Base Oil Market Projected to Reach a volume of 36.7 Million Tons by 2027 | CAGR of 2.40%

IMARC Group's latest research report, titled "Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

The global base oil market reached a volume of 31.2 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 36.7 Million Tons by 2027, exhibiting a CAGR of 2.40% during 2022-2027. Base oil produced by refining crude oil is made by extracting and processing high-viscosity materials from vacuum reside distillation cuttings. It is widely utilized in the lubricant production process. It is categorized into five groups. Groups 1-3 are derived from downstream petroleum refinery plants, whereas the fourth group of base oils consists of synthetic (polyalphaolefins) oils and the fifth group includes naphthenic oils and polyesters. Base oil possesses various characteristics that determine its performance, such as pour point, viscosity and viscosity index, purity, volatility, thermal stability, hydrolytic stability (water resistance), and oxidation. It is extensively used to manufacture multiple products, including lubricating greases, motor oil and metal processing fluids.

The COVID 19 pandemic had a considerable impact on the end-use industries of base oil. The demand for cars and commercial vehicles declined throughout 2020 and 2021. Automobile production came to a halt due to the mandatory lockdowns imposed worldwide. The industrial sector was also severely affected, which impacted the demand for industrial oils. Due to the suspension of production activities across various end-use industries, such as electronics, aerospace, logistics, and manufacturing, the demand for metalworking fluid also reduced. Besides this, with production activities at an all-time low across the globe, spurred by the lack of demand from the consumer end, the production of base oil was severely affected.

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Important Attribute and highlights of the Report:

Detailed analysis of the global market share
Market Segmentation by type, group and application.
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape for Base Oil Market
Strategies of major players and product offerings

The global market is majorly driven by the increasing demand for high-grade oils in the automotive industry. In line with this, the widespread utilization of engine oils for numerous applications in metallurgy, automotive, chemicals, heavy equipment, and power generation sectors is catalyzing the market growth. Several companies are adopting collaborative business strategies to increase their productivity, provide highly regarded products to consumers, and expand their regional presence, which is creating a positive outlook for the market. Moreover, the growing utilization of base oil in the lubricant oil formulation is propelling the product demand on the global level.

Key Players Included in Global Base Oil Market Research Report:

Abu Dhabi National Oil Company
Bharat Petroleum Corporation Limited
BP plc
Chevron Corporation
China National Petroleum Corporation
China Petroleum & Chemical Corporation
Exxon Mobil Corporation
Petroliam Nasional Berhad (PETRONAS)
Phillips 66 Company
PT Pertamina(Persero)
Repsol S.A.
Saudi Arabian Oil Co.
Shell plc and TotalEnergies SE.

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COVID-19 Impact Overview:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Key Market Segmentation:

Breakup by Type:

Mineral
Synthetic
Bio-Based
Breakup by Group:

Group I
Group II
Group III
Group IV
Group V

Breakup by Application:

Automotive Oil
Industrial Oil
Metalworking Fluids
Hydraulic Oil
Greases
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

TOC for the Base Oil Market Research Report:

Preface
Scope and Methodology
Executive Summary
Introduction
Global Base Oil Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape

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This release was published on openPR.