The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
Learn More On The Base Oil Market:
https://www.thebusinessresearchcompany.com/report/base-oil-global-market-report
According to The Business Research Company’s Base Oil, the base oil market size has grown strongly in recent years. It will grow from $31.59 billion in 2023 to $33.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to industrial growth, automotive sector expansion, globalization, regulatory standards.
The base oil market size is expected to see strong growth in the next few years. It will grow to $42.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to renewable and bio-based lubricants, asia-pacific dominance, research and development, globalization of supply chains. Major trends in the forecast period include shift towards group ii and group iii base oils, focus on specialty and high-performance lubricants, digitalization and industry 4.0 impact, collaborations and partnerships.
The growing automotive industry is expected to fuel the growth of the base oil market in the coming years. Advanced engine technology is driving the demand for motor oils and lubricating greases that gives compatibility to fast-moving parts and high temperatures. Moreover, engine oils that retain their viscosity, reduce engine wear to a minimum, and help assure dependability are made using high-quality base oil and best-in-class additive technology. Automotive base oil is a fluid for internal combustion engines that power automobiles, motorbikes, lawnmowers, generators, and a variety of other machinery. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%.
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The Base Oil Market Covered In This Report Is Segmented –
Base Oil By Type:
Mineral
Synthetic
Bio-Based
Base Oil By Group:
Group I
Group II
Group III
Group IV
Group V
Base Oil By Application:
Automotive Oil
Industrial Oil
Metalworking Fluid
Greases
Hydraulic Oil
Other Applications
Top Key Players:
Chevron Corporation
Exxon Mobil Corporation
Shell PLC
Ergon Inc.
Neste Oyj
Major companies operating in the base oil market are focused on developing new technologies, such as a new product family of lubricants called Neste ReNew, to increase their profitability in the market. Neste ReNew is a new family of lubricants introduced by Neste as a renewable and circular solution. Neste’s commitment to sustainability and reducing carbon emissions has led to the development of innovative products such as Neste ReNew Base Oil, which aims to provide a more environmentally friendly alternative to traditional base oils used in lubricant production. These renewable base oils contribute to a more sustainable and eco-friendly approach in the lubricants industry by offering high-quality performance while reducing environmental impact. For instance, in February 2023, Neste, a Finland-based oil refining and marketing company, introduced new and more sustainable lubricants produced with renewable or re-refined base oils. These lubricants are designed to be environmentally sustainable and contribute to reducing carbon emissions. They are produced from renewable and sustainable feedstocks, such as vegetable oils and animal fats, as opposed to conventional petroleum-based feedstocks.
The base oil market report table of contents includes:
1. Executive Summary
2. Base Oil Market Characteristics
3. Base Oil Market Trends And Strategies
4. Base Oil Market – Macro Economic Scenario
5. Global Base Oil Market Size and Growth
…..
31. Global Base Oil Market Competitive Benchmarking
32. Global Base Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Base Oil Market
34. Base Oil Market Future Outlook and Potential Analysis
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