ベースオイル市場規模、シェア、動向、2030年までの世界予測

ベースオイル市場は、2025年の402億9,000万米ドルから2030年には465億9,000万米ドルに拡大し、予測期間中に2.9%のCAGRで成長すると予測されています。市場は主に、自動車、工業、海洋、発電など、いくつかのセクターにおける潤滑油の需要増加の影響を受けています。これは、特に新興経済国の場合、自動車の所有率の増加、産業の拡大、インフラ整備によってさらに後押しされています。自動車における高品質潤滑油の必要性と、厳格な排出ガス規制の順守の必要性も成長を促進しています。さらに、ベースオイル市場は、特にアジア太平洋地域における高級車の生産増加に伴い、石油メーカーに多大な成長機会を提供しています。これが、高級油や合成油、そして水素化分解やガス・トゥ・リキッド（GTL）などの高度な精製技術への需要をさらに押し上げています。さらに、電気自動車用流体、金属加工、特殊工業用潤滑油分野での今後のベースオイルの用途により、市場がメーカーに提供する長期的な成長機会が、市場の成長をさらに促進しています。

調査範囲：

本レポートでは、市場セグメントを定義し、タイプ、グループ、用途、地域に基づいてベースオイル市場規模を予測しています。主要プレーヤーを戦略的にプロファイルし、市場シェアとコアコンピタンスを包括的に分析しています。また、市場における各プレーヤーによる事業拡大、提携、買収といった競争動向も追跡・分析しています。

レポートを購入する理由：

本レポートは、ベースオイル市場とそのセグメントにおける収益数値の近似値を提供することで、市場リーダー企業や新規参入企業を支援することが期待されています。また、ステークホルダーが市場の競争環境をより深く理解し、ビジネスポジションを強化するための貴重な洞察を獲得し、効果的な市場開拓戦略を策定する上でも役立つことが期待されます。さらに、ステークホルダーが市場の動向を把握し、主要な市場牽引要因、制約要因、課題、そして機会に関する情報を提供することも可能になります。

本レポートでは、以下の点について洞察を提供しています。

ベースオイル市場の成長に影響を与える要因（高性能潤滑油の需要増加、アジア太平洋地域および新興国における急速な工業化）、制約要因（原油価格の変動、グループIベースオイルの需要減少）、機会（再生可能およびバイオベースオイルの成長、使用済み潤滑油の再精製およびクローズドループリサイクルインフラの拡大）、課題（EVの普及による長期的な潤滑油消費量の減少）の分析

• 製品開発／イノベーション：ベースオイル市場における今後の技術、研究開発活動に関する詳細な洞察
• 市場開発：地域をまたぐ収益性の高い市場に関する包括的な情報
• 市場多様化：ベースオイル市場における新製品、様々なタイプ、未開拓地域、最近の動向、投資に関する網羅的な情報
• 競合評価：Chevron Corporation（米国）、Exxon Mobil Corporation（米国）、S-Oil Corporation（韓国）、Motiva Enterprises LLC（米国）、SK Enmove（韓国）、Saudi Arabian Oil Co.（サウジアラビア）、ENEOS（日本）、Shandong Qingyuan Group Co., Ltd.（中国）、Hindustan Petroleum Corporation Limited（インド）、Shell（英国）、Avista Oil Deutschland GmbH（ドイツ）、Nynas AB（スウェーデン）、Repsol（スペイン）、Ergon, Inc. など、主要企業の市場シェア、成長戦略、製品ラインナップに関する詳細な評価(米国)、Calumet, Inc. (米国)、China Petrochemical Corporation (中国)、ADNOC (UAE)、Phillips 66 Company (米国)、PETRONAS Lubricants International (マレーシア)、ORLEN (ポーランド)、GS Caltex Corporation (韓国)、H&R Group (ドイツ)、PetroChina Company Limited (中国)、PT Pertamina (Persero)、FUCHS (ドイツ)、およびBaker Hughes Company (米国)

Report Description

The base oil market is projected to grow from USD 40.29 billion in 2025 to USD 46.59 billion by 2030, at a CAGR of 2.9% during the forecast period. The market is primarily influenced by the increasing demand for lubricants across several sectors, including automotive, industrial, marine, and power generation. This has been further supported by rising vehicle ownership, industrial expansion, and infrastructure development, especially in the case of emerging economies. The need for high-quality lubrication oils in vehicles and the strict need for adherence to strict emission limits also drives growth. Additionally, the base oil market is providing tremendous growth opportunities for oil manufacturers with the increasing production of premium cars, especially in Asia Pacific. This is further driving the demand for premium and synthetic oils and advanced refining technologies like hydrocracking and gas-to-liquids (GTL). Moreover, long-term growth opportunities offered by the market to manufacturers, because of upcoming base oil applications in the electric vehicle fluids sector, metalworking, and specialty industrial lubricants areas, are further driving the growth of the market.

“By group, the Group III segment is projected to grow at the highest rate, in terms of value, during the forecast period.”

The Group III segment is projected to achieve the highest growth rate during the forecast period. This growth is mainly attributed to the rising quality of synthetic lubricants. Group III base oils are more costly because of their excellent viscosity index, very low sulfur content, and fine thermal and oxidative stability. These qualities make them the best fit for accomplishing very tough fuel economy and emission standards. Additionally, the rising adoption of modern engine technologies, oil drain intervals extension, and the popularity of high-performance automotive and industrial lubricants are further driving the growth of this segment. Moreover, advanced hydrocracking and isodewaxing capacity investments, especially in the Asia Pacific and the Middle East, are further driving the growth of the segment.

“By application, the automotive oil segment is projected to be the fastest-growing segment during the forecast period.”

The automotive oil segment is projected to grow at the highest rate during the forecast period. This growth is owing to the rising global vehicle production and a gradually increasing vehicle parc. Other factors include rising demand for engine oils, transmission fluids, and gear oils, especially in passenger cars and commercial vehicles. Additionally, the need for stringent emission regulations and fuel efficiency standards is driving the transition to high-performance lubricants based on better-quality Group II, Group III, and synthetic base oils is being driven by the more. Moreover, the use of advanced engine technologies that include turbocharged, hybrid, and next-generation vehicles, along with the preference for longer oil drain intervals, is further contributing to the growth of the automotive oil segment quite vigorously.

“Asia Pacific is projected to grow at the highest rate during the forecast period.”

Asia Pacific is projected to witness the fastest growth during the forecast period. This growth is mainly due to factors like rapid industrialization, urbanization, and a significant increase in the production of automobiles in countries like China, India, and Southeast Asia. The trend of increasing vehicle ownership, along with the need for highly efficient lubricants, is pushing the usage of higher-value Group II and Group III base oils. Besides, stricter emission rules, more refining capabilities, and continuous investments in state-of-the-art hydrocracking and isodewaxing technologies are all contributing to the upscale of base oils. Additionally, constant demand for base oils from the industrial, construction, and transport sectors is further spurring the growth of the base oil market in Asia Pacific.

Break-up of Primary Participants:

• By Company Type: Tier 1 – 45%, Tier 2 – 22%, and Tier 3 – 33%
• By Designation: C-Level Executives – 50%, Directors – 10%, and Others – 40%
• By Region: North America – 17%, Asia Pacific – 17%, Europe – 33%, Middle East & Africa – 25%, and South America – 8%

Leading players operating in the base oil market include Exxon Mobil Corporation (US), Saudi Arabian Oil Co. (Saudi Arabia), SK Enmove (South Korea), China Petrochemical Corporation (China), PetroChina Company Limited (China), and others. These key players are significant contributors to the base oil market. These players have adopted various strategies, including agreements, joint ventures, and expansions, to increase their market share and business revenue.

Research Coverage:

The report defines market segments and projects the size of the base oil market based on type, group, application, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments, such as expansions, partnerships, and acquisitions undertaken by them in the market.

Reasons to Buy the Report:

The report is expected to help market leaders/new entrants by providing them with the closest approximations of revenue numbers for the base oil market and its segments. This report is also expected to help stakeholders gain a deeper understanding of the market’s competitive landscape, acquire valuable insights to enhance their business positions, and develop effective go-to-market strategies. It will also enable stakeholders to understand the market’s pulse and provide information on key market drivers, restraints, challenges, and opportunities.

The report provides insights into the following pointers:

Analysis of drivers (Rising demand for high-performance lubricants, rapid industrialization in Asia Pacific and emerging economies), restraints (Volatility in crude oil prices, declining demand for Group I base oil), opportunities (Growth in renewable and bio-based base oils, expansion of re-refining and closed-loop recycling infrastructure for used lubricants), and challenges (EV penetration reducing long-term lubricant consumption) influencing the growth of the base oil market

• Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities in the base oil market
• Market Development: Comprehensive information about lucrative markets across regions
• Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the base oil market
• Competitive Assessment: In-depth assessment of market share, growth strategies, and product offerings of leading players, including Chevron Corporation (US), Exxon Mobil Corporation (US), S-Oil Corporation (South Korea), Motiva Enterprises LLC (US), SK Enmove (South Korea), Saudi Arabian Oil Co. (Saudi Arabia), ENEOS (Japan), Shandong Qingyuan Group Co., Ltd. (China), Hindustan Petroleum Corporation Limited (India), Shell (UK), Avista Oil Deutschland GmbH (Germany), Nynas AB (Sweden),  Repsol (Spain),  Ergon, Inc. (US), Calumet, Inc. (US), China Petrochemical Corporation (China), ADNOC (UAE), Phillips 66 Company (US), PETRONAS Lubricants International (Malaysia), ORLEN (Poland), GS Caltex Corporation (South Korea), H&R Group (Germany), PetroChina Company Limited (China), PT Pertamina (Persero), FUCHS (Germany), and Baker Hughes Company (US)

Table of Contents

1 INTRODUCTION 29
1.1 STUDY OBJECTIVES 29
1.2 MARKET DEFINITION 29
1.3 STUDY SCOPE 30
1.3.1 MARKETS COVERED 30
1.3.2 INCLUSIONS AND EXCLUSIONS 30
1.3.3 YEARS CONSIDERED 31
1.3.4 CURRENCY CONSIDERED 31
1.3.5 UNIT CONSIDERED 31
1.4 STAKEHOLDERS 31
1.5 SUMMARY OF CHANGES 32
2 EXECUTIVE SUMMARY 33
2.1 KEY INSIGHTS AND MARKET HIGHLIGHTS 33
2.2 KEY MARKET PARTICIPANTS: SHARE INSIGHTS AND STRATEGIC DEVELOPMENTS 34
2.3 DISRUPTIVE TRENDS SHAPING MARKET 35
2.4 HIGH-GROWTH SEGMENTS AND EMERGING FRONTIERS 35
2.5 SNAPSHOT: GLOBAL MARKET SIZE, GROWTH RATE, AND FORECAST 36
3 PREMIUM INSIGHTS 37
3.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BASE OIL MARKET 37
3.2 BASE OIL MARKET, BY GROUP AND REGION 38
3.3 BASE OIL MARKET, BY APPLICATION 38
3.4 BASE OIL MARKET, BY COUNTRY 39
4 MARKET OVERVIEW 40
4.1 INTRODUCTION 40
4.2 MARKET DYNAMICS 40
4.2.1 DRIVERS 41
4.2.1.1 Rising demand for high-performance lubricants 41
4.2.1.2 Rapid industrialization in Asia Pacific 41
4.2.2 RESTRAINTS 41
4.2.2.1 Declining demand for Group I base oil 41
4.2.2.2 Volatile crude oil prices 41
4.2.3 OPPORTUNITIES 42
4.2.3.1 Expansion of re-refining and closed-loop recycling infrastructure 42
4.2.3.2 Growth in renewable and bio-based base oils 42

4.2.4 CHALLENGES 43
4.2.4.1 Electric vehicle penetration reducing long-term lubricant consumption 43
4.3 UNMET NEEDS AND WHITE SPACES 43
4.3.1 UNMET NEEDS IN BASE OIL MARKET 43
4.3.2 WHITE SPACE OPPORTUNITIES 43
4.4 INTERCONNECTED MARKETS AND CROSS-SECTOR OPPORTUNITIES 44
4.4.1 INTERCONNECTED MARKETS 44
4.4.2 CROSS-SECTOR OPPORTUNITIES 44
4.5 EMERGING BUSINESS MODELS AND ECOSYSTEM SHIFTS 45
4.5.1 EMERGING BUSINESS MODELS 45
4.5.2 ECOSYSTEM SHIFTS 45
4.6 STRATEGIC MOVES BY TIER 1/2/3 PLAYERS 46
4.6.1 KEY MOVES AND STRATEGIC FOCUS 46
5 INDUSTRY TRENDS 47
5.1 PORTER’S FIVE FORCES ANALYSIS 47
5.1.1 BARGAINING POWER OF SUPPLIERS 48
5.1.2 BARGAINING POWER OF BUYERS 48
5.1.3 THREAT OF NEW ENTRANTS 48
5.1.4 THREAT OF SUBSTITUTES 49
5.1.5 INTENSITY OF COMPETITIVE RIVALRY 49
5.2 MACROECONOMIC OUTLOOK 49
5.2.1 INTRODUCTION 49
5.2.2 GDP TRENDS AND FORECAST 50
5.2.3 TRENDS IN GLOBAL BASE OIL INDUSTRY 51
5.3 VALUE CHAIN ANALYSIS 52
5.3.1 RESEARCH & DEVELOPMENT 52
5.3.2 RAW MATERIAL 52
5.3.3 MANUFACTURING 52
5.3.4 DISTRIBUTION 53
5.3.5 END-USE INDUSTRIES 53
5.4 ECOSYSTEM ANALYSIS 53
5.5 PRICING ANALYSIS 54
5.5.1 AVERAGE SELLING PRICE TREND OF BASE OIL, BY REGION, 2022–2024 54
5.5.2 AVERAGE SELLING PRICE TREND OF BASE OIL, BY KEY PLAYERS, 2024 55
5.6 TRADE DATA 56
5.6.1 IMPORT SCENARIO (HS CODE 2709) 56
5.6.2 EXPORT SCENARIO (HS CODE 2709) 57
5.7 KEY CONFERENCES AND EVENTS, 2026 58
5.8 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
5.9 INVESTMENT AND FUNDING SCENARIO 59
5.10 CASE STUDY ANALYSIS 59
5.10.1 SHELL CASE STUDY: EGYPTIAN IRON AND STEEL COMPANY 59
5.10.1.1 Shell Lubricant Solutions collaborated with Egyptian Iron and Steel Company to deliver significant savings 59
5.10.2 NYNAS CASE STUDY: CARL BECHEM INDIA 60
5.10.2.1 Optimizing food-grade lubricant performance with Nynas’ base oils 60
5.10.3 EXXONMOBIL CASE STUDY: DALIAN HILUBO LUBRICATING OIL COMPANY 60
5.10.3.1 Dalian Hilubo Lubricating Oil Company used ExxonMobil’s formulation expertise and mPAO base stocks to succeed in China’s wind industry 60
5.11 IMPACT OF US 2025 TARIFFS ON BASE OIL MARKET 61
5.11.1 KEY TARIFF RATES IMPACTING MARKET 61
5.11.2 PRICE IMPACT ANALYSIS 61
5.11.3 IMPACT ON KEY COUNTRIES/REGIONS 61
5.11.3.1 US 61
5.11.3.2 Europe 61
5.11.3.3 Asia Pacific 62
5.11.4 IMPACT ON END-USE INDUSTRIES 62
5.11.4.1 Automotive 62
5.11.4.2 Industrial machinery and manufacturing 62
5.11.4.3 Marine 62
5.11.4.4 Aviation 62
5.11.4.5 Metalworking and process 62
6 TECHNOLOGICAL ADVANCEMENTS, AI-DRIVEN IMPACT, PATENTS, INNOVATIONS, AND FUTURE APPLICATIONS 63
6.1 KEY TECHNOLOGIES 63
6.1.1 SEPARATION PROCESS 63
6.1.1.1 Solvent Extraction 63
6.1.1.2 Dewaxing 63
6.1.1.3 Hydrofinishing 63
6.2 COMPLEMENTARY TECHNOLOGIES 64
6.2.1 CONVERSION PROCESS 64
6.2.1.1 Hydrocracking 64
6.2.1.2 Hydroisomerization 64
6.2.1.3 Hydrotreating 64
6.3 TECHNOLOGY/PRODUCT ROADMAP 64
6.3.1 SHORT-TERM (2025–2027) | PROCESS OPTIMIZATION & ENVIRONMENTAL COMPLIANCE 64
6.3.2 MID-TERM (2027–2030) | INNOVATION & SUSTAINABLE TRANSFORMATION 65
6.3.3 LONG-TERM (2030–2035+) | CIRCULARITY, DECARBONIZATION,
AND NEW APPLICATIONS 66

6.4 PATENT ANALYSIS 66
6.4.1 METHODOLOGY 66
6.5 FUTURE APPLICATIONS 69
6.5.1 SMART & CONNECTED MACHINERY LUBRICANTS: AI-ENABLED PREDICTIVE MAINTENANCE 69
6.5.2 BIO-BASED & CARBON-NEUTRAL BASE OILS: SUSTAINABLE FEEDSTOCK TRANSITION 70
6.5.3 HIGH-PERFORMANCE ELECTRIC VEHICLE FLUIDS: ADVANCED COOLING & LUBRICATION FOR ELECTRIC MOBILITY 70
6.5.4 PRECISION MANUFACTURING & ROBOTICS LUBRICANTS: ULTRA-CLEAN, HIGH-PERFORMANCE OILS 70
6.5.5 CIRCULAR RE-REFINING SYSTEMS: CLOSED-LOOP SUSTAINABILITY IN LUBRICANTS 71
6.6 IMPACT OF GENERATIVE AI ON BASE OIL MARKET 71
6.6.1 INTRODUCTION 71
6.6.1.1 Operational efficiency and cost structure optimization 71
6.6.1.1.1 Refinery and base oil production optimization 71
6.6.1.1.2 Predictive maintenance and asset management 71
6.6.1.1.3 Supply chain, logistics, and demand forecasting 72
6.6.1.2 Digital simulation and scenario planning 72
6.6.1.3 Innovation in formulation and product development 72
6.6.1.4 Market analytics, pricing intelligence, and commercial strategy 72
6.6.1.5 Challenges and adoption barriers 72
7 SUSTAINABILITY AND REGULATORY LANDSCAPE 73
7.1 REGULATORY LANDSCAPE 73
7.1.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 73
7.1.2 INDUSTRY STANDARDS 75
7.2 SUSTAINABILITY INITIATIVES 76
7.2.1 CARBON IMPACT AND ECO-APPLICATIONS OF BASE OIL 76
7.2.1.1 Carbon impact reduction 76
7.2.1.2 Eco-applications 77
7.3 SUSTAINABILITY IMPACT AND REGULATORY POLICY INITIATIVES 77
7.4 CERTIFICATIONS, LABELING, AND ECO-STANDARDS 78
8 CUSTOMER LANDSCAPE & BUYER BEHAVIOR 80
8.1 DECISION-MAKING PROCESS 80
8.2 KEY STAKEHOLDERS AND BUYING CRITERIA 81
8.2.1 KEY STAKEHOLDERS IN BUYING PROCESS 81
8.2.2 BUYING CRITERIA 82
8.3 ADOPTION BARRIERS & INTERNAL CHALLENGES 83
8.4 UNMET NEEDS IN VARIOUS END-USE INDUSTRIES 84

8.5 MARKET PROFITABILITY 85
8.5.1 REVENUE POTENTIAL 85
8.5.2 COST DYNAMICS 85
8.5.3 MARGIN OPPORTUNITIES IN KEY APPLICATIONS 86
9 BASE OIL MARKET, BY GROUP 87
9.1 INTRODUCTION 88
9.2 GROUP I 90
9.2.1 HIGH SULFUR CONTENT TO AFFECT DEMAND 90
9.3 GROUP II 91
9.3.1 RISING DEMAND FOR CLEANER AND COST-EFFICIENT LUBRICANTS TO DRIVE DEMAND 91
9.4 GROUP III 93
9.4.1 SHIFT TOWARD FUEL-EFFICIENT AND LOW-VISCOSITY LUBRICANTS TO DRIVE DEMAND 93
9.5 GROUP IV 95
9.5.1 HIGH VISCOSITY INDEX AND EXTREME TEMPERATURE PERFORMANCE TO DRIVE DEMAND 95
9.6 GROUP V 96
9.6.1 INCREASING USE OF SPECIALTY AND BIO-BASED FORMULATIONS TO DRIVE DEMAND 96
10 BASE OIL MARKET, BY APPLICATION 99
10.1 INTRODUCTION 100
10.2 AUTOMOTIVE OIL 102
10.2.1 INCREASING PRODUCTION OF VEHICLES IN EMERGING ECONOMIES TO DRIVE DEMAND 102
10.3 INDUSTRIAL OIL 103
10.3.1 GROWING ELECTRICITY GENERATION CAPACITY TO DRIVE DEMAND FOR TURBINE AND TRANSFORMER OILS 103
10.4 METALWORKING FLUID 105
10.4.1 GROWING METAL & MINING INDUSTRY TO DRIVE DEMAND 105
10.5 HYDRAULIC OIL 107
10.5.1 RAPID URBANIZATION AND LARGE-SCALE INFRASTRUCTURE PROJECTS ACROSS REGIONS TO DRIVE DEMAND 107
10.6 GREASE 108
10.6.1 APPLICATIONS WHERE LONG SERVICE LIFE, RESISTANCE TO WASHOUT, AND PROTECTION UNDER HIGH LOADS ARE CRITICAL TO DRIVE DEMAND 108
10.7 OTHERS 110
11 BASE OIL MARKET, BY TYPE 112
11.1 INTRODUCTION 112
11.2 MINERAL OIL 112

11.3 SYNTHETIC OIL 112
11.4 BIO-BASED OIL 112
12 BASE OIL MARKET, BY SALES CHANNEL 113
12.1 INTRODUCTION 113
12.2 OEM 113
12.3 AFTERMARKET 113
13 RE-REFINED BASE OIL MARKET 114
13.1 INTRODUCTION 114
13.2 TECHNOLOGY FOR RE-REFINED BASE OIL 114
13.3 ANALYSIS 115
13.3.1 GLOBAL 115
13.3.2 NORTH AMERICA 115
13.3.3 EUROPE 115
14 BASE OIL MARKET, BY REGION 116
14.1 INTRODUCTION 117
14.2 ASIA PACIFIC 119
14.2.1 CHINA 124
14.2.1.1 Strong automobile production, expanding industrial base, and large-scale infrastructure development to drive growth 124
14.2.2 JAPAN 127
14.2.2.1 Growing demand from automotive sector to drive growth 127
14.2.3 INDIA 130
14.2.3.1 Growth in steel production, metal fabrication, and heavy engineering to drive growth 130
14.2.4 SOUTH KOREA 133
14.2.4.1 Investments in high-value manufacturing and export-oriented industries to drive growth 133
14.2.5 INDONESIA 136
14.2.5.1 Growth in mining, construction, and metal processing industries to fuel demand 136
14.2.6 THAILAND 139
14.2.6.1 Export-oriented manufacturing base to drive growth 139
14.2.7 REST OF ASIA PACIFIC 142
14.3 EUROPE 145
14.3.1 RUSSIA 150
14.3.1.1 Resilient demand and integrated refining strength to drive market 150
14.3.2 GERMANY 153
14.3.2.1 Advanced refining, sustainability focus, and industrial strength to drive market 153

14.3.3 FRANCE 156
14.3.3.1 Regulatory alignment, industrial demand, and quality shift to boost market 156
14.3.4 ITALY 159
14.3.4.1 Industrial demand, import dependence, and sustainability trends to drive market 159
14.3.5 UK 162
14.3.5.1 Well-established lubricant blending and distribution network to drive market 162
14.3.6 SPAIN 165
14.3.6.1 Growth of lubricant consumption to drive market 165
14.3.7 REST OF EUROPE 168
14.4 NORTH AMERICA 171
14.4.1 US 175
14.4.1.1 Strong demand from automotive and industrial lubricant applications to propel demand 175
14.4.2 CANADA 178
14.4.2.1 Expansion of manufacturing and industrial sectors to drive market 178
14.4.3 MEXICO 181
14.4.3.1 Expanding manufacturing activity to drive demand 181
14.5 MIDDLE EAST & AFRICA 184
14.5.1 GCC COUNTRIES 188
14.5.1.1 Saudi Arabia 188
14.5.1.1.1 Focus on higher-performance and synthetic lubricants to drive growth 188
14.5.1.2 Rest of GCC 191
14.5.2 TURKEY 194
14.5.2.1 Growth in construction, logistics, and energy-related activities to drive demand 194
14.5.3 IRAN 197
14.5.3.1 Growing activity across oil & gas, construction, and mining industries to drive demand 197
14.5.4 REST OF MIDDLE EAST & AFRICA 200
14.6 SOUTH AMERICA 203
14.6.1 BRAZIL 207
14.6.1.1 Import-driven supply and automotive sector growth to drive market 207
14.6.2 COLOMBIA 210
14.6.2.1 Growth in industrial applications, including hydraulic fluids, metalworking oils, to drive demand 210
14.6.3 ARGENTINA 213
14.6.3.1 Growth of automotive and industrial activity and upgrades in lubricant quality to drive market 213
14.6.4 REST OF SOUTH AMERICA 216

15 COMPETITIVE LANDSCAPE 220
15.1 INTRODUCTION 220
15.2 KEY PLAYERS’ STRATEGIES/RIGHT TO WIN 220
15.3 REVENUE ANALYSIS, 2024 221
15.3.1 KEY PLAYERS’ REVENUE ANALYSIS 222
15.4 MARKET RANKING AND MARKET SHARE ANALYSIS, 2024 222
15.4.1 RANKING OF KEY MARKET PLAYERS 222
15.4.2 MARKET SHARE ANALYSIS 223
15.5 BRAND/PRODUCT COMPARISON 226
15.5.1 CHEVRON CORPORATION 227
15.5.2 EXXONMOBIL 227
15.5.3 SAUDI ARABIAN OIL CO. (SAUDI ARAMCO) 227
15.5.4 CHINA PETROCHEMICAL CORPORATION (SINOPEC) 227
15.5.5 PETROCHINA COMPANY LIMITED 227
15.6 COMPANY VALUATION AND FINANCIAL METRICS 228
15.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 229
15.7.1 STARS 229
15.7.2 EMERGING LEADERS 229
15.7.3 PERVASIVE PLAYERS 230
15.7.4 PARTICIPANTS 230
15.8 COMPANY FOOTPRINT: KEY PLAYERS, 2024 231
15.8.1 COMPANY FOOTPRINT 231
15.8.2 REGION FOOTPRINT 232
15.8.3 TYPE FOOTPRINT 233
15.8.4 GROUP FOOTPRINT 234
15.8.5 APPLICATION FOOTPRINT 235
15.9 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 236
15.9.1 PROGRESSIVE COMPANIES 236
15.9.2 RESPONSIVE COMPANIES 236
15.9.3 DYNAMIC COMPANIES 236
15.9.4 STARTING BLOCKS 236
15.10 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 238
15.10.1 LIST OF KEY STARTUPS/SMES 238
15.10.2 COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 239
15.11 COMPETITIVE SCENARIO 240
15.11.1 DEALS 240
16 COMPANY PROFILES 241
16.1 MAJOR PLAYERS 241
16.1.1 CHEVRON CORPORATION 241
16.1.1.1 Business overview 241
16.1.1.2 Products offered 242
16.1.1.3 Recent developments 243
16.1.1.3.1 Deals 243
16.1.1.4 MnM view 243
16.1.1.4.1 Right to win 243
16.1.1.4.2 Strategic choices 243
16.1.1.4.3 Weaknesses and competitive threats 243
16.1.2 EXXONMOBIL 244
16.1.2.1 Business overview 244
16.1.2.2 Products offered 245
16.1.2.3 Recent developments 245
16.1.2.3.1 Deals 245
16.1.2.4 MnM view 245
16.1.2.4.1 Right to win 245
16.1.2.4.2 Strategic choices 246
16.1.2.4.3 Weaknesses and competitive threats 246
16.1.3 S-OIL CORPORATION 247
16.1.3.1 Business overview 247
16.1.3.2 Products offered 248
16.1.3.3 MnM view 248
16.1.3.3.1 Right to win 248
16.1.3.3.2 Strategic choices 248
16.1.3.3.3 Weaknesses and competitive threats 248
16.1.4 MOTIVA ENTERPRISES LLC 249
16.1.4.1 Business overview 249
16.1.4.2 Products offered 249
16.1.4.3 MnM view 249
16.1.4.3.1 Right to win 249
16.1.4.3.2 Strategic choices 250
16.1.4.3.3 Weaknesses and competitive threats 250
16.1.5 SK ENMOVE 251
16.1.5.1 Business overview 251
16.1.5.2 Products offered 252
16.1.5.3 MnM view 252
16.1.5.3.1 Right to win 252
16.1.5.3.2 Strategic choices 252
16.1.5.3.3 Weaknesses and competitive threats 252
16.1.6 SAUDI ARABIAN OIL CO. 253
16.1.6.1 Business overview 253
16.1.6.2 Products offered 254
16.1.6.3 Recent developments 255
16.1.6.3.1 Deals 255

16.1.7 ENEOS 256
16.1.7.1 Business overview 256
16.1.7.2 Products offered 257
16.1.8 SHANDONG QINGYUAN GROUP CO., LTD. 258
16.1.8.1 Business overview 258
16.1.8.2 Products offered 258
16.1.9 HINDUSTAN PETROLEUM CORPORATION LIMITED 259
16.1.9.1 Business overview 259
16.1.9.2 Products offered 260
16.1.10 SHELL 261
16.1.10.1 Business overview 261
16.1.10.2 Products offered 262
16.1.11 AVISTA OIL DEUTSCHLAND GMBH 263
16.1.11.1 Business overview 263
16.1.11.2 Products offered 263
16.1.12 NYNAS AB 264
16.1.12.1 Business overview 264
16.1.12.2 Products offered 265
16.1.13 REPSOL 266
16.1.13.1 Business overview 266
16.1.13.2 Products offered 267
16.1.14 ERGON, INC. 268
16.1.14.1 Business overview 268
16.1.14.2 Products offered 268
16.1.14.3 Recent developments 269
16.1.14.3.1 Deals 269
16.1.15 CALUMET, INC. 270
16.1.15.1 Business overview 270
16.1.15.2 Products offered 271
16.1.16 CHINA PETROCHEMICAL CORPORATION/SINOPEC GROUP 272
16.1.16.1 Business overview 272
16.1.16.2 Products offered 273
16.1.17 ADNOC 274
16.1.17.1 Business overview 274
16.1.17.2 Products offered 275
16.1.18 PHILLIPS 66 COMPANY 276
16.1.18.1 Business overview 276
16.1.18.2 Products offered 277
16.1.19 PETRONAS LUBRICANTS INTERNATIONAL 278
16.1.19.1 Business overview 278
16.1.19.2 Products offered 279

16.1.20 ORLEN 280
16.1.20.1 Business overview 280
16.1.20.2 Products offered 281
16.1.21 GS CALTEX CORPORATION 282
16.1.21.1 Business overview 282
16.1.21.2 Products offered 283
16.1.22 H&R GROUP 284
16.1.22.1 Business overview 284
16.1.22.2 Products offered 285
16.1.23 PETROCHINA COMPANY LIMITED 286
16.1.23.1 Business overview 286
16.1.23.2 Products offered 287
16.1.24 PT PERTAMINA (PERSERO) 288
16.1.24.1 Business overview 288
16.1.24.2 Products offered 289
16.1.25 FUCHS 290
16.1.25.1 Business overview 290
16.1.25.2 Products offered 291
16.1.26 BAKER HUGHES COMPANY 292
16.1.26.1 Business overview 292
16.1.26.2 Products offered 293
16.2 OTHER PLAYERS 294
16.2.1 FORMOSA PETROCHEMICAL CORPORATION 294
16.2.2 HF SINCLAIR CORPORATION 295
16.2.3 PBF ENERGY 296
16.2.4 ROSNEFT 297
16.2.5 TÜPRAŞ 297
16.2.6 CROSS OIL 298
16.2.7 ENILIVE S.P.A. 298
16.2.8 HAINAN HANDI SUNSHINE PETROCHEMICAL CO., LTD. 299
17 RESEARCH METHODOLOGY 300
17.1 RESEARCH DATA 300
17.1.1 SECONDARY DATA 301
17.1.1.1 List of key secondary sources 301
17.1.1.2 Key data from secondary sources 301
17.1.2 PRIMARY DATA 302
17.1.2.1 Key data from primary sources 302
17.1.2.2 List of primary interview participants (demand and supply sides) 302
17.1.2.3 Key industry insights 303
17.1.2.4 Breakdown of interviews with experts 303

17.2 DEMAND-SIDE ANALYSIS 304
17.3 MARKET SIZE ESTIMATION 304
17.3.1 BOTTOM-UP APPROACH 305
17.3.2 TOP-DOWN APPROACH 305
17.3.3 SUPPLY-SIDE ANALYSIS OF BASE OIL MARKET 307
17.3.3.1 Calculations for supply-side analysis 307
17.4 GROWTH FORECAST 307
17.5 DATA TRIANGULATION 308
17.6 FACTOR ANALYSIS 309
17.7 RESEARCH ASSUMPTIONS 309
17.8 RESEARCH LIMITATIONS 310
17.9 RISK ASSESSMENT 310
18 APPENDIX 311
18.1 DISCUSSION GUIDE 311
18.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 313
18.3 CUSTOMIZATION OPTIONS 315
18.4 RELATED REPORTS 315
18.5 AUTHOR DETAILS 316

LIST OF TABLES

TABLE 1 BASE OIL MARKET: IMPACT OF PORTER’S FIVE FORCES 48
TABLE 2 REAL GDP GROWTH (ANNUAL PERCENTAGE CHANGE), BY KEY COUNTRIES,
2022–2024 (%) 50
TABLE 3 UNEMPLOYMENT RATE, BY KEY COUNTRIES, 2022–2024 (%) 50
TABLE 4 INFLATION RATE, AVERAGE CONSUMER PRICES, BY KEY COUNTRIES,
2022–2024 (%) 51
TABLE 5 FOREIGN DIRECT INVESTMENT, BY REGION, 2022 VS. 2023 (USD BILLION) 51
TABLE 6 BASE OIL MARKET: ROLE OF COMPANIES IN ECOSYSTEM 53
TABLE 7 AVERAGE SELLING PRICE OF BASE OIL, BY REGION, 2022–2024 (USD/TON) 55
TABLE 8 AVERAGE SELLING PRICE OF BASE OIL, BY KEY PLAYERS, 2024 (USD/TON) 55
TABLE 9 IMPORT DATA FOR HS CODE 2709 PETROLEUM OILS AND OILS OBTAINED FROM BITUMINOUS MINERALS, CRUDE, BY KEY COUNTRIES,
2021–2024 (USD THOUSAND) 56
TABLE 10 EXPORT DATA FOR HS CODE 2709 PETROLEUM OILS AND OILS OBTAINED FROM BITUMINOUS MINERALS, CRUDE, BY KEY COUNTRIES,
2021–2024 (USD THOUSAND) 57
TABLE 11 BASE OIL MARKET: KEY CONFERENCES AND EVENTS, 2026 58
TABLE 12 BASE OIL MARKET: LIST OF MAJOR PATENTS, 2014–2024 67
TABLE 13 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 73
TABLE 14 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 74
TABLE 15 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 75
TABLE 16 GLOBAL STANDARDS IN BASE OIL MARKET 75
TABLE 17 CERTIFICATIONS, LABELING, AND ECO-STANDARDS IN BASE OIL MARKET 78
TABLE 18 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%) 81
TABLE 19 KEY BUYING CRITERIA, BY APPLICATION 82
TABLE 20 BASE OIL MARKET: UNMET NEEDS IN KEY END-USE INDUSTRIES 84
TABLE 21 BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 88
TABLE 22 BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 89
TABLE 23 BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 89
TABLE 24 BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 89
TABLE 25 GROUP I: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 90
TABLE 26 GROUP I: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 90
TABLE 27 GROUP I: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 91
TABLE 28 GROUP I: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 91
TABLE 29 GROUP II: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 92
TABLE 30 GROUP II: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 92
TABLE 31 GROUP II: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 92
TABLE 32 GROUP II: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 93
TABLE 33 GROUP III: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 93
TABLE 34 GROUP III: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 94
TABLE 35 GROUP III: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 94
TABLE 36 GROUP III: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 94
TABLE 37 GROUP IV: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 95
TABLE 38 GROUP IV: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 95
TABLE 39 GROUP IV: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 96
TABLE 40 GROUP IV: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 96
TABLE 41 GROUP V: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 97
TABLE 42 GROUP V: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 97
TABLE 43 GROUP V: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 97
TABLE 44 GROUP V: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 98
TABLE 45 BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 100
TABLE 46 BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 101
TABLE 47 BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 101
TABLE 48 BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 101
TABLE 49 AUTOMOTIVE OIL: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 102
TABLE 50 AUTOMOTIVE OIL: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 102
TABLE 51 AUTOMOTIVE OIL: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 103
TABLE 52 AUTOMOTIVE OIL: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 103
TABLE 53 INDUSTRIAL OIL: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 104
TABLE 54 INDUSTRIAL OIL: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 104
TABLE 55 INDUSTRIAL OIL: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 104
TABLE 56 INDUSTRIAL OIL: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 105
TABLE 57 METALWORKING FLUID: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 105
TABLE 58 METALWORKING FLUID: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 106
TABLE 59 METALWORKING FLUID: BASE OIL MARKET, BY REGION,
2021–2024 (USD MILLION) 106
TABLE 60 METALWORKING FLUID: BASE OIL MARKET, BY REGION,
2025–2030 (USD MILLION) 106
TABLE 61 HYDRAULIC OIL: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 107
TABLE 62 HYDRAULIC OIL: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 107
TABLE 63 HYDRAULIC OIL: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 108
TABLE 64 HYDRAULIC OIL: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 108
TABLE 65 GREASE: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 109
TABLE 66 GREASE: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 109
TABLE 67 GREASE: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 109
TABLE 68 GREASE: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 110
TABLE 69 OTHERS: BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 110
TABLE 70 OTHERS: BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 111
TABLE 71 OTHERS: BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 111
TABLE 72 OTHERS: BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 111
TABLE 73 BASE OIL MARKET, BY REGION, 2021–2024 (KILOTON) 117
TABLE 74 BASE OIL MARKET, BY REGION, 2025–2030 (KILOTON) 118
TABLE 75 BASE OIL MARKET, BY REGION, 2021–2024 (USD MILLION) 118
TABLE 76 BASE OIL MARKET, BY REGION, 2025–2030 (USD MILLION) 118
TABLE 77 ASIA PACIFIC: BASE OIL MARKET, BY COUNTRY, 2021–2024 (KILOTON) 120
TABLE 78 ASIA PACIFIC: BASE OIL MARKET, BY COUNTRY, 2025–2030 (KILOTON) 120
TABLE 79 ASIA PACIFIC: BASE OIL MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 120
TABLE 80 ASIA PACIFIC: BASE OIL MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 121
TABLE 81 ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 121
TABLE 82 ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 121
TABLE 83 ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 122
TABLE 84 ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 122
TABLE 85 ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 122
TABLE 86 ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 123
TABLE 87 ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 123
TABLE 88 ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 123
TABLE 89 CHINA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 124
TABLE 90 CHINA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 124
TABLE 91 CHINA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 125
TABLE 92 CHINA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 125
TABLE 93 CHINA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 125
TABLE 94 CHINA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 126
TABLE 95 CHINA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 126
TABLE 96 CHINA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 126
TABLE 97 JAPAN: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 127
TABLE 98 JAPAN: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 127
TABLE 99 JAPAN: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 128
TABLE 100 JAPAN: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 128
TABLE 101 JAPAN: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 128
TABLE 102 JAPAN: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 129
TABLE 103 JAPAN: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 129
TABLE 104 JAPAN: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 129
TABLE 105 INDIA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 130
TABLE 106 INDIA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 130
TABLE 107 INDIA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 131
TABLE 108 INDIA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 131
TABLE 109 INDIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 131
TABLE 110 INDIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 132
TABLE 111 INDIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 132
TABLE 112 INDIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 132
TABLE 113 SOUTH KOREA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 133
TABLE 114 SOUTH KOREA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 133
TABLE 115 SOUTH KOREA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 134
TABLE 116 SOUTH KOREA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 134
TABLE 117 SOUTH KOREA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 134
TABLE 118 SOUTH KOREA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 135
TABLE 119 SOUTH KOREA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 135
TABLE 120 SOUTH KOREA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 135
TABLE 121 INDONESIA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 136
TABLE 122 INDONESIA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 136
TABLE 123 INDONESIA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 137
TABLE 124 INDONESIA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 137
TABLE 125 INDONESIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 137
TABLE 126 INDONESIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 138
TABLE 127 INDONESIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 138
TABLE 128 INDONESIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 138
TABLE 129 THAILAND: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 139
TABLE 130 THAILAND: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 139
TABLE 131 THAILAND: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 140
TABLE 132 THAILAND: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 140
TABLE 133 THAILAND: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 140
TABLE 134 THAILAND: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 141
TABLE 135 THAILAND: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 141
TABLE 136 THAILAND: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 141
TABLE 137 REST OF ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 142
TABLE 138 REST OF ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 142
TABLE 139 REST OF ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 143
TABLE 140 REST OF ASIA PACIFIC: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 143
TABLE 141 REST OF ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION,
2021–2024 (KILOTON) 143
TABLE 142 REST OF ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION,
2025–2030 (KILOTON) 144
TABLE 143 REST OF ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 144
TABLE 144 REST OF ASIA PACIFIC: BASE OIL MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 144
TABLE 145 EUROPE: BASE OIL MARKET, BY COUNTRY, 2021–2024 (KILOTON) 146
TABLE 146 EUROPE: BASE OIL MARKET, BY COUNTRY, 2025–2030 (KILOTON) 146
TABLE 147 EUROPE: BASE OIL MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 146
TABLE 148 EUROPE: BASE OIL MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 147
TABLE 149 EUROPE: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 147
TABLE 150 EUROPE: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 147
TABLE 151 EUROPE: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 148
TABLE 152 EUROPE: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 148
TABLE 153 EUROPE: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 148
TABLE 154 EUROPE: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 149
TABLE 155 EUROPE: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 149
TABLE 156 EUROPE: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 149
TABLE 157 RUSSIA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 150
TABLE 158 RUSSIA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 150
TABLE 159 RUSSIA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 151
TABLE 160 RUSSIA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 151
TABLE 161 RUSSIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 151
TABLE 162 RUSSIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 152
TABLE 163 RUSSIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 152
TABLE 164 RUSSIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 152
TABLE 165 GERMANY: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 153
TABLE 166 GERMANY: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 153
TABLE 167 GERMANY: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 154
TABLE 168 GERMANY: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 154
TABLE 169 GERMANY: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 154
TABLE 170 GERMANY: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 155
TABLE 171 GERMANY: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 155
TABLE 172 GERMANY: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 155
TABLE 173 FRANCE: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 156
TABLE 174 FRANCE: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 156
TABLE 175 FRANCE: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 157
TABLE 176 FRANCE: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 157
TABLE 177 FRANCE: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 157
TABLE 178 FRANCE: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 158
TABLE 179 FRANCE: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 158
TABLE 180 FRANCE: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 158
TABLE 181 ITALY: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 159
TABLE 182 ITALY: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 159
TABLE 183 ITALY: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 160
TABLE 184 ITALY: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 160
TABLE 185 ITALY: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 160
TABLE 186 ITALY: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 161
TABLE 187 ITALY: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 161
TABLE 188 ITALY: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 161
TABLE 189 UK: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 162
TABLE 190 UK: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 162
TABLE 191 UK: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 163
TABLE 192 UK: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 163
TABLE 193 UK: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 163
TABLE 194 UK: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 164
TABLE 195 UK: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 164
TABLE 196 UK: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 164
TABLE 197 SPAIN: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 165
TABLE 198 SPAIN: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 165
TABLE 199 SPAIN: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 166
TABLE 200 SPAIN: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 166
TABLE 201 SPAIN: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 166
TABLE 202 SPAIN: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 167
TABLE 203 SPAIN: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 167
TABLE 204 SPAIN: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 167
TABLE 205 REST OF EUROPE: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 168
TABLE 206 REST OF EUROPE: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 168
TABLE 207 REST OF EUROPE: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 169
TABLE 208 REST OF EUROPE: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 169
TABLE 209 REST OF EUROPE: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 169
TABLE 210 REST OF EUROPE: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 170
TABLE 211 REST OF EUROPE: BASE OIL MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 170
TABLE 212 REST OF EUROPE: BASE OIL MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 170
TABLE 213 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2021–2024 (KILOTON) 171
TABLE 214 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2025–2030 (KILOTON) 172
TABLE 215 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 172
TABLE 216 NORTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 172
TABLE 217 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 172
TABLE 218 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 173
TABLE 219 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 173
TABLE 220 NORTH AMERICA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 173
TABLE 221 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 174
TABLE 222 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 174
TABLE 223 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 174
TABLE 224 NORTH AMERICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 175
TABLE 225 US: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 175
TABLE 226 US: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 176
TABLE 227 US: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 176
TABLE 228 US: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 176
TABLE 229 US: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 177
TABLE 230 US: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 177
TABLE 231 US: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 177
TABLE 232 US: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 178
TABLE 233 CANADA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 178
TABLE 234 CANADA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 179
TABLE 235 CANADA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 179
TABLE 236 CANADA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 179
TABLE 237 CANADA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 180
TABLE 238 CANADA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 180
TABLE 239 CANADA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 180
TABLE 240 CANADA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 181
TABLE 241 MEXICO: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 181
TABLE 242 MEXICO: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 182
TABLE 243 MEXICO: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 182
TABLE 244 MEXICO: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 182
TABLE 245 MEXICO: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 183
TABLE 246 MEXICO: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 183
TABLE 247 MEXICO: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 183
TABLE 248 MEXICO: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 184
TABLE 249 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY, 2021–2024 (KILOTON) 184
TABLE 250 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY, 2025–2030 (KILOTON) 185
TABLE 251 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY,
2021–2024 (USD MILLION) 185
TABLE 252 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY COUNTRY,
2025–2030 (USD MILLION) 185
TABLE 253 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 186
TABLE 254 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 186
TABLE 255 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP,
2021–2024 (USD MILLION) 186
TABLE 256 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP,
2025–2030 (USD MILLION) 187
TABLE 257 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (KILOTON) 187
TABLE 258 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (KILOTON) 187
TABLE 259 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 188
TABLE 260 MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 188
TABLE 261 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 189
TABLE 262 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 189
TABLE 263 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 189
TABLE 264 SAUDI ARABIA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 190
TABLE 265 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 190
TABLE 266 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 190
TABLE 267 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 191
TABLE 268 SAUDI ARABIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 191
TABLE 269 REST OF GCC: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 192
TABLE 270 REST OF GCC: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 192
TABLE 271 REST OF GCC: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 192
TABLE 272 REST OF GCC: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 193
TABLE 273 REST OF GCC: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 193
TABLE 274 REST OF GCC: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 193
TABLE 275 REST OF GCC: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 194
TABLE 276 REST OF GCC: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 194
TABLE 277 TURKEY: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 195
TABLE 278 TURKEY: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 195
TABLE 279 TURKEY: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 195
TABLE 280 TURKEY: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 196
TABLE 281 TURKEY: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 196
TABLE 282 TURKEY: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 196
TABLE 283 TURKEY: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 197
TABLE 284 TURKEY: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 197
TABLE 285 IRAN: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 198
TABLE 286 IRAN: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 198
TABLE 287 IRAN: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 198
TABLE 288 IRAN: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 199
TABLE 289 IRAN: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 199
TABLE 290 IRAN: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 199
TABLE 291 IRAN: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 200
TABLE 292 IRAN: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 200
TABLE 293 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP,
2021–2024 (KILOTON) 201
TABLE 294 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP,
2025–2030 (KILOTON) 201
TABLE 295 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP,
2021–2024 (USD MILLION) 201
TABLE 296 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY GROUP,
2025–2030 (USD MILLION) 202
TABLE 297 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (KILOTON) 202
TABLE 298 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (KILOTON) 202
TABLE 299 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 203
TABLE 300 REST OF MIDDLE EAST & AFRICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 203
TABLE 301 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2021–2024 (KILOTON) 204
TABLE 302 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2025–2030 (KILOTON) 204
TABLE 303 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 204
TABLE 304 SOUTH AMERICA: BASE OIL MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 204
TABLE 305 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 205
TABLE 306 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 205
TABLE 307 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 205
TABLE 308 SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 206
TABLE 309 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 206
TABLE 310 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 206
TABLE 311 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 207
TABLE 312 SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 207
TABLE 313 BRAZIL: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 208
TABLE 314 BRAZIL: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 208
TABLE 315 BRAZIL: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 208
TABLE 316 BRAZIL: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 209
TABLE 317 BRAZIL: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 209
TABLE 318 BRAZIL: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 209
TABLE 319 BRAZIL: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 210
TABLE 320 BRAZIL: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 210
TABLE 321 COLOMBIA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 211
TABLE 322 COLOMBIA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 211
TABLE 323 COLOMBIA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 211
TABLE 324 COLOMBIA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 212
TABLE 325 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 212
TABLE 326 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 212
TABLE 327 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 213
TABLE 328 COLOMBIA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 213
TABLE 329 ARGENTINA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 214
TABLE 330 ARGENTINA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 214
TABLE 331 ARGENTINA: BASE OIL MARKET, BY GROUP, 2021–2024 (USD MILLION) 214
TABLE 332 ARGENTINA: BASE OIL MARKET, BY GROUP, 2025–2030 (USD MILLION) 215
TABLE 333 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (KILOTON) 215
TABLE 334 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (KILOTON) 215
TABLE 335 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 216
TABLE 336 ARGENTINA: BASE OIL MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 216
TABLE 337 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2021–2024 (KILOTON) 217
TABLE 338 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP, 2025–2030 (KILOTON) 217
TABLE 339 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP,
2021–2024 (USD MILLION) 217
TABLE 340 REST OF SOUTH AMERICA: BASE OIL MARKET, BY GROUP,
2025–2030 (USD MILLION) 218
TABLE 341 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (KILOTON) 218
TABLE 342 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (KILOTON) 218
TABLE 343 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION,
2021–2024 (USD MILLION) 219
TABLE 344 REST OF SOUTH AMERICA: BASE OIL MARKET, BY APPLICATION,
2025–2030 (USD MILLION) 219
TABLE 345 BASE OIL MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS,
2020–2025 220
TABLE 346 BASE OIL MARKET: DEGREE OF COMPETITION, 2024 223
TABLE 347 BASE OIL MARKET: REGION FOOTPRINT 232
TABLE 348 BASE OIL MARKET: TYPE FOOTPRINT 233
TABLE 349 BASE OIL MARKET: GROUP FOOTPRINT 234
TABLE 350 BASE OIL MARKET: APPLICATION FOOTPRINT 235
TABLE 351 BASE OIL MARKET: LIST OF KEY STARTUPS/SMES 238
TABLE 352 BASE OIL MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 239
TABLE 353 BASE OIL MARKET: DEALS, JANUARY 2020–DECEMBER 2025 240
TABLE 354 CHEVRON CORPORATION: COMPANY OVERVIEW 241
TABLE 355 CHEVRON CORPORATION: PRODUCTS OFFERED 242
TABLE 356 CHEVRON CORPORATION: DEALS 243
TABLE 357 EXXONMOBIL: COMPANY OVERVIEW 244
TABLE 358 EXXONMOBIL: PRODUCTS OFFERED 245
TABLE 359 EXXONMOBIL: DEALS 245
TABLE 360 S-OIL CORPORATION: COMPANY OVERVIEW 247
TABLE 361 S-OIL CORPORATION: PRODUCTS OFFERED 248
TABLE 362 MOTIVA ENTERPRISES LLC: COMPANY OVERVIEW 249
TABLE 363 MOTIVA ENTERPRISES LLC: PRODUCTS OFFERED 249
TABLE 364 SK ENMOVE: COMPANY OVERVIEW 251
TABLE 365 SK ENMOVE: PRODUCTS OFFERED 252
TABLE 366 SAUDI ARABIAN OIL CO.: COMPANY OVERVIEW 253
TABLE 367 SAUDI ARABIAN OIL CO.: PRODUCTS OFFERED 254
TABLE 368 SAUDI ARABIAN OIL CO.: DEALS 255
TABLE 369 ENEOS: COMPANY OVERVIEW 256
TABLE 370 ENEOS: PRODUCTS OFFERED 257
TABLE 371 SHANDONG QINGYUAN GROUP CO., LTD.: COMPANY OVERVIEW 258
TABLE 372 SHANDONG QINGYUAN GROUP CO., LTD.: PRODUCTS OFFERED 258
TABLE 373 HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY OVERVIEW 259
TABLE 374 HINDUSTAN PETROLEUM CORPORATION LIMITED: PRODUCTS OFFERED 260
TABLE 375 SHELL: COMPANY OVERVIEW 261
TABLE 376 SHELL: PRODUCTS OFFERED 262
TABLE 377 AVISTA OIL DEUTSCHLAND GMBH: COMPANY OVERVIEW 263
TABLE 378 AVISTA OIL DEUTSCHLAND GMBH: PRODUCTS OFFERED 263
TABLE 379 NYNAS AB: COMPANY OVERVIEW 264
TABLE 380 NYNAS AB: PRODUCTS OFFERED 265
TABLE 381 REPSOL: COMPANY OVERVIEW 266
TABLE 382 REPSOL: PRODUCTS OFFERED 267
TABLE 383 ERGON, INC.: COMPANY OVERVIEW 268
TABLE 384 ERGON, INC.: PRODUCTS OFFERED 268
TABLE 385 ERGON, INC.: DEALS 269
TABLE 386 CALUMET, INC.: COMPANY OVERVIEW 270
TABLE 387 CALUMET, INC.: PRODUCTS OFFERED 271
TABLE 388 CHINA PETROCHEMICAL CORPORATION: COMPANY OVERVIEW 272
TABLE 389 CHINA PETROCHEMICAL CORPORATION: PRODUCTS OFFERED 273
TABLE 390 ADNOC: COMPANY OVERVIEW 274
TABLE 391 ADNOC: PRODUCTS OFFERED 275
TABLE 392 PHILLIPS 66 COMPANY: COMPANY OVERVIEW 276
TABLE 393 PHILLIPS 66 COMPANY: PRODUCTS OFFERED 277
TABLE 394 PETRONAS LUBRICANTS INTERNATIONAL: COMPANY OVERVIEW 278
TABLE 395 PETRONAS LUBRICANTS INTERNATIONAL: PRODUCTS OFFERED 279
TABLE 396 ORLEN: COMPANY OVERVIEW 280
TABLE 397 ORLEN: PRODUCTS OFFERED 281
TABLE 398 GS CALTEX CORPORATION: COMPANY OVERVIEW 282
TABLE 399 GS CALTEX CORPORATION: PRODUCTS OFFERED 283
TABLE 400 H&R GROUP: COMPANY OVERVIEW 284
TABLE 401 H&R GROUP: PRODUCTS OFFERED 285
TABLE 402 PETROCHINA COMPANY LIMITED: COMPANY OVERVIEW 286
TABLE 403 PETROCHINA COMPANY LIMITED: PRODUCTS OFFERED 287
TABLE 404 PT PERTAMINA (PERSERO): COMPANY OVERVIEW 288
TABLE 405 PT PERTAMINA (PERSERO): PRODUCTS OFFERED 289
TABLE 406 FUCHS: COMPANY OVERVIEW 290
TABLE 407 FUCHS: PRODUCTS OFFERED 291
TABLE 408 BAKER HUGHES COMPANY: COMPANY OVERVIEW 292
TABLE 409 BAKER HUGHES COMPANY: PRODUCTS OFFERED 293
TABLE 410 FORMOSA PETROCHEMICAL CORPORATION: COMPANY OVERVIEW 294
TABLE 411 HF SINCLAIR CORPORATION: COMPANY OVERVIEW 295
TABLE 412 PBF ENERGY: COMPANY OVERVIEW 296
TABLE 413 ROSNEFT: COMPANY OVERVIEW 297
TABLE 414 TÜPRAŞ: COMPANY OVERVIEW 297
TABLE 415 CROSS OIL: COMPANY OVERVIEW 298
TABLE 416 ENILIVE S.P.A.: COMPANY OVERVIEW 298
TABLE 417 HAINAN HANDI SUNSHINE PETROCHEMICAL CO., LTD.: COMPANY OVERVIEW 299

LIST OF FIGURES

FIGURE 1 BASE OIL MARKET SEGMENTATION AND REGIONAL SCOPE 30
FIGURE 2 KEY INSIGHTS AND MARKET HIGHLIGHTS 33
FIGURE 3 GLOBAL BASE OIL MARKET, 2025–2030 33
FIGURE 4 MAJOR STRATEGIES ADOPTED BY KEY PLAYERS IN BASE OIL MARKET (2020–2025) 34
FIGURE 5 DISRUPTIVE TRENDS IMPACTING GROWTH OF BASE OIL MARKET 35
FIGURE 6 HIGH-GROWTH SEGMENTS AND EMERGING FRONTIERS IN BASE
OIL MARKET, 2024 35
FIGURE 7 ASIA PACIFIC TO REGISTER FASTEST GROWTH DURING FORECAST PERIOD 36
FIGURE 8 HIGH DEMAND IN AUTOMOTIVE OIL APPLICATION TO CREATE LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS 37
FIGURE 9 GROUP II AND ASIA PACIFIC ACCOUNTED FOR LARGEST MARKET SHARES IN 2024 38
FIGURE 10 AUTOMOTIVE OIL SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2024 38
FIGURE 11 MEXICO TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 39
FIGURE 12 BASE OIL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 40
FIGURE 13 CRUDE OIL FIRST PURCHASE PRICES, 2011-2024 42
FIGURE 14 BASE OIL MARKET: PORTER’S FIVE FORCES ANALYSIS 47
FIGURE 15 BASE OIL MARKET: VALUE CHAIN ANALYSIS 52
FIGURE 16 BASE OIL MARKET: ECOSYSTEM MAPPING 53
FIGURE 17 AVERAGE SELLING PRICE TREND OF BASE OIL, BY REGION,
2022–2024 (USD/TON) 54
FIGURE 18 AVERAGE SELLING PRICE TREND OF BASE OIL, BY KEY PLAYERS, 2024 (USD/TON) 55
FIGURE 19 IMPORT SCENARIO FOR HS CODE 2709 PETROLEUM OILS AND OILS OBTAINED FROM BITUMINOUS MINERALS, CRUDE, BY KEY COUNTRIES, 2021–2024 56
FIGURE 20 EXPORT SCENARIO FOR HS CODE 2709 PETROLEUM OILS AND OILS OBTAINED FROM BITUMINOUS MINERALS, CRUDE, BY KEY COUNTRIES, 2021–2024 57
FIGURE 21 TRENDS/DISRUPTIONS INFLUENCING CUSTOMER BUSINESS 58
FIGURE 22 BASE OIL MARKET: INVESTMENT AND FUNDING SCENARIO, 2020–2025 59
FIGURE 23 LIST OF MAJOR PATENTS RELATED TO BASE OIL, 2014–2024 67
FIGURE 24 FUTURE APPLICATIONS OF BASE OIL 69
FIGURE 25 BASE OIL MARKET: DECISION-MAKING FACTORS 80
FIGURE 26 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 81
FIGURE 27 KEY BUYING CRITERIA, BY APPLICATION 82
FIGURE 28 ADOPTION BARRIERS & INTERNAL CHALLENGES 83
FIGURE 29 GROUP II BASE OILS TO HOLD LARGEST MARKET SHARE IN 2030 88
FIGURE 30 AUTOMOTIVE SEGMENT TO HOLD LARGEST MARKET SHARE IN 2030 100
FIGURE 31 ASIA PACIFIC REGION TO LEAD BASE OIL MARKET IN 2030 117
FIGURE 32 ASIA PACIFIC: BASE OIL MARKET SNAPSHOT 119
FIGURE 33 EUROPE: BASE OIL MARKET SNAPSHOT 145
FIGURE 34 NORTH AMERICA: BASE OIL MARKET SNAPSHOT 171
FIGURE 35 BASE OIL MARKET: REVENUE ANALYSIS OF KEY COMPANIES,
2020–2024 (USD BILLION) 222
FIGURE 36 RANKING OF KEY PLAYERS IN BASE OIL MARKET, 2024 222
FIGURE 37 BASE OIL MARKET SHARE ANALYSIS, 2024 223
FIGURE 38 BASE OIL MARKET: BRAND/PRODUCT COMPARISON 226
FIGURE 39 BASE OIL MARKET: EV/EBITDA 228
FIGURE 40 BASE OIL MARKET: EV/REVENUE 228
FIGURE 41 BASE OIL MARKET: YEAR-TO-DATE (YTD) PRICE, TOTAL RETURN,
AND FIVE-YEAR STOCK BETA OF KEY MANUFACTURERS 229
FIGURE 42 BASE OIL MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 230
FIGURE 43 BASE OIL MARKET: COMPANY FOOTPRINT 231
FIGURE 44 BASE OIL MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 237
FIGURE 45 CHEVRON CORPORATION: COMPANY SNAPSHOT 242
FIGURE 46 EXXONMOBIL: COMPANY SNAPSHOT 244
FIGURE 47 S-OIL CORPORATION: COMPANY SNAPSHOT 247
FIGURE 48 SK ENMOVE: COMPANY SNAPSHOT 251
FIGURE 49 SAUDI ARABIAN OIL CO.: COMPANY SNAPSHOT 254
FIGURE 50 ENEOS: COMPANY SNAPSHOT 256
FIGURE 51 HINDUSTAN PETROLEUM CORPORATION LIMITED: COMPANY SNAPSHOT 260
FIGURE 52 SHELL: COMPANY SNAPSHOT 262
FIGURE 53 NYNAS AB: COMPANY SNAPSHOT 265
FIGURE 54 REPSOL: COMPANY SNAPSHOT 266
FIGURE 55 CALUMET, INC.: COMPANY SNAPSHOT 271
FIGURE 56 CHINA PETROCHEMICAL CORPORATION: COMPANY SNAPSHOT 272
FIGURE 57 ADNOC: COMPANY SNAPSHOT 274
FIGURE 58 PHILLIPS 66 COMPANY: COMPANY SNAPSHOT 277
FIGURE 59 PETRONAS LUBRICANTS INTERNATIONAL: COMPANY SNAPSHOT 279
FIGURE 60 ORLEN: COMPANY SNAPSHOT 281
FIGURE 61 GS CALTEX CORPORATION: COMPANY SNAPSHOT 283
FIGURE 62 H&R GROUP: COMPANY SNAPSHOT 285
FIGURE 63 PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT 287
FIGURE 64 PT PERTAMINA (PERSERO): COMPANY SNAPSHOT 289
FIGURE 65 FUCHS: COMPANY SNAPSHOT 291
FIGURE 66 BAKER HUGHES COMPANY: COMPANY SNAPSHOT 293
FIGURE 67 BASE OIL MARKET: RESEARCH DESIGN 300
FIGURE 68 MAIN MATRIX CONSIDERED TO ASSESS DEMAND FOR BASE OILS 304
FIGURE 69 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 305
FIGURE 70 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 305
FIGURE 71 METHODOLOGY USED FOR SUPPLY-SIDE SIZING OF BASE OIL MARKET 306
FIGURE 72 BASE OIL MARKET: DATA TRIANGULATION 308

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