Worldwide Base Oil Industry to 2028 - Increasing Popularity of Renewable Base Oil Presents Opportunities

DUBLIN, Aug. 15, 2022 /PRNewswire/ -- The "Global Base Oil Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.

This report highlights that the global base oil market is expected to surge at a CAGR of 3.42% in revenue over the forecasted period 2022-2028. In terms of volume, the market is anticipated to reach a CAGR of 3.95%.

The studied market's growth is attributed to factors such as rising demand for high-grade oils from the automotive sector, environmental regulations demanding stricter performance standards, and a vast range of applications across various end-user segments. Further, the rising awareness of consumers and end-use industries toward the adoption of renewable base oil is expected to open new avenues for the base oil market.

However, the volatility in crude oil prices across different countries globally is majorly affecting the growth of this market.

Regional Outlook 

The global base oil market includes North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.

Globally, the Asia-Pacific is expected to witness the fastest growth rate in the market over the forecast years. In China, increasing demand for crude oil owing to rapid industrialization, economic growth, and escalating exports of refined petroleum products are boosting the market's growth. Additionally, the country witnessed significant growth in the production and sales of automobile vehicles. In this regard, the OICA estimated that the total production of cars and commercial vehicles bolstered by over 1.5 million units within a year. Thus, these factors are widening the scope of the base oil market.

Competitive Outlook

The notable companies studied in the base oil market include Avista Oil AG, GS Caltex Corporation, Neste Oyj, Nynas AB, Repsol SA, Chevron Corporation, Ergon Inc, S-Oil Corporation, Saudi Aramco, Sepahan Oil, Phillips 66 Company, Grupa Lotos, Exxon Mobil Corporation, PT Pertamina (Persero), and Shell Plc.

Chevron Corporation is a multinational energy company and one of the successor companies of Standard Oil. The company focuses on all aspects of natural gas and oil industries, including production, hydrocarbon exploration, refining, transport, marketing, sales and power generation, and chemicals manufacturing. The NEXBASE range of base oils is one of its bestselling products. Chevron has its presence in over 180 countries globally and has headquarters in California, the United States. It was founded in 1879.

Key Topics Covered:

1. Global Base Oil Market - Summary

2. Industry Outlook
2.1. Impact of Covid-19 on the Base Oil Market
2.2. Key Insights
2.2.1. Rapid Industrialization Across the Globe
2.2.2. Increasing Demand for Hydraulic Oil
2.3. Porter's Five Forces Analysis
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Key Market Strategies
2.6.1. Product Launches & Developments
2.6.2. Partnerships & Agreements
2.7. Market Drivers
2.7.1. Rising Demand for High-Grade Oils from the Automotive Sector
2.7.2. Wide Range of Applications Across Different End-Users
2.7.3. Stringent Environmental Regulations Leading to Strict Performance Standards
2.8. Market Challenges
2.8.1. Volatility in the Price of Crude Oil
2.8.2. Decrease in the Demand for Group I Base Oil
2.9. Market Opportunities
2.9.1. Increasing Popularity of Renewable Base Oil
2.9.2. Growing Demand Across the Asia-Pacific Region

3. Global Base Oil Market Outlook - by Group (In Terms of Value: $ Million & Volume: Kiloton)
3.1. Group I
3.2. Group Ii
3.3. Group Iii
3.4. Group Iv
3.5. Group V

4. Global Base Oil Market Outlook - by Application (In Terms of Value: $ Million & Volume: Kiloton)
4.1. Automotive Oil
4.2. Industrial Oil
4.3. Greases
4.4. Hydraulic Oil
4.5. Metalworking Fluids
4.6. Other Applications

5. Global Base Oil Market - Regional Outlook (In Terms of Value: $ Million & Volume: Kiloton)

6. Competitive Landscape
6.1. Exxon Mobil Corporation
6.2. Chevron Corporation
6.3. Saudi Aramco
6.4. Shell plc
6.5. Neste Oyj
6.6. Gs Caltex Corporation
6.7. Avista Oil AG
6.8. Pt Pertamina (Persero)
6.9. Phillips 66 Company
6.10. Sepahan Oil
6.11. Ergon Inc
6.12. Grupa Lotos
6.13. Nynas Ab
6.14. S-Oil Corporation
6.15. Repsol Sa

7. Research Methodology & Scope

For more information about this report visit https://www.researchandmarkets.com/r/s2o22u

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SOURCE Research and Markets