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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. 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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global base oil market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, group and application.
Breakup by Type:
Breakup by Group:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and TotalEnergies SE.
|Base Year of the Analysis||2021|
|Units||US$ Billion, Million Tons|
|Segment Coverage||Type, Group, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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 and TotalEnergies SE.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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