Press release
Global Base Oil Market: Industry Outlook, Growth Prospects, Key Opportunities, Size, Share And Latest Trends Forecast To 2032
Base Oil Global Market
The Business Research Company's Base Oil Global Market Report 2023 identifies growing automotive industry as the major driver for the Base Oil market's growth in the forecast period. Advanced engine technology is driving the demand for motor oils and lubricating greases that gives compatibility to fast-moving parts and high temperatures. Moreover, engine oils that retain their viscosity, reduce engine wear to a minimum, and help assure dependability are made using high-quality base oil and best-in-class additive technology. Automotive base oil is a fluid for internal combustion engines that power automobiles, motorbikes, lawnmowers, generators, and a variety of other machinery. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021.
The global base oil market size grew from $29.07 billion in 2022 to $29.75 billion in 2023 at a compound annual growth rate (CAGR) of 2.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The base oil market size is expected to grow to $35.24 billion in 2027 at a CAGR of 4.3%.
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Major competitors in the Base Oil market are Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC., Ergon Inc., Neste Oyj, Nynas AB, S-OIL CORPORATION, Sepahan Oil, Repsol S.A., Sinopec Limited, BP PLC, Evonik Industries AG, H&R Group, Saudi Aramco, and SK Lubricants Co. Ltd.
A key trend in the Base Oil market includes launch of renewable base oil. Major companies operating in the base oil sector are focused on developing innovative and eco-friendly solutions for base oils to strengthen their position in the industry. For instance, in August 2020, Chevron Products Company, a subsidiary of Novvi LLC and Chevron U.S.A. Inc., revealed the production of the first 100% renewable base oil based on ISODEWAXING technology from Novvi's Deer Park, Houston facility. The innovative manufacturing process and molecules are projected to outperform conventional and synthetic base oils, with the added benefit of being made from renewable feedstocks.
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The Base Oil market is segmented -
1) By Type: Mineral, Synthetic, Bio-Based
2) By Group: Group I, Group II, Group III, Group IV, Group V
3) By Application: Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Base Oil market.
The Business Research Company's "Global Base Oil Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Base Oil Market Include:
1. Executive Summary
2. Base Oil market Characteristics
3. Base Oil market Trends And Strategies
4. Base Oil Market - Macro Economic Scenario
5. Base Oil market Size And Growth
……
27. Base Oil market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Base Oil market
29. Base Oil market Future Outlook and Potential Analysis
30. Appendix
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