Base Oil Market Share, Size, Growth, Opportunity, and Forecast from 2022-2027

According to IMARC Group's latest research report, titled "Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The global base oil market size 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 Market Outlook:

Base oil is a lubrication-grade oil produced by refining crude oil or through chemical synthesis. It is manufactured by extracting and processing high-viscosity material from vacuum gas oil or vacuum reside distillation cutting. It aids in enhancing the heat transfer process and reducing tension between moving parts and is used to prepare various lubricating oils, such as engine oils, transmission and industrial gear lubricants, and greases. Additionally, it is also utilized to manufacture lubricants for home appliances, including dishwashers, washers and dryers, refrigerators, mixers, and blenders. There has been a considerable increase in the demand for base oil across the industrial sector due to its excellent thermal stability and compatibility with synthetic elastomers.

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Base Oil Market Growth:

The growing demand for high-grade base oil in the automotive industry is driving the global market. Along with this, the rising demand for high-performance lubricants and processing oils in the manufacturing of tires and rubber is fuelling the demand for base oil. Moreover, the increasing support and incentives by the governments of several countries to enhance the industrial performance standard are creating a positive market outlook. Apart from this, the rising manufacturing and sales of electric vehicles (EVs) are providing a thrust to the demand. Furthermore, numerous leading players are focussing on enhancing the efficiency of automobiles, which is further projected to drive the base oil market. The market is driven by other factors, such as rapid industrialization and the rising development of manufacturing units.

Key Market Segmentation:

Competitive Landscape:

• 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.

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)

• 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)

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