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Global Base Oil Market Projected to Surge $37.51 Billion by 2028

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Global Base Oil Market Projected to Surge $37.51 Billion by 2028

August 01
15:44 2022
Global Base Oil Market Projected to Surge $37.51 Billion by 2028
Base Oil Market
According to Triton’s research report, the global base oil market gathered $29.70 billion in 2021 and is estimated to advance at a CAGR of 3.42% by 2028.

A recent study by Triton Market Research titled ‘Global Base Oil Market’ includes the Global Analysis and Forecasts by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Hydraulic Oil, Industrial Oil, Metalworking Fluids, Greases, Other Applications), and Geography (Latin America, Europe, North America, the Middle East and Africa, and Asia-Pacific).

Base oils are used to manufacture various products, including metal processing fluids, greases, and motor oil. Additives are added to base oils to meet the quality needs of end products, such as friction and others. 

 

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Triton’s report insinuates that the global base oil market will likely exhibit growth at a CAGR of 3.42% in revenue and 3.95% in volume during the forecast years 2022-2028. It is predicted to gain revenue worth $37.51 billion by 2028.

Base oil finds its application across various end-user industries owing to its distinctive characteristics and performance capabilities. Additives are added to base oils to meet the quality needs of various products, such as friction, cleaning properties, etc. Base oils are used in automotive, marine, industrial, and other sectors. They are included in hydraulic oil, process oil, automotive oil, metalworking fluids, and greases. Thus, the comprehensive applications of base oil supplement the growth of the studied market.

On the other hand, the prices of crude oil and petroleum products are soaring, which is expected to disrupt the production of oil and related products. For instance, the oil shortage can halt the developments of geopolitical or weather-related events. As a result, the uncertain future demand and supply of base oil can result in higher price volatility, which can impede the market’s growth. 

The base oil market is categorised into group and application. The application segment comprises industrial oil, hydraulic oil, automotive oil, greases, metalworking fluids, and other applications. The group segment is sectioned into group I, group II, group III, group IV, and group V. 

The Asia-Pacific leads the base oil market and is expected to have a stronghold till 2028. The APAC region will likely witness an increasing demand for base oil owing to the rise in production and sales of automobiles in countries such as China, India, and Japan. Moreover, an increase in investments and the launch of new products by prominent players like GS Caltex are also anticipated to increase base oil demand, thereby driving the base oil market. 

Neste Oyj, Sepahan Oil, Exxon Mobil Corporation, Saudi Aramco, PT Pertamina (Persero), Chevron Corporation, Avista Oil AG, Shell Plc, GS Caltex Corporation, S-Oil Corporation, Repsol SA, Phillips 66 Company, Grupa Lotos, Ergon Inc, and Nynas AB are the notable companies in the base oil market.

 

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Question & Answers: Base Oil Market

Question 1: What factors supplement the growth of the base oil market?

Answer: Base oil finds its application across various end-user industries owing to its distinctive characteristics and performance capabilities. Additives are added to base oils to meet the quality needs of various products, such as friction, cleaning properties, etc. Base oils are used in automotive, marine, industrial, and other sectors. They are included in hydraulic oil, process oil, automotive oil, metalworking fluids, and greases. Thus, the comprehensive applications of base oil supplement the growth of the studied market.

Question 2: Which factors impede the base oil market’s growth?

Answer: On the other hand, the prices of crude oil and petroleum products are soaring, which is expected to disrupt the production of oil and related products. For instance, the oil shortage can halt the developments of geopolitical or weather-related events. As a result, the uncertain future demand and supply of base oil can result in higher price volatility, which can impede the market’s growth. 

Question 3: Which region leads the base oil market?

Answer: The Asia-Pacific leads the base oil market and is expected to have a stronghold till 2028. The APAC region will likely witness an increasing demand for base oil owing to the rise in production and sales of automobiles in countries such as China, India, and Japan. Moreover, an increase in investments and the launch of new products by prominent players like GS Caltex are also anticipated to increase base oil demand, thereby driving the base oil market. 

Question 4: Which are the notable companies in the base oil market?

Answer: Neste OYJ, Sepahan Oil, Exxon Mobil Corporation, Saudi Aramco, PT Pertamina (Persero), Chevron Corporation, Avista Oil AG, Shell Plc, GS Caltex Corporation, S-Oil Corporation, Repsol SA, Phillips 66 Company, Grupa Lotos, Ergon Inc, and Nynas AB are the notable companies in the base oil market.

 

Related Report:

Global Adhesives Market

The global adhesives market is likely to propel at a CAGR of 5.71% from 2022 to 2028 while garnering $56.94 billion by 2028. The market is expected to advance at a CAGR of 4.60% in terms of volume. 

Adhesives are produced from synthetic and natural resources, widely used in the automotive and construction industries. Several construction companies are using adhesives to transform engineering. For instance, adhesives help change the designs of modern buildings prone to natural calamities. 

Additionally, the high demand from the automotive industry is likely to provide a lucrative growth opportunity to the market. However, the raw material prices volatility affects the demand for adhesives, which may restrict the market’s growth. 

 

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