DUBLIN–(BUSINESS WIRE)–The report “Global Base Oil Market 2022-2028” has been added to ResearchAndMarkets.com’s offer.
This report highlights that the global base oil market is expected to grow at a CAGR of 3.42% in revenue over the forecast period 2022-2028. In terms of volume, the market is expected to reach a CAGR of 3.95%.
Companies cited
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ExxonMobil Corporation
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Chevron Corporation
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Saudi Arabia
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Shell plc
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Neste Oyj
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GS Caltex Corporation
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Avista Oil SA
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Pt Pertamina (Persero)
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Phillips 66 Company
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Sepahan Oil
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Ergon inc.
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Lotos Group
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Nynas Ab
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S-Oil Corporation
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Repsol AG
The growth of the market studied is attributed to factors such as growing demand for high-quality oils from the automotive sector, environmental regulations demanding higher performance standards, and wide range of applications in various end-user segments. In addition, the growing awareness of consumers and end-use industries for the adoption of renewable base oil is expected to open up new avenues for the base oil market.
However, the volatility of crude oil prices in different countries around the world is significantly affecting the growth of this market.
Regional outlook
The global base oil market includes North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.
Globally, Asia-Pacific is expected to witness the fastest growth rate in the market over the forecast years. In China, rising demand for crude oil owing to rapid industrialization, economic growth, and escalating exports of refined petroleum products is driving the growth of the market. Additionally, the country has seen significant growth in motor vehicle production and sales. In this regard, the OICA estimated that the total production of cars and commercial vehicles increased by more than 1.5 million units in one year. Thus, these factors expand the scope of the base oil market.
Main 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 ideas
2.2.1. Rapid industrialization across the world
2.2.2. Increase in 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 and developments
2.6.2. Partnerships and agreements
2.7. Market factors
2.7.1. Growing demand for high quality automotive oils
2.7.2. Wide range of applications for different end users
2.7.3. Strict environmental regulations leading to strict performance standards
2.8. Market challenges
2.8.1. Crude Oil Price Volatility
2.8.2. Decrease in demand for Group I base oil
2.9. Market opportunities
2.9.1. Growing popularity of renewable base oil
2.9.2. Growing demand in the Asia-Pacific region
3. Global Base Oil Market Outlook – By Group (In terms of Value: USD Million and Volume: Kilotonne)
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: USD Million and Volume: Kilotonne)
4.1. Automotive oil
4.2. industrial oil
4.3. Fats
4.4. Hydraulic oil
4.5. Metal working fluids
4.6. Other Apps
5. Global Base Oil Market – Regional Outlook (In terms of Value: USD Million and Volume: Kilotonne)
6. Competitive landscape
7. Research Methodology and Scope
For more information about this report visit https://www.researchandmarkets.com/r/qhbo6n