Base Oil Industry Size, Share, Growth Statistics, and Trending Opportunities by 2030 | Chevron Corporation, Exxon Mobil Corporation , Evonik Industries AG

According to the report published by Allied Market Research, the global base oil market was estimated at $34.9 billion in 2020 and is expected to hit $41.7 billion by 2030, registering a CAGR of 1.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

A refinery can produce base oil as one of its specialty products. Base oil is the refined petroleum mineral or synthetic material produced by a refinery to a required set of specifications, typically lubricant base stock. Base oils are made by extracting and processing high-viscosity material from vacuum gasoil or vacuum reside distillation cuttings. This necessitates unique processing through a range of lubes plant units. The quality of a lubricant can depend upon the type of base oil used for the refining and/or production method used to produce the base oil. It is critical toward the grade of lubricant as base oils normally make up to 70-97% of formulation of lubricants.

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The global base oil market was valued at $34.9 billion in 2020, and is projected to reach $41.7 billion by 2030, growing at a CAGR of 1.8% from 2021 to 2030.

Covid-19 scenario-
• Reduction in consumption of petroleum products and waning economic development impacted the global base oil market negatively, especially during the initial period.
• However, the market is projected to get back on track soon.

The global base oil market is analyzed across type, application, and region.
Based on type, the Group I segment contributed to nearly half of the total market revenue in 2020, and is projected to lead the trail by 2030. Group III segment, however, would exhibit the fastest CAGR of 5.7% during the forecast period.

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Based on application, the automotive oil segment generated the highest share in 2020, accounting for more than two-fifths of the global market. The same segment would also cite the fastest CAGR of 2.0% from 2021 to 2030.

Based on region, the market across Asia-Pacific held the major share in 2020, garnering more than two-fifths of the global market. The same region would also manifest the fastest CAGR of 2.0% throughout the forecast period.

The key market players analyzed in the global base oil market report include Phillips 66 Company, Chevron Corporation, Exxon Mobil Corporation, Neste Oyj, PT Pertamina, S-OIL Corporation, Royal Dutch Shell Plc, AVISTA OIL AG, and Saudi Aramco. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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