alliedmarketresearch.com/base-oil-market

The demand for high-grade lubricant oils in the automotive industry, and stringent environmental legislation leading to strict performance standards drive the growth of the market. However, the fluctuating costs of crude oil and regulations concerning emission norms are expected to hamper the market growth in the future. The global shift from Group I base oils to Group II & III present numerous growth opportunities to market players.

The automotive oil segment accounted for almost half the share of the total base oil market in 2016, in terms of value, and is expected to maintain its dominance during the forecast period. However, application of base oils in industrial oils is expected to grow at a comparatively high rate due to stricter emission norms in EU and EPA regions.

The global economy profits from declining oil costs because of high financial multiplier in the emerging oil-importing economies. Therefore, base oil utilization in the automotive sector is expected to grow through both increasing purchasing power (new and second-hand automotive deals) and expanding vehicle usage. This growth is estimated to be particularly noticeable in the developing countries, and control the decline in Group I base oil demand.

Key Findings of the Base oil Market:

  • In terms of value, the automotive segment is expected to grow at a CAGR of 1.2% during the forecast period.
  • In Asia-Pacific, China is estimated to grow at a highest CAGR of 1.3%, in terms of value.
  • Industrial oil application in terms of volume occupied around one-third share of the global market in 2016.
  • The U.S. accounted for nearly one-sixth share of the base oil market in 2016, and is expected to grow at a significant CAGR of 0.8%, in terms of value.

In 2016, North America and Asia-Pacific collectively accounted for more than two-thirds of the entire global base oil market, in value terms. Asia-Pacific is expected to grow at the highest rate during the forecast period. High automotive lubricant demand and industrial growth from emerging countries, such as China, India, South Korea, and Australia, are estimated to drive the market growth.

The major companies profiled in the report include BP PLC, Chevron Corporation, Ergon Inc., Evonik Industries, Exxon Mobil Corporation, H&R lwerke Schindler GmbH, Nynas AB, Petronas, Royal Dutch Shell PLC, SK Lubricants Co. Ltd., and Total S.A.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com


For Media Inquiries, Please Contact

Shaun Godinho
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at


First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote Base Oil Market by Application (Industrial Oil, Metalworking Fluids, Hydraulic Oil, Greases, and Others) and by Type (Group I, Group II, Group III, Group IV, and Group V): Global Opportunity Analysis and Industry Forecast, 2017-2023 quote

View Report

Why Allied Market Research?


Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers


Featured Readings


Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

Get Industry Data Alerts

Buy Full Version
"Base Oil Market"
Purchase Enquiry