Oil And Gas

Global Base Oil Market Size, Forecasts, And Opportunities

October 29, 2021 by The Business Research Company

Learn about the global base oil market through The Business Research Company, which provides information on base oil market size, base oil market drivers and restraints, base oil market players, the COVID-19 impact on the base oil market, and more.

The global base oil market is expected to grow from $27.39 billion in 2020 to $27.95 billion in 2021 at a compound annual growth rate (CAGR) of 2.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The base oil market is expected to reach $36.64 billion in 2025 at a CAGR of 7%.

The growing automotive industry is expected to fuel the growth of the base oil market in the coming years.

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The base oil market consists of sales of base oil by entities (organizations, sole traders, and partnerships) that are produced from refining crude oil or synthetic material. It is the most commonly used lubricating oil. Base oil is classified as hydrocarbons with 18 to 40 carbon atoms that have a boiling point between 550 and 1050 F. The various products such as lubricating oils, motor oil, metal processing fluids, and others are manufactured with the help of base oils.

Global base oil market segments include:

By Type: Mineral, Synthetic, Bio-Based

By Group: Group I, Group II, Group III, Group IV, Group V

By Application: Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil, Others

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

The launch of renewable base oil is gaining significant popularity in the base oil market. 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.

TBRC’s base oil market report covers:

Major Market Players: 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.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

The Base Oil Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides base oil market overviews, analyzes and forecasts market size, share, base oil market players, base oil market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s base oil market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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