openPR Logo
Press release

Base oil market is Likely to Experience a Tremendous Growth by 2027 | Exxon Mobil Corporation, S-Oil Corporation, Motiva Enterprises LLC, SK Innovation Co. Ltd., Saudi Aramco.

12-06-2021 11:10 AM CET | Energy & Environment

Press release from: UnivDatos Market Insights (UMI)

Base oil market is Likely to Experience a Tremendous Growth

A comprehensive overview of the global Base oil market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the base oil market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Base oil market at regional and country levels. The global Base oil market was stood around $30 billion in 2020 and is expected to grow at a CAGR of ~4% between 2021-2027.

Download Free Sample of this Report- https://univdatos.com/get-a-free-sample-form-php/?product_id=11902

Market Overview
Increasing industrialization activity in developing nations like Brazil, China, India, Argentina, and Mexico among others and growing penetration of farm mechanization in agricultural sector is likely to propel the market of base oil. For instance, the level of farm mechanization in India stands at about 40-45% with states such as UP, Haryana, and Punjab having very high mechanization levels, but north-eastern states having negligible mechanization. This level of farm mechanization is still low as compared to the countries such as the US (95 %), Brazil (75%) and China (57%). Therefore, changing and improving dynamics of agriculture sector would boost the farm mechanization market as a result, demand for lubricants or base oil is likely to increase. Further, improving purchasing power of consumers in developing countries resulting in the increasing sales of automobiles and government schemes to promote the adoption of electric vehicles is further propelling the growth of the base oil market. In addition, large base of metalworking industries in countries like China, India, and Japan is boosting the demand of metalworking fluid.

COVID-19 Impact
Industries witnessed decline in production activity in the wake of COVID-19 owing to changed dynamics of the market and consumer behavior. Measures such as lockdown and border closures to reduce the cases had affected the industrial operations due to shutdown of factories, unavailability of workers, and halted supply chain. This has affected the oil refinery throughput thus affected the base oil market. For instance, oil refinery throughput declined in 2020 to 75,512 thousand barrel per day compared to 82,954 barrels in 2019 owing to the COVID thus affected the market of base oil in 2020

Ask for Price & Discounts @ https://univdatos.com/get-a-free-sample-form-php/?product_id=11902

Global Base oil market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By group, the market is primarily divided into:
• Group I
• Group II
• Group III
• Group IV
• Group V

During the forecast period, group III base oil is likely to showcase fastest growth rate primarily due to the ability to enable better fuel efficiency, higher quality, and being cleaner and more environment friendly. Group III base oil are produced by the process of hydrogenation or hydrotreating coupled with high pressures and high temperatures. This leads to convert all the undesirable components in the oil into desirable hydrocarbon structures.

By application, the market is mainly categorized into:
• Automotive Oil
• Industrial Oil
• Metalworking Fluid
• Greases
• Hydraulic Oil
• Others
Among these, automotive application held the significant market share owing to large base of automobiles and increasing demand of automobiles in developing regions like Asia Pacific because of rising purchasing power. Further, increasing automotive emission regulation is expected to fuel the market of lubricants globally, as lubricant reduce wear and tear of equipment thus improving the performance of automobiles.

Global Base oil Market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World

APAC held the largest demand of base oil in 2020 and is projected to be the highest consuming region during the forecast period. Large base of industries including automotive, manufacturing, and metalworking among others couple with large and growing demography of the region helped the region in attaining the top market position. For instance, countries such as China, Japan, South Korea, and India are among the largest producer of automotive worldwide. In 2020, China produces 25.2 million units of automobiles followed by Japan, South Korea, and India with 8 million units, 3.5 million units, and 3.4 million units, respectively. In addition, the region is the largest producer and consumer of steel and aluminum, therefore the demand of metalworking fluid is further propelling the base oil market growth.

Download Free Sample of this Report- https://univdatos.com/get-a-free-sample-form-php/?product_id=11902

Chevron Corporation
• Exxon Mobil Corporation
• S-Oil Corporation
• Motiva Enterprises LLC
• SK Innovation Co. Ltd.
• Saudi Aramco
• Hindustan Petroleum Corporation Limited
• Royal Dutch Shell Plc
• Neste Oyj
• Avista Oil AG

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Base oil market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the global Base oil market?
• Which factors are influencing the global base oil market over the forecast period?
• What are the global challenges, threats, and risks in the global Base oil market?
• Which factors are propelling and restraining the global Base oil market?
• What are the demanding global regions of the global Base oil market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.

For more informative information, please visit us @ https://univdatos.com/report/base-oil-market/

CONTACT US
E-mail: sales@univdatos.com
Phone: +91 783860491
Address-: 4th & 5th Floor,
C80B, Sector 8, Noida,
Pin code- 201301, UP, India

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Base oil market is Likely to Experience a Tremendous Growth by 2027 | Exxon Mobil Corporation, S-Oil Corporation, Motiva Enterprises LLC, SK Innovation Co. Ltd., Saudi Aramco. here

News-ID: 2485928 • Views:

More Releases from UnivDatos Market Insights (UMI)

Airline Route Profitability Software Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos
Airline Route Profitability Software Market - Industry Size, Share, Growth & For …
The Airline Route Profitability Software Market is expected to grow at a steady rate of around 10% owing to the increased adoption of technologies such as artificial intelligence, mobile and conversational commerce coupled with business analytics and market intelligence. Thus, helping airlines to identify demand trends and increase profit margins by calculating and evaluating the cost of currently operated routes. Moreover, the rising need to find shorter as well as
Building Energy Management System Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos
Building Energy Management System Market - Industry Size, Share, Growth & Foreca …
Global Building Energy Management System market is expected to register a CAGR of around 11% over the period of 2022-2028. A building energy management system (BEMS) is a computer-based system that monitors and controls a building's electrical and mechanical equipment such as lighting, power systems, heating, and ventilation. Growth in technological advancement has made building energy management systems a vital component for managing energy demand, especially in large building sites.
Cloud Computing Market - Industry Analysis by Size, Share, Growth & Forecast (2022-2028) | UnivDatos
Cloud Computing Market - Industry Analysis by Size, Share, Growth & Forecast (20 …
Internet penetration rate and data generated yearly are some of the most prominent factors driving the growth of the cloud computing market because as the size of generated data increases the need for this data to be stored either in physical storage devices or in cloud storage also increases. Moreover, physical storage devices are easy to access but they are more expensive and less secure than cloud storage, there is
Perimeter Security Market Report 2022 - Global Business Trends, Emerging Growth, Key Factors, Business Development and Opportunities till 2028
Perimeter Security Market Report 2022 - Global Business Trends, Emerging Growth, …
Perimeter security refers to an integrated system that enables the physical security of a facility. It helps in protecting against unauthorized physical intrusion. Outdoor perimeter security includes technologies such as video surveillance systems, access control systems, communication and notification systems, and intruder detection systems. Recent technological advances have introduced infrared, microwave, radar, and seismic sensors. This has contributed to the robustness of these systems. Download a Sample Copy of this Report

All 5 Releases


More Releases for Base

Base Oil Market
The Global Base Oil Market size valued to USD 36.55 billion in 2019 is predicted to garner USD 41.65 billion by 2030, with a CAGR of 1.1% from 2020-2030. The Global Base Oil Market held a volumetric turn-over of 41,907.3 kilotons in 2019 that is expected to level-up to 48,879.3 kilotons by 2030, witnessing a CAGR of 1.3% from 2020-2030. Request sample copy of this report at: https://www.nextmsc.com/base-oil-market/request-sample Market Dynamics and Trends The
Base Oil Market Base Oil Market Size, Sales, Share and Forecasts by 2030
Base Oil Market: Introduction The global base oil market was valued at ~US$ 34 Bn in 2019 and is anticipated to expand at a CAGR of ~2% during the forecast period. Among grades, the Group I segment accounted for a major share of the global base oil market in 2019. However, the demand for Group I base oil is likely to decline during the forecast period, owing to their replacement by
Base Food Market Next Big Thing | Major Giants Base Food, Amazon, De NA
Latest Study on Industrial Growth of Base Food - Success Case Study Market 2021-2027. A detailed study accumulated to offer Latest insights about acute features of the Base Food - Success Case Study market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a
Base Oil Market
Base Oil Market Size Worth $ 48,347.04‬ Million By 2026 | CAGR: 1.2% The global Base Oil market size is expected to reach USD 48,347.04‬ million by 2026 according to a new study by WhipSmart MI Research. The report “Base Oil Market by Type (Group I, Group II, Group III, Group IV and Group V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil and Others) and By Regions,
LiDAR Market - Massive consumer base 2025
Global LiDAR Market: Snapshot The global LiDAR market is predicted by seasoned market analysts to expect high growth prospects taking birth on the back of leading applications such as meteorology, cartography, urban planning, exploration, driverless cars, advanced driver assistance systems (ADAS), engineering, and corridor mapping. Amongst all of these applications, the demand for LiDAR could be considerably improved by the rising usage of corridor mapping in roadways mapping. The swelling demand
Global Base Oil Market: Growing Demand for Efficient and Pure Base Oils from Aut …
The global base oil market is highly competitive in nature and is characterized by the presence of a large number of players operating in it, states a research report by Transparency Market Research. Some of the leading players in the global base oil market are Royal Dutch Shell plc, SK Lubricants Co. Ltd., Chevron Corporation, and Exxon Mobile Corporation are anticipated to collectively account for a massive share of the