엔진 기술에 대한 투자와 저배출 및 고연비를 요구하는 엄격한 환경 규제로 인해 자동차 및 산업 부문에서 고성능 윤활유에 대한 수요가 증가하면서 기유 시장을 주도하고 있으며, Verified Market Research의 애널리스트에 따르면 기유 시장은 2024년의 약 204억 달러에서 예측 기간 동안 285억 7,000만 달러에 달할 것으로 예상됩니다.
신흥국의 산업화 및 도시화가 진행됨에 따라 효율적인 기계 및 장비 유지보수에 대한 요구가 증가하면서 다양한 윤활유 응용 분야에서 기유에 대한 수요가 증가하고 있습니다. 이에 따라 2024년부터 2031년까지 연평균 4.3%의 CAGR로 시장이 성장할 것으로 예상됩니다.
기유 시장 정의/개요
기유는 윤활유 배합의 기본 성분으로 사용되는 석유 정제 제품 또는 합성 제품으로 적절한 윤활을 보장하고 기계 시스템의 마모와 손상을 줄이기 위해 윤활유 배합의 기본 성분입니다. 다양한 정제 공정을 통해 원유에서 얻거나 화학 화합물에서 생산되는 기유는 점도, 열 안정성, 내 산화성 등 성공적인 윤활을 위해 중요한 특성을 가지고 있습니다.
또한, 기유는 다양한 산업적 용도를 가지고 있습니다. 자동차 산업에서는 엔진 오일, 변속기 오일 및 기어 오일을 생산하여 엔진의 성능과 수명을 향상시키는 데 사용됩니다. 산업 응용 분야에는 유압 기계의 동력을 전달하는 유압유, 다양한 기계의 기어를 윤활하는 기어 오일, 공기 압축기의 효율적인 기능을 보장하는 압축기 오일의 배합이 포함됩니다.
중국, 인도 등 아시아태평양을 중심으로 산업 부문이 빠르게 성장하고 있습니다. 이에 따라 다양한 분야에서 윤활유에 대한 수요가 크게 증가하고 있습니다. 윤활유는 제조업의 공장 기계가 원활하게 작동하고, 터빈이 효율적으로 작동하며, 광업 기계가 안정적으로 작동하는 데 필수적입니다. 기유는 이러한 윤활유의 기초이기 때문에 산업 분야의 수요 증가는 기유 시장의 주요 촉진제가 되고 있습니다.
자동차 산업이 고성능 차량으로 전환하고 수명이 길어짐에 따라 이러한 엄격한 기준을 충족하도록 설계된 윤활유가 요구되고 있습니다. 프리미엄 기유는 점도 지수, 내 산화성 및 저온 유동성에서 i 그룹 기유를 능가합니다. 이는 연비 향상, 오일 교환 간격 연장, 친환경 운송 시스템의 실현을 의미합니다. 그 결과, 자동차 업계는 성능과 지속가능성을 중시하게 되었고, 이는 그룹 II 및 III 기유에 대한 수요를 주도하고 있습니다.
또한, 다양한 산업 분야의 현대 기계에서 복잡한 유압 시스템의 사용이 증가함에 따라 기유 시장의 주요 촉진요인으로 작용하고 있습니다. 이러한 유압 시스템은 자동차(자동 변속기, 브레이크, 파워 스티어링)에서 건설기계(트랙터, 불도저, 굴착기), 농업 기계(수확기, 파종기)에 이르기까지 효율적이고 안정적으로 작동하기 위해 고품질 유압 오일에 의존하고 있습니다. 기유는 윤활, 마모 방지, 점도 제어, 열 안정성 및 산화 안정성에 필요한 품질을 제공하기 때문에 이러한 유압유에 필수적인 성분입니다. 첨단 유압 시스템을 갖춘 복잡한 기계에 대한 요구가 증가함에 따라 고성능 기유에 대한 필요성도 증가하고 있습니다.
기유는 일반적으로 원유를 증류하여 생산되기 때문에 기유 시장은 원유 가격의 급격한 변동에 영향을 받기 쉽습니다. 원유 가격의 급격한 변동은 기유 생산의 전반적인 비용 구조에 영향을 미치고 시장의 안정성과 정유사의 수익성을 위협합니다. 이러한 가격 변동은 기유를 사용하여 생산된 윤활유에 의존하는 산업에도 우려를 불러일으킵니다.
또한, 원유를 원료로 하는 버진 기유를 대체할 수 있는 환경 친화적인 대안으로 재정제를 통해 얻은 재활용 기유를 사용하는 것이 인기를 끌고 있습니다. 재활용 기유는 버진 원유에 대한 의존도를 낮추고 폐기물을 최소화하여 환경에 도움이 됩니다. 재활용 기술이 발전하고 제조 비용이 낮아짐에 따라 회수 기유는 버진 기유의 시장 점유율에 대한 큰 도전이 되고 있습니다.
목차
Investments in engine technology and strict environmental rules mandating lower emissions and higher fuel efficiency are fueling the growing need for high-performance lubricants in the automotive and industrial sectors, which is driving the base oil market. According to the analyst from Verified Market Research, the base oil market is estimated to reach a valuation of USD 28.57 Billion over the forecast subjugating aroundUSD 20.4 Billion valued in 2024.
The growing industrialization and urbanization in emerging nations, combined with the increasing requirement for efficient machinery and equipment maintenance, is driving increased demand for base oils in a variety of lubricant applications. It enables the market to grow at aCAGR of 4.3% from 2024 to 2031.
Base Oil Market: Definition/Overview
Base oil is a refined petroleum or synthetic product used as the foundational ingredient in lubricant formulations, guaranteeing appropriate lubrication and reducing wear and tear in mechanical systems. Base oils, which are either derived from crude oil through various refining processes or manufactured from chemical compounds, have features such as viscosity, thermal stability, and oxidation resistance that are critical for successful lubrication.
Furthermore, base oils have numerous industrial applications. In the automobile industry, they are used to manufacture engine oils, transmission fluids, and gear oils, which improve engine performance and lifetime. Industrial applications include the formulation of hydraulic fluids, which transfer power in hydraulic machinery; gear oils, which lubricate gears in diverse machinery; and compressor oils, which ensure the efficient functioning of air compressors.
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The industrial sector, particularly in Asia-Pacific regions such as China and India, is expanding rapidly. This results in a huge increase in demand for lubricants in a variety of applications. Lubricants are vital for the smooth operation of factory machinery in manufacturing, the efficient working of turbines in power production, and the reliable performance of mining equipment. Because base oil is the cornerstone of these lubricants, their increasing demand in the industrial sector serves as a primary driver for the base oil market.
The automotive industry's transition to high-performance vehicles and longer lifespans demands lubricants designed to fulfill these stringent standards. The premium base oils outperform Group I base oils in terms of viscosity index, oxidation resistance, and low-temperature fluidity. This means increased fuel efficiency, longer oil drain intervals, and, eventually, a more ecologically friendly transportation system. As a result, the automobile industry's growing emphasis on performance and sustainability is driving demand for Group II and III base oils.
Furthermore, the growing usage of complicated hydraulic systems in contemporary machinery across multiple industries is a primary driver of the base oil market. These hydraulic systems, found in everything from autos (automatic transmissions, brakes, power steering) to construction equipment (tractors, bulldozers, excavators) and agricultural machinery (harvesters, planters), rely on high-quality hydraulic oils to operate efficiently and reliably. Base oil is an essential component of these hydraulic oils because it provides the qualities required for lubrication, wear protection, viscosity control, and thermal and oxidative stability. As the need for complex machinery with sophisticated hydraulic systems develops, so does the need for high-performance base oils.
Base oils are typically generated from crude oil distillation, making the base oil market naturally susceptible to dramatic variations in crude oil prices. Rapid and abrupt fluctuations in crude oil prices affect the overall cost structure of base oil production, threatening market stability and profitability for refiners. This price fluctuation has also created concern for industries that rely on lubricants manufactured using base oils.
Furthermore, the use of recycled base oils obtained through re-refining procedures is gaining popularity as a more environmentally friendly alternative to virgin base oils sourced from crude oil. Recycled base oils are environmentally beneficial since they reduce reliance on virgin crude oil and promote waste minimization. As recycling technology advances and production costs fall, recovered base oils represent a substantial challenge to virgin base oils' market share.
According to VMR analyst, the group I engine segment is expected to dominate within the base oil market. Group I base oils are the most cost-effective because of the simpler refining process, This makes them an appealing alternative for applications where high performance isn't a top priority, such as basic engine oils in older vehicles, industrial lubricants for less demanding machinery, and process oils in a variety of industries.
Group I base oils have been produced and used for a long time, resulting in a well-established worldwide supply chain and infrastructure for their manufacture, transportation, and storage. Many producers find Group I base oils to be a convenient and trustworthy source thanks to this easily accessible network.
Furthermore, while not the most advanced option, Group I base oils provide appropriate lubrication, viscosity index, and wear prevention for a variety of applications. This makes them an appropriate alternative in circumstances where the cost savings outweigh the necessity for greater performance provided by higher-grade groups such as Group II and III.
The automotive oil segment is estimated to hold the largest share of the Base Oil Market during the forecast period. The worldwide automotive industry is constantly creating a wide range of vehicles, including passenger cars, light trucks, and heavy-duty commercial vehicles. To perform effectively, all of these vehicles require engine oil, transmission oil, and other lubricants manufactured with base oil. This massive number of automobiles creates a considerable and steady demand for base oil in automotive applications.
Modern car engines are engineered to last longer, but they still require often oil changes. The recommended oil change intervals vary based on the vehicle and driving circumstances but are normally every several thousand kilometers. This frequent need for fresh oil adds considerably to the continued need for base oil in the automotive industry.
Furthermore, the automotive industry's emphasis on performance and fuel efficiency is boosting demand for premium base oils. Group II and III base oils, which have superior qualities such as increased oxidation resistance and low-temperature fluidity, are increasingly preferred over traditional Group I base oils when manufacturing modern vehicle lubricants. This tendency reinforces the automotive segment's dominant position in the base oil market.
The Asia Pacific region is estimated to dominate the base oil market during the forecast period. The Asia-Pacific region, particularly China and India, has a fast-expanding automobile sector. This correlates to an increase in vehicle manufacturing and sales, including passenger automobiles, two-wheelers, and commercial vehicles. To ensure proper functioning, each of these vehicles requires lubricants prepared with base oil. This huge and ever-expanding automotive base generates enormous demand for base oil in the Asia-Pacific region.
Many Asian economies are undergoing fast industrialization, resulting in a thriving manufacturing sector. This leads to increased demand for lubricants in a variety of industries, including power generating, construction, and mining. These lubricants use base oil as a major component to ensure the proper operation of machinery and equipment. As Asia-Pacific's industrial landscape continues to expand, the need for base oil is expected to rise proportionally.
Furthermore, several Asian nations are putting in place laws to improve fuel efficiency and car emissions management. This, in turn, mandates the use of high-performance lubricants made from Group II and III base oils. Also, government investments in infrastructure development projects drive up the need for base oil in construction equipment and machinery. Collectively, these factors contribute to Asia-Pacific's supremacy in the base oil market.
Europe region is estimated to exhibit substantial growth within the market during the forecast period. The European automotive sector is well-known for its emphasis on advanced technologies and high-performance automobiles. Lubricants made with superior base oils are required for modern automotive engines to provide optimal performance, longer lifespans, and increased fuel efficiency. This demand for high-quality base oils in European automobile manufacturing adds greatly to the region's base oil market expansion.
Furthermore, despite the trend toward electric vehicles, Europe still has a substantial number of older automobiles on the road. Modern lubricants produced with high-quality base oils allow for longer oil drain intervals in these cars. This implies that demand for base oil will remain high, even if new car production slows down.
The competitive landscape of the base oil market is characterized by fierce competition among producers seeking to improve product quality, broaden their portfolios, and increase market presence. Additionally, strategic collaborations, mergers and acquisitions, and investments in research and development are critical techniques used to acquire a competitive advantage.
Some of the prominent players operating in the base oil market include:
Chevron Corporation
Exxon Mobil Corporation
S-OIL CORPORATION
Motiva Enterprises LLC
SK Innovation Co. Ltd.
Royal Dutch Shell Plc
Neste Oyj
AVISTA OIL AG
Nynas AB
Repsol S.A.
Ergon Inc.
Calumet Specialty Products Partners L.P.
H&R Group
Sinopec Corp.
PetroChina Company Limited
In September 2023, Petronas and Pertamina agreed to consider developing a base oil plant at Pertamina's fuels refinery in Cilacap, Indonesia.
In March 2023, ExxonMobil Corporation extended its gasoline supply with the Beaumont refinery expansion project, increasing capacity to 250,000 barrels per day. The strategic approach has helped the corporation increase crude production in the Permian Basin.
In April 2022, Chevron Global Energy, Inc., a subsidiary of Chevron Corporation, bought Nestle Corporation's NEXBASE brand, qualifications, approvals, and sales and marketing operations.
In January 2021, Pennzoil-Quaker State Company (dba SOPUS products) and CSW Industrials, Inc., a subsidiary of Shell Plc., announced a cooperation with Whitemore Manufacturing LLC. The alliance has formed a joint venture to provide greases, lubricants, and coolants to the US mining and North American rail industries.
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