Global Base Oil Market (2022 to 2027) – Industry Trends, Share, Size, Growth, Opportunity and Forecasts – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global base oil market reached a volume of 31.2 Million Tons in 2021. Looking forward, the publisher expects the market to reach a volume of 36.7 Million Tons by 2027, exhibiting a CAGR of 2.74% during 2021-2027.
Companies Mentioned
- Abu Dhabi National Oil Company
- Bharat Petroleum Corporation Limited
- BP plc
- Chevron Corporation
- China National Petroleum Corporation
- China Petroleum & Chemical Corporation
- Evonik Industries AG
- Exxon Mobil Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66 Company
- PT Pertamina(Persero)
- Repsol S.A.
- Saudi Arabian Oil Co.
- Shell plc
- TotalEnergies SE
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Base oil refers to a blend stock aiding in formulating numerous lubricating oils that are used in engines and other machinery. It is produced by extracting and treating high-viscosity material from narrow distillation cuts of vacuum gasoil (VGO) or residue, which requires special processing through different units.
It helps create a thin film for enhancing heat transfer and reducing tension between moving parts. At present, there is a significant rise in the utilization of lubricants in automobile and truck engines, which in turn, is positively influencing the requirement of base oil across the globe.
Nowadays, base oils find extensive applications in greases and transmission and gear lubricants. This, in confluence with the increasing utilization of hydraulic oil in the automotive industry and rising sales of automobiles, represents one of the key factors propelling the growth of the market.
Moreover, base oils are generally made from crude oil, a non-renewable resource that produces greenhouse gases (GHGs) and causes damage to the environment. As a result, other alternatives for base oils are being researched and implemented in newer engine oil products, such as bio-olefins, which are derived from renewable resources like biomass.
Besides this, vegetable oils are increasingly being utilized as base oils in lubricants instead of mineral oils as they offer numerous advantages. These include nontoxicity, biodegradability, resource renewability, affordable application cost, and high viscosity index. In addition, vegetable oils are cheaper than ester-based oils and provide more potential for the successful implementation as lubricants in base oils. This, along with the rising sales of cars around the world, is projected to drive the market in the upcoming years.
Key Questions Answered in This Report:
- How has the global base oil market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global base oil market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the group?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global base oil market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Base Oil Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
7 Market Breakup by Group
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/jk3kpw
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