Global Base Oil Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
6 Aug, 2021
The base oil market consists of sales of base oil by entities (organizations, sole traders, and partnerships) that are produced from refining crude oil or synthetic material. It is the most commonly used lubricating oil. Base oil is classified as hydrocarbons with 18 to 40 carbon atoms that have a boiling point between 550 and 1050 F. The various products such as lubricating oils, motor oil, metal processing fluids, and others are manufactured with the help of base oils.
Global Base Oil Market Size And Drivers:
The global base oil market is expected to grow from $27.39 billion in 2020 to $27.95 billion in 2021 at a compound annual growth rate (CAGR) of 2.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The base oil market is expected to reach $36.64 billion in 2025 at a CAGR of 7%. The growing automotive industry is expected to fuel the growth of the base oil market in the coming years.
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Trends In The Global Base Oil Market
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. For instance, in August 2020, Chevron Products Company, a subsidiary of Novvi LLC and Chevron U.S.A. Inc., revealed the production of the first 100% renewable base oil based on ISODEWAXING technology from Novvi's Deer Park, Houston facility. The innovative manufacturing process and molecules are projected to outperform conventional and synthetic base oils, with the added benefit of being made from renewable feedstocks.
Global Base Oil Market Segments:
The global base oil market is further segmented based on type, group, application and geography.
By Type: Mineral, Synthetic, Bio-Based
By Group: Group I, Group II, Group III, Group IV, Group V
By Application: Automotive Oil, Industrial Oil, Metalworking Fluid, Greases, Hydraulic Oil, Others
By Geography: The global base oil market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the base oil market in 2020.
Read More On The Report For The Global Base Oil Market At:https://www.thebusinessresearchcompany.com/report/base-oil-global-market-report
Base Oil Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides base oil market overviews, analyzes and forecasts market size and growth for the global base oil market, base oil market share, base oil market players, base oil market segments and geographies, base oil market’s leading competitors’ revenues, profiles and market shares. The base oil market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.