Press release
Global Base Oil Market Estimated to Gain $37.51 Billion in Value by 2028
Base Oil Market
Base oil is a refined product of crude oil used to produce motor oil, metal processing fluids, lubricating greases, etc.
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According to Triton Market Research's report, the global base oil market is anticipated to witness growth at a CAGR of 3.42% over the forecasted years 2022 to 2028, attaining revenue worth $37.51 billion by 2028. The market is set to gain a CAGR of 3.95% in volume, attaining 42798.74 kilotons by 2028.
The increasing concerns about environmental degradation and the impact of greenhouse gas emissions on human health have influenced governments to promote the fuel efficiency of automobiles. For instance, the American Petroleum Institute introduced new performance standards for engine oils with improved fuel efficiency and protection for automotive gasoline engines. Such policies and regulations are expected to bolster the demand for high-grade automotive lubricants. Thus, such factors are augmenting the growth of the base oil market.
However, a significant decline in the demand for group I base oil due to the presence of high impurity content such as sulfur, nitrogen, etc., is negatively impacting the market's growth.
The base oil market is segmented into group and application. The group segment is divided into group I, group II, group III, group IV, and group V. On the other hand, the application segment consists of automotive oil, greases, industrial oil, metalworking fluids, hydraulic oil, and other applications.
Geographically, the Asia-Pacific is expected to witness the fastest growth rate in the market. Top players such as Chevron Products Company, Cosmo Oil Lubricants Co Ltd, GS Caltex Corporation, S-Oil Corporation, and others are launching innovative and advanced products. For instance, Cosmo Oil Lubricants Co Ltd of Japan obtained Biomass Mark certification for bio-based diesel engine oil- COSMO DIESEL CARBONEUT 10W-30. It has over 80% plant-derived base oil and is the first diesel engine oil to receive Biomass Mark certification. Therefore, these factors fuel the studied market's growth across the APAC region.
The leading companies listed in the base oil market include Avista Oil AG, Shell Plc, Ergon Inc, PT Pertamina (Persero), Grupa Lotos, Neste Oyj, Chevron Corporation, Saudi Aramco, Sepahan Oil, S-Oil Corporation, Repsol SA, GS Caltex Corporation, Exxon Mobil Corporation, Nynas AB, and Phillips 66 Company.
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Question & Answers: Base Oil Market
Question 1: What factors are augmenting the growth of the base oil market?
Answer: The increasing concerns about environmental degradation and the impact of greenhouse gas emissions on human health have influenced governments to promote the fuel efficiency of automobiles. For instance, the American Petroleum Institute introduced new performance standards for engine oils with improved fuel efficiency and protection for automotive gasoline engines. Such policies and regulations are expected to bolster the demand for high-grade automotive lubricants. Thus, such factors are augmenting the growth of the base oil market.
Question 2: What factor is negatively impacting the market for base oil?
Answer: A significant decline in the demand for group I base oil due to the presence of high impurity content such as sulfur, nitrogen, etc., is negatively impacting the market's growth.
Question 3: Which region is expected to witness the fastest growth rate in the base oil market?
Answer: Geographically, the Asia-Pacific is expected to witness the fastest growth rate in the market. Top players such as Chevron Products Company, Cosmo Oil Lubricants Co Ltd, GS Caltex Corporation, S-Oil Corporation, and others are launching innovative and advanced products. For instance, Cosmo Oil Lubricants Co Ltd of Japan obtained Biomass Mark certification for bio-based diesel engine oil- COSMO DIESEL CARBONEUT 10W-30. It has over 80% plant-derived base oil and is the first diesel engine oil to receive Biomass Mark certification. Therefore, these factors fuel the studied market's growth across the APAC region.
Question 4: What are the leading companies listed in the base oil market?
Answer: The leading companies listed in the base oil market include Avista Oil AG, Shell Plc, Ergon Inc, PT Pertamina (Persero), Grupa Lotos, Neste Oyj, Chevron Corporation, Saudi Aramco, Sepahan Oil, S-Oil Corporation, Repsol SA, GS Caltex Corporation, Exxon Mobil Corporation, Nynas AB, and Phillips 66 Company.
Related Report:
Global Adhesives Market - https://www.tritonmarketresearch.com/reports/adhesives-market
The global adhesives market is anticipated to reach $56.94 billion with a CAGR of 5.71% by 2028. Further, the market is expected to reach 16670.62 kilotons at a CAGR of 4.60% by 2028.
The consistent demand for adhesives from the construction industry is augmenting the studied market's growth. Additionally, the growing use of packaging adhesives in various applications such as folding cartons, cases & cartons, labeling, etc., is driving the demand for adhesives in the packaging sector.
However, the fluctuation in the raw material prices has negatively affected the adhesive manufacturers. Nevertheless, the increasing demand for bio-based and hybrid adhesives and shifting focus toward adhesive bonding for composite materials are expected to open new growth opportunities for the market.
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