Press release
Base Oil Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2027 | Top Key Players ExxonMobil, Chevron Corp., Royal Dutch Shell, Sepahan Oil Company, etc
Base Oil Market
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According to the latest market intelligence report, the global Base Oil market is projected to reach a staggering market size of USD 44 billion by 2027 from USD 33.62 billion in 2019, registering a steady CAGR of 3.5%.The report offers other vital information related to industry annual sales, regional market outlook, product portfolios, application ranges, shifting consumer tastes & preferences, changing production & consumption patterns, volatile demand & supply graphs, and key industry statistics. The report expounds on the competitive scenario of the Base Oil market and evaluates the current position of each market player using analytical tools including SWOT
The COVID-19 impact:
COVID-19 has impacted the market negatively. The weaker consumer demand for automotive purpose and base oil derived units due to the imposition of lockdown, and social restrictions will have a negative impact on the need for the Automotive sector and Industries. The COVID-19 pandemic has crippled various industries, along with the crude oil market. Several benchmarks like WTI, for the first time in history, sold a barrel at a negative rate. The activity will likely cease due to the imposition of lockdown and social distancing. Work will stop due to the supply chain disruption, the termination of contracts to control expenses, and the shortage of subcontractors and materials. However, the ease in restrictions and the government initiatives to start the economic activities in the consumer goods market creates hope for the imminent recovery of the market.
Key participants include ExxonMobil, Chevron Corp., Royal Dutch Shell, Sepahan Oil Company, and Saudi Aramco, among others.
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Further key findings from the report suggest
The Asia Pacific region is expected to hold the largest market for the base oil market in 2019. China, Japan, and India are the significant consumers of the base oil market in this region. Increasing GDP led by the rising industrial activities has increased the demand for base oil in this region.
Massive industrialization has boosted the demand for lubricants among various end-users. Increasing demand in sectors like Heavy Machinery Industry, automotive, and energy needs in developing economies, such as China, India, Brazil, and South Africa, drive the demand for lubricants and their derivatives.
Consumers are demanding better performance, the latest technology, and high-mileage vehicles due to the rising demand amongst them regarding vehicle usage. The cars are not to be replaced in the short run. Thus, Automotive oil application segment is expected to be followed by Industrial oil regarding revenue is growing at an estimated CAGR of over X.X % over the forecast period.
Stricter regional and global regulations to Base Oil production and utilization are some restrictions in the coming future with increasing Environmental and public health concerns. The hazard involved is an increase in carbon footprints, greenhouse gas emission, and Sulphur emission, etc.
For a better understanding of this report, Reports and Data have segmented into the global Base Oil market based on type, application, and region:
Type Outlook (Revenue, USD BIllion; Volume, Kilo Tons; 2017-2027)
Group I
Group II
Group III
Group IV
Group V
Application Outlook (Revenue, USD BIllion; Volume, Kilo Tons; 2017-2027)
Automotive Oil
Industrial Oil
Hydraulic oil
Metalwork Oil
Others
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Regional Outlook (Revenue, USD BIllion; Volume, Kilo Tons; 2017-2027)
North America
U.S
Mexico
Canada
Europe
UK
France
Italy
Asia Pacific
China
India
Japan
Middle-East & Africa
Latin America
Brazil
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