Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Base Oil Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global base oil market grew from $29.07 billion in 2022 to $29.75 billion in 2023 at a compound annual growth rate (CAGR) of 2.4%. The base oil market is expected to grow to $35.24 billion in 2027 at a CAGR of 4.3%.
The growing automotive industry is expected to fuel the growth of the base oil market in the coming years. Advanced engine technology is driving the demand for motor oils and lubricating greases that gives compatibility to fast-moving parts and high temperatures. Moreover, engine oils that retain their viscosity, reduce engine wear to a minimum, and help assure dependability are made using high-quality base oil and best-in-class additive technology.
Automotive base oil is a fluid for internal combustion engines that power automobiles, motorbikes, lawnmowers, generators, and a variety of other machinery. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021.
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.
In April 2022, Chevron Global Energy Inc., a US-based energy company, acquired Neste Corporation's NEXBASET brand. The acquisition would place Chevron as a premium supplier of base oils and help it serve customers globally. NESTE is a Finland-based oil refining company and provides base oils through its brand NEXBASE.
Asia-Pacific was the largest region in the base oil market in 2022. North America was the second-largest region in the base oil market. The regions covered in the base oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the base oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Type: Mineral; Synthetic; Bio-Based
2) By Group: Group I; Group II; Group III; Group IV; Group V
3) By Application: Automotive Oil; Industrial Oil; Metalworking Fluid; Greases; Hydraulic Oil; Other Applications
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $29.75 billion |
| Forecasted Market Value (USD) by 2027 | $35.24 billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Base Oil Market Characteristics
3. Base Oil Market Trends And Strategies
4. Base Oil Market - Macro Economic Scenario
5. Base Oil Market Size And Growth
6. Base Oil Market Segmentation
7. Base Oil Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- 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
- SK Lubricants Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/bqfaau
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