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2022-2023 China Base Oil Market Annual Report

Annual Report Overview

2022-2023 China Base Oil Market Annual Report


In the first half of 2022, international crude oil prices increased to high levels, which pushed up the production cost of base oil. Therefore, China’s base oil price fluctuated upwards and jumped from the traditional peak and slack seasons. China’s GDP year-on-year growth rate slowed down in 2022 with 2.5% in the first half of the year and 0.4% in the second quarter. In addition, China’s automobile output increased by 0.8% in January-July, and the automobile sales volume declined by 2%, year on year. Therefore, China’s base oil demand increased slowly in 2022. According to SCI, China’s base oil capacity totaled 16 million mt/a in 2022. China’s base oil market supply volume was 4,364.7kt in January-June, down 2.56% from the same period of 2021. Therein, China’s base oil output was 3,275.6kt in January-June, up 2.4% year-on-year. China’s base oil import volume totaled 1,108.1kt in January-June, down 13.46% year-on-year.

In 2022, the imported base oil price increased consecutively from January to August, which led to negative profits at base oil import companies. Therefore, the base oil import companies mostly stopped importing after their low-priced stocks were consumed. And this led to notable reductions in China’s base oil import volume. Only a small number of companies maintained some base oil imports. Meanwhile, China’s base oil price was pushed up by cost growth. But China’s downstream companies had low purchases of high-priced imported base oil. Therefore, the market demand for Chinese-made base oil improved, and China’s base oil import dependence degree declined.

The demand growth of Chinese-made base oil, on quality improvement and price advantages, pushed up China’s base oil output in the second half of 2022. Chinese-made base oil mainly belongs to the second-grade products with medium and low viscosity, but the third-grade products with high viscosity mostly depend on imports. Main downstream industries of base oil have entered the mature stage and are predicted to maintain slow growth under the assumption of stable economic environment.

This report reviews and analyzes China’s base oil market in 2022 based on the original data investigated by SCI and the authoritative data published by the National Bureau of Statistics, the General Administration of Customs, the National Development and Reform Commission, and insights of senior experts in the industry, domestic mainstream suppliers, traders and downstream producers. Through comprehensive and in-depth data analysis and fundamental interpretation, this report systematically shows the current situation and future development trend of China’s base oil market, and provides more powerful argument support for business decisions.

Report value

1. Analysis of China’s base oil supply-demand pattern evolutions

2. Quantitative analysis of industry status based on detailed and reliable first-hand data

3. All-round analysis of price drivers and objective evaluation of the transmission of the value chain

4. Deep interpretations regarding hot topics


Part 1 2022 Lubricant Base Oil Market Overview

Part 2 2018-2022 Lubricant Base Oil Market Supply-Demand Balance Analysis

Part 3 2022 Lubricant Base Oil Supply Pattern Analysis

3.1 Global Lubricant Base Oil Capacity Analysis

3.1.1 Global Lubricant Base Oil Supply Change Overview

3.1.2 Global Mainstream Trade Flow Analysis

3.1.3 China’s Position in Global Supply Pattern Analysis

3.2 2018-2022 Lubricant Base Oil Capacity Analysis

3.3 2022 Lubricant Base Oil Capacity Analysis

3.3.1 2022 Lubricant Base Oil Unit Capacity Analysis

3.3.2 Introduction of New Lubricant Base Oil Units in 2022

3.4 2022 Lubricant Base Oil Output Analysis

3.4.1 2022 Base Oil Output Analysis

3.4.2 2021 Base Oil Output Concentration Ratio Analysis

3.5 2022 Lubricant Base Oil Import Analysis

3.5.1 2018-2022 Base Oil Import Volume Analysis

3.5.2 2022 Base Oil Import Volume Analysis

3.5.3 2022 Lubricant Base Oil Import Detail Analysis

3.6 Storage and Logistics Industry Status Analysis

3.6.1 Base Oil Supply Integration Analysis

3.6.2 Base Oil Storage and Transportation Comprehensive Analysis

3.7 2023 Lubricant Base Oil Supply Forecast

Part 4 2022 Lubricant Base Oil Demand Pattern Analysis

4.1 Downstream Product Output and Base Oil Export Analysis

4.2 Lubricant Oil and Base Oil Export Analysis

4.3 2022 Base Oil Downstream Consumption Structure Analysis

4.3.1 Base Oil Consumption Industrial Structure Analysis

4.3.2 Base Oil Consumption Regional Structure Analysis

4.3.3 China Downstream Industry Customer Scale and Demand Change Analysis

4.3.4 Base Oil Product Flow Analysis

4.4 2023 China Base Oil Downstream Demand Forecast

4.5 Base Oil Industrial Feature Analysis

4.6 Base Oil Consumption Slack and Peak Seasons Analysis

Part 5 2022 White Oil Market and Supply-Demand Pattern Analysis

5.1 2022 China White Oil Market Overview

5.2 2022 China White Oil Capacity Analysis

5.3 2022 China White Oil Output Analysis

5.4 2022 China White Oil Import Analysis

5.4.1 China High-End White Oil Import Analysis

5.4.2 China High-End White Oil Import Analysis by Origin

5.5 2022 China White Oil Demand Structure Analysis

5.5 2023-2025 China White Oil Price Forecast and Major Price Driver Analysis

Part 6 2022 Lubricant Base Oil Price Trend Analysis

6.1 2018-2022 China Lubricant Base Oil Market Price Analysis

6.2 2022 Vacuum Gasoil Market Price Analysis

6.3 Related Product Price Co-Movement Analysis

Part 7 2023-2025 Lubricant Base Oil Price Forecast and Price Driver Analysis

7.1 2023-2025 Base Oil Major Grade Price Trend Forecast

7.2 2023 Base Oil Market Outlook

7.3 Macro Environment Interpretation and Influence on Lubricant Base Oil Market Forecast

7.4 Influence of Industrial and National Policies on Lubricant Base Oil Market Forecast

7.5 Lubricant Base Oil Production Process Development Trend Analysis

7.6 2023-2027 Lubricant Base Oil Supply-Demand Pattern Forecast

7.7 Market Competition Analysis and Forecast

7.8 Influence of Monopoly Industry, Domestic Disordered Competition and Hot Money Analysis

7.9 Influence of Feedstock and Related Product on Base Oil Market Forecast


I. Tables & Charts

II. Data Statistical and Calculative Methodology

III. Forecast Model Introduction

IV. Definition & Abbreviation

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