Westford, USA, July 31, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Base Oil market, increasing adoption of Group II and Group III base oils, growing focus on sustainable and eco-friendly base oil production methods, rising popularity of synthetic and bio-based base oils, expanding use of base oils in the production of high-performance lubricants for advanced machinery, surging demand for electric vehicles driving the need for specialized lubricants, growing emphasis on product differentiation and customization to meet specific industry requirements, and continuous research and development efforts to improve base oil properties and enhance overall lubricant performance are the trends that aid in the market's growth.
Browse in-depth TOC on "Base Oil Market"
- Pages - 157
- Tables - 68
- Figures - 75
Base oil is a refined petroleum product that is used as the foundation for many different types of lubricants. It is a colorless, odorless, and tasteless liquid that is typically classified into three groups based on its viscosity: Group I, Group II, and Group III.
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Prominent Players in Base Oil Market
- Exxon Mobil Corporation
- Shell plc
- China Petrochemical Corporation
- Evonik Industries AG
- Chevron Corporation
- Total S.A.
- BP p.l.c.
- SK Innovation Co., Ltd.
- Neste Oyj
- AVISTA OIL AG
- Nynas AB
- Repsol S.A.
- Ergon, Inc.
- Calumet Specialty Products Partners, L.P.
- H&R Group
- Sinopec Corp.
- PetroChina Company Limited
- Saudi Aramco
- Petroliam Nasional Berhad (PETRONAS)
Group I Base Oil Demand to Grow Substantially in the Forecast Period
Group I Base Oil dominated the global online market as they are produced through conventional refining methods, making it readily available and cost-effective. It has been used for many years in various lubricant applications and has a well-established presence in the market.
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Automotive Sector is the Leading Application Segment
In terms of application, the automotive sector is the leading segment as the global population grows, so does the number of vehicles on the roads. Increased vehicle ownership leads to higher demand for maintenance and replacement lubricants, further driving the sales of base oils used in automotive oils.
Middle East is the leading Market Due to the Technological Advancements
Region-wise, the Middle East is one of the largest growing markets with a huge emphasis on increasing demand. Regions with rapidly growing industrial sectors, such as Asia-Pacific and the Middle East, may see increased demand for base oil due to the need for lubricants in machinery, automotive, and manufacturing applications.
A recent report thoroughly analyzes the major players operating within the Base Oil market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Base Oil.
Key Developments in Base Oil Market
- In January 2023, Exxon Mobil Corporation partnered with Sinopec Corp. to explore opportunities in the base oil market in China.
- In February 2023, Shell plc partnered with Neste Oyj to develop a new base oil production facility in Finland.
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Key Questions Answered in Base Oil Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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