Base Oil Market to Reach US$ 42.10 Bn by 2028 With CAGR 4.6%- Report Research By Introspective Market Research

Market Overview:

Global Base Oil Market was valued at USD 30 billion in 2021 and is expected to reach USD 41.10 billion by the year 2028, at a CAGR of 4.6%.

Base oils are made by refining crude oil. There are several different types of base oils on the market, including PAO oil, synthetic ester oil, virgin base oil, and naphthenic base oil. A range of lubricating oils, including engine oils, transmission, industrial gear lubricants, and greases, are made from base oils. They work in the manufacturing, engineering, industrial, and automotive industries, among other fields. In the production of lubricants for home appliances such as dishwashers, washers and dryers, refrigerators, mixers, and blenders, base oils are used.

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Market Dynamics:
Driver:
The expansion of industries such as industrial machinery, the automobile industry, and the energy sector in developing nations including China, India, Brazil, and South Africa is a major factor in the need for lubricants and their derivatives, such as finished lubricants. The need for synthetic hydraulic oils or hydraulic fluids that are ecologically friendly has grown as a result of the depletion of crude oil supplies and the greater attention being paid to environmental preservation.

Opportunities:
Base oils also provide concrete value in addition to satisfying a market requirement, claims the research report. There are two ways you can look at this. Additionally, Group II base oils offer new opportunities for producers to penetrate the 5W market, where they had previously less of a presence. Growth in the use of natural gas amounts to rise by 60% by 2030. For instance, in October 2021, Lehvoss Group, a producer and distributor of raw materials for lubricant additives and base oils, announced the acquisition of French lubricant additive distributor GP2C. In October 2021, Chevron Global Energy Inc, a wholly-owned subsidiary of U.S.-based Chevron Corporation, announced the acquisition of Neste's global base oil business.

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Market Segmentation For Base Oil

Based on the Group, Group I segment is expected to register the maximum base oil market share over the forecast period. Despite the current market developments, Group I continue to dominate, with more than half of the world's base oil capacity.

Based on the application, in terms of both value and volume, the automotive oil application segment is expected to lead the market throughout the forecast period. The expansion of the automobile sector in emerging countries is responsible for this segment's growth.

By Group
• Group I
• Group II
• Group III
• Group IV
• Group V

By Application
• Process Oils
• Industrial Oil
• Automotive Oil
• Hydraulic Oil
• Others

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By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Regional Analysis for the Base Oil Market:
The Asia Pacific dominates the base oil market during the forecast period. Some of the primary drivers for the Base Oil market in the region are multinational corporations' increasing investments in the region, the growing industrial sector, and strong demand for gear oil, grease, and other products from industries such as heavy equipment, power, and metalworking. China, the world's largest automaker, is concentrating its efforts on growing the production and sale of electric vehicles. Increasing GDP led by the rising industrial activities in the Asia Pacific region has increased the demand for base oil in this region.

Players Covered in Base Oil market are :
• Evonik Industries AG (Germany)
• Hindustan Petroleum Corporation Limited or HPCL (India)
• AVISTA OIL AG (Germany)
• Chevron Corporation (US)
• Total SA (France)
• PT Pertamina (Persero) (Indonesia)
• GRUPA LOTOS S.A. (Poland)
• Abu Dhabi National Oil Company (ADNOC) (UAE)
• Exxon Mobil Corporation (US)
• Motiva Enterprises LLC (US)
• SK Innovation Co. Ltd. (South Korea)
• Royal Dutch Shell Plc (Netherlands)
• Neste Oyj (Finland)
• Nynas AB (Sweden)
• Repsol S.A. (Spain)
• Ergon Inc. (US)

Key Industry Developments in the Base Oil Market:

In August 2020, Chevron Products Company, a part of Chevron U.S.A. Inc., and Novvi LLC announced today that Novvi's Deer Park, Houston facility has produced the first 100 percent sustainable base oil. Chevron is a shareholder in Novvi LLC, a California-based firm that develops, manufactures, markets, and distributes high-performance base oils derived from renewable sources. In 2016, the arrangement was announced.

In July 2020, SWEPI LP, a Royal Dutch Shell subsidiary, has finalized the sale of its Appalachia shale gas position to Seneca Resources Company, LLC and NFG Midstream Covington, LLC, both subsidiaries of National Fuel Gas Company, for USD 541 million to invest as an asset for quality base oil production.

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