Press release
Base Oil Market Report Analysis 2021-2030: Leading Players, Strategi, Growth Share, Type, Application, Opportunity
Base Oil Market Research - 2030
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Rise in demand for high-grade oils in the automotive industry and stringent environmental legislations drive the global base oil market. On the other hand, fluctuating price of crude oil restrains the growth to some extent. However, global shift from Group I base oils to Group II and III is anticipated to create lucrative opportunities in the industry.
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.
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.
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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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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.
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