Global Base Oil Market to Exhibit 3.42% CAGR by 2028

 

 

Triton Market Research presents the Global Base Oil Market segmented by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Greases, Hydraulic Oil, Metalworking Fluids, Other Applications), and Geography (North America, Asia-Pacific, Latin America, Europe, and Middle East and Africa).

It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Model, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Triton Market Research’s report states that the global market for base oil is expected to expand at a CAGR of 3.42% during the forecasted years 2022-2028. In terms of volume, the market is anticipated to advance with a 3.95% CAGR by 2028.

 


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The emerging automotive industry has significantly increased the demand for base oil to manufacture products such as lubricating greases, motor oil, metal processing fluids, etc. Each product has its composition and properties where base oil is used to meet the quality demand, such as friction, cleaning properties, etc. Moreover, the diversified range of applications across different end-users has boosted the growth of the base oil market.

However, price volatility in crude oil prices is likely to disrupt the production of oil and similar products, thereby hindering the base oil market’s development.

Globally, the Asia-Pacific dominates the base oil market. The increasing demand for base oil in the region is attributed to the growth in the production and sales of automobiles across countries such as China, India, Japan, etc. It further boosts the adoption and deployment of greases, engine oil, motor oil, and other automotive base oils.

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

The competitiveness in the market is substantially high owing to the presence of top market players such as The Chevron Corporation, Avista Oil AG, Phillips 66 Company, etc. These players offer their customers technologically advanced and innovative products through strategic initiatives such as joint ventures, product launches, expansions, collaborations, funding, investments, etc. This further helps the players strengthen their position and customer base geographically.

 

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