Press release
Base Oil Market Projected to Reach a volume of 36.7 Million Tons by 2027 | CAGR of 2.40%
IMARC Group's latest research report, titled "Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global base oil market reached a volume of 31.2 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 36.7 Million Tons by 2027, exhibiting a CAGR of 2.40% during 2022-2027. Base oil produced by refining crude oil is made by extracting and processing high-viscosity materials from vacuum reside distillation cuttings. It is widely utilized in the lubricant production process. It is categorized into five groups. Groups 1-3 are derived from downstream petroleum refinery plants, whereas the fourth group of base oils consists of synthetic (polyalphaolefins) oils and the fifth group includes naphthenic oils and polyesters. Base oil possesses various characteristics that determine its performance, such as pour point, viscosity and viscosity index, purity, volatility, thermal stability, hydrolytic stability (water resistance), and oxidation. It is extensively used to manufacture multiple products, including lubricating greases, motor oil and metal processing fluids.
The COVID 19 pandemic had a considerable impact on the end-use industries of base oil. The demand for cars and commercial vehicles declined throughout 2020 and 2021. Automobile production came to a halt due to the mandatory lockdowns imposed worldwide. The industrial sector was also severely affected, which impacted the demand for industrial oils. Due to the suspension of production activities across various end-use industries, such as electronics, aerospace, logistics, and manufacturing, the demand for metalworking fluid also reduced. Besides this, with production activities at an all-time low across the globe, spurred by the lack of demand from the consumer end, the production of base oil was severely affected.
Get Free Sample Copy of Report at - https://www.imarcgroup.com/base-oil-market/requestsample
Important Attribute and highlights of the Report:
Detailed analysis of the global market share
Market Segmentation by type, group and application.
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape for Base Oil Market
Strategies of major players and product offerings
The global market is majorly driven by the increasing demand for high-grade oils in the automotive industry. In line with this, the widespread utilization of engine oils for numerous applications in metallurgy, automotive, chemicals, heavy equipment, and power generation sectors is catalyzing the market growth. Several companies are adopting collaborative business strategies to increase their productivity, provide highly regarded products to consumers, and expand their regional presence, which is creating a positive outlook for the market. Moreover, the growing utilization of base oil in the lubricant oil formulation is propelling the product demand on the global level.
Key Players Included in Global Base Oil Market Research Report:
Abu Dhabi National Oil Company
Bharat Petroleum Corporation Limited
BP plc
Chevron Corporation
China National Petroleum Corporation
China Petroleum & Chemical Corporation
Exxon Mobil Corporation
Petroliam Nasional Berhad (PETRONAS)
Phillips 66 Company
PT Pertamina(Persero)
Repsol S.A.
Saudi Arabian Oil Co.
Shell plc and TotalEnergies SE.
Do you know more information, Contact to our analyst at- https://www.imarcgroup.com/base-oil-market
COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Type:
Mineral
Synthetic
Bio-Based
Breakup by Group:
Group I
Group II
Group III
Group IV
Group V
Breakup by Application:
Automotive Oil
Industrial Oil
Metalworking Fluids
Hydraulic Oil
Greases
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Base Oil Market Research Report:
Preface
Scope and Methodology
Executive Summary
Introduction
Global Base Oil Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape
Browse More Reports by IMARC Group:
Boat Rental Market Report 2022-2027: https://www.imarcgroup.com/boat-rental-market
Baby Apparel Market Report 2022-2027: https://www.imarcgroup.com/baby-apparel-market
Electric Cargo Bike Market Report 2022-2027 https://www.imarcgroup.com/electric-cargo-bike-market
Automotive Blockchain Market Report 2022-2027 https://www.imarcgroup.com/automotive-blockchain-market
Revenue Cycle Management Market Report 2022-2027: https://www.imarcgroup.com/revenue-cycle-management-market
Contact us:
IMARC Group
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
The global base oil market reached a volume of 31.2 Million Tons in 2021. Looking forward, IMARC Group expects the market to reach a volume of 36.7 Million Tons by 2027, exhibiting a CAGR of 2.40% during 2022-2027. Base oil produced by refining crude oil is made by extracting and processing high-viscosity materials from vacuum reside distillation cuttings. It is widely utilized in the lubricant production process. It is categorized into five groups. Groups 1-3 are derived from downstream petroleum refinery plants, whereas the fourth group of base oils consists of synthetic (polyalphaolefins) oils and the fifth group includes naphthenic oils and polyesters. Base oil possesses various characteristics that determine its performance, such as pour point, viscosity and viscosity index, purity, volatility, thermal stability, hydrolytic stability (water resistance), and oxidation. It is extensively used to manufacture multiple products, including lubricating greases, motor oil and metal processing fluids.
The COVID 19 pandemic had a considerable impact on the end-use industries of base oil. The demand for cars and commercial vehicles declined throughout 2020 and 2021. Automobile production came to a halt due to the mandatory lockdowns imposed worldwide. The industrial sector was also severely affected, which impacted the demand for industrial oils. Due to the suspension of production activities across various end-use industries, such as electronics, aerospace, logistics, and manufacturing, the demand for metalworking fluid also reduced. Besides this, with production activities at an all-time low across the globe, spurred by the lack of demand from the consumer end, the production of base oil was severely affected.
Get Free Sample Copy of Report at - https://www.imarcgroup.com/base-oil-market/requestsample
Important Attribute and highlights of the Report:
Detailed analysis of the global market share
Market Segmentation by type, group and application.
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape for Base Oil Market
Strategies of major players and product offerings
The global market is majorly driven by the increasing demand for high-grade oils in the automotive industry. In line with this, the widespread utilization of engine oils for numerous applications in metallurgy, automotive, chemicals, heavy equipment, and power generation sectors is catalyzing the market growth. Several companies are adopting collaborative business strategies to increase their productivity, provide highly regarded products to consumers, and expand their regional presence, which is creating a positive outlook for the market. Moreover, the growing utilization of base oil in the lubricant oil formulation is propelling the product demand on the global level.
Key Players Included in Global Base Oil Market Research Report:
Abu Dhabi National Oil Company
Bharat Petroleum Corporation Limited
BP plc
Chevron Corporation
China National Petroleum Corporation
China Petroleum & Chemical Corporation
Exxon Mobil Corporation
Petroliam Nasional Berhad (PETRONAS)
Phillips 66 Company
PT Pertamina(Persero)
Repsol S.A.
Saudi Arabian Oil Co.
Shell plc and TotalEnergies SE.
Do you know more information, Contact to our analyst at- https://www.imarcgroup.com/base-oil-market
COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Type:
Mineral
Synthetic
Bio-Based
Breakup by Group:
Group I
Group II
Group III
Group IV
Group V
Breakup by Application:
Automotive Oil
Industrial Oil
Metalworking Fluids
Hydraulic Oil
Greases
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Base Oil Market Research Report:
Preface
Scope and Methodology
Executive Summary
Introduction
Global Base Oil Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape
Browse More Reports by IMARC Group:
Boat Rental Market Report 2022-2027: https://www.imarcgroup.com/boat-rental-market
Baby Apparel Market Report 2022-2027: https://www.imarcgroup.com/baby-apparel-market
Electric Cargo Bike Market Report 2022-2027 https://www.imarcgroup.com/electric-cargo-bike-market
Automotive Blockchain Market Report 2022-2027 https://www.imarcgroup.com/automotive-blockchain-market
Revenue Cycle Management Market Report 2022-2027: https://www.imarcgroup.com/revenue-cycle-management-market
Contact us:
IMARC Group
30 N Gould St, Ste R
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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