Base Oil Market - Global Outlook & Forecast 2022-2027

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THE BASE OIL MARKET SIZE IS EXPECTED TO REACH USD 40.76 BILLION BY 2027 FROM USD 30.21 BILLION IN 2021, GROWING AT A CAGR OF 5.12% FROM 2022 TO 2027.

The Global Base Oil Market Size, Share, & Trends Analysis Report by

  1. Group: Group I, Group II, Group III, Group IV, and Group V)
  2. End-User: Automotive Oil, Industrial Oil, Process Oil, Metalworking Fluids, Greases, and Others)
  3. Geography: Europe, North America, APAC, Latin America, and the Middle East and Africa)

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2022–2027.

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BASE OIL MARKET REPORT SCOPE

REPORT ATTRIBUTEDETAILS
BASE OIL MARKET SIZEUSD 40.8 Billion (2027)
MARKET SIZE (SHIPMENTS)49 Million Tons (2027)
CAGR (REVENUE)5.1% (2022-2027)
BASE YEAR2021
FORECAST PERIOD2022–2027
MARKET SEGMENTSGroup, End-User, and Geography
GEOGRAPHICAL ANALYSISEurope, North America, APAC, Latin America, and Middle East and Africa
COUNTRIES COVEREDUS, Canada, Brazil, Mexico, Saudi Arabia, UAE, Iran, Germany, Russia, France, Spain, UK, China, India, Japan, Indonesia, South Korea
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MARKET INSIGHTS

 
The global base oil market is growing at a CAGR of over 5% and is expected to reach USD 40.76 billion by 2027 from USD 30 billion in 2021. The global base oil market is highly fragmented. Factors such as the rapid growth in the infrastructure and automotive industries and the surge in construction activities are expected to drive the demand for base oils. The global base oil industry is witnessing a significant rise in the frequency of mergers and acquisitions, which is expected to propel growth even further. Base oil is one of the most essential feedstocks used to manufacture various products, such as motor oil, lubricating grease, and metal processing fluids. Also, base oils are used across heavy manufacturing, automotive, oil & gas, power, electrical, and marine industries.

The demand for base oil is increasing in countries such as Brazil, Russia, India, and China. Also, industrialization has emerged as a major advantage for these growing economies. The rise in the pace of industrial production in developing countries is expected to drive the demand for base oil in various sectors, such as agriculture, construction, mining, and automotive.

Base oils are refined crude oil base stocks used to manufacture automotive and industrial lubricants, greases, rubber products, and white and paraffin oil. Base oils are relatively more polar in nature than paraffinic oils and, therefore, have exceptional cooling and low-temperature properties. Lubricants are used to minimize friction and wear and tear between surfaces. Most lubricants consist of 70% lubricant oil and up to 30% chemical compounds known as additives.

Production Process of Base oil

Base Oil Market Overview

Base oils are produced by extracting and processing heavy and high-viscosity crude oil acquired through narrow distillation. Producing base oil is normally profitable for a refinery because it enables the lowest valued part of crude oil to be traded as a high-value specialty product. However, base oil production facilities have a relatively high capital cost per barrel.

TRENDS AND FACTS:

  • Digitization of the industry through the incorporation of AI, robotics, virtual and augmented reality programs, and others
  • Energy transition through increased focus on sustainability and investment in green energy solutions, such as carbon capture, utilization, and storage.
  • Infrastructural changes in terms of supply and logistics, up-gradation of oil platforms and refineries to be more energy-efficient, and new fracking and scanning technologies.
  • Growth in the use of natural gas amounts to rising by 60% by 2030.
  • Global consumption of petroleum and liquid fuels is estimated to average 100.6 million b/d in 2022, and consumption to increase by 1.9 million b/d in 2023, according to EIA.

BASE OIL MARKET SEGMENTATION

By Group, group II is expected to be the largest segment in the base oil market. Group II base oils are more refined base oil than group I. These oils have clear color and better antioxidant properties than group I base oil owing to the saturated nature of their hydrocarbon molecules. However, group II base oils are more expensive than Group I. These base oils are primarily used in the textile industry, cutting oils, in the formulation of lubricants for turbines, heat pumps, exchangers, and engines owing to their impressive properties of wear & tear resistance, low friction, and better load-bearing capacity.

By End-user, automotive or engine oil is the largest segment amongst others in the base oil market. The main function of automotive oil is to reduce friction and wear & tear of the automotive engine and to clean the engine from sludge and detergents. Earlier, group 1 base oil was used in automotive oil. Presently, group II and group III base oil are highly preferred for manufacturing base oil driven by the emission regulation standard; increasing demand for low viscosity, low volatility lubricants, and increasing demand for better fuel economy is fuelling the demand for premium base oil. There is a growing demand for automotive oil in Europe, APAC, and North America, driving the demand for base oil. At the same time, APAC is also experiencing an escalating demand. 

By Geography, APAC was the largest market for base oil during the forecast period. Owing to rapid urbanization, rising disposable income, and growing industrialization in the field of automotive, food processing, cosmetics, textile, and other manufacturing sectors are creating a demand for base oil in APAC. China is leading in APAC during the forecast period. This can be attributed to the increasing demand from the automotive & transportation sector, increasing mining activities, manufacturing & machinery sector is also supporting the strong growth of the base oil market in the country. Additionally, the availability of low-cost labor and raw material further fuels the industry. 

Advantages of Base oil

 

Base oil Market Forecast

 

DRIVERS AND OPPORTUNITIES

Base Oil Market Trends

Oil and oil products are expected to remain instrumental commodities in coming years as the majority of transportation fuels are crude oil-based, and it is also a major raw material source for the chemicals industry. The US was the largest oil producer in 2020, with around 16 million barrels per day produced on average. Saudi Arabia and Russia are the second and third-largest producers and also are the top countries with the highest oil exports.

Base stocks are the most important product of the oil & gas industry. These base stocks are used to produce lubricants, which are further used in equipment and machines for their smooth and efficient functioning. Few companies are engaged in base oil production due to the high demand in the automotive and manufacturing sectors.

Major properties of base oil stock

 Base oil Properties

 

IMPACT OF COVID-19 

The COVID-19 outbreak has had an adverse impact on the global base oil market. The complete lockdown imposed by various governments worldwide during the COVID-19 outbreak resulted in supply chain disruptions that significantly hampered the sourcing of feedstocks (additives). Additionally, factors such as the temporary shutdown of production facilities, the decline in labor force participation, and investment withdrawals, followed by norms of social distancing, have adversely affected the industry.

COMPETITIVE LANDSCAPE

The demand for base oil products is highly dependent on the consumption of industrial lubricants, including hydraulic oils, metalworking fluids, industrial gear oils, turbine oils, and compressor lubricants. These lubricants are used across various industries, such as construction, power, railways, metals and mining, iron and steel, chemicals, cement, oil and gas, and general manufacturing. During the COVID-19 outbreak, these industries were severely impacted due to the temporary halt in production, the slowdown in logistics, low labor force participation, and a decline in demand.  

The base oil market is competitive with the presence of well-diversified global and regional manufacturers. Industry participants continuously focus on various operational strategies that are likely to gain an edge in the global industry.

Recent Developments:

  • In September 2019, Repsol made a joint venture with United Global Limited after purchasing a 40% stake in its Singapore-based lubricant manufacturer, United Oil Company. This agreement would allow Repsol to expand its presence across Southeast Asia.
  • 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 global base oil business.

The key players have undertaken various growth strategies in the base oil industry. Strategies such as joint ventures, mergers & acquisitions, and others to expand and further reach their customers to fulfill requirements. Some major players are Exxon Mobil Corporation (US), Chevron Corporation (US), Petro-Canada Lubricants (Canada), Saudi Aramco (Saudi Arabia), Phillips 66 (US), Asian Oil Company (India), Avista Oil Deutschland Gmbh (Germany), HollyFrontier Corporation (US) and GS Caltex Corporation (South Korea). These players have adopted strategies such as innovations, mergers & acquisitions, joint ventures, and others to increase their revenues in the base oil market. 

FUTURE OPPORTUNITIES

Base oil is expected to witness stable growth in the coming years. Rapid industrialization, environmental sustainability initiatives, and growing demand from the automotive, construction, agriculture, and manufacturing industries are expected to boost the demand for base oil products.

The major demand for good quality base oils is growing in Asia. Currently, the region is witnessing a decline in Group I base oil and an increase in demand for group II & II base oil, and going forward, it is expected to grow at a faster rate. China, India, Thailand, Malaysia, Indonesia, Singapore, and Vietnam countries are the key markets for high-quality and sustainable base oils due to increased urbanization and industrial activities over the past few years. In addition, government policies are also attracting foreign players to set up their manufacturing bases in these countries.

Frequently Asked Questions

What is the size of the base oil market and the growth rate during the forecast period?

The global base oil market was valued at USD 30.21 billion in 2021 and is expected to reach USD 40.76 billion by 2027, growing at a CAGR of 5.12%.

Which region has the highest growth rate in the base oil market?

Asia Pacific region has the highest growth rate of 5.8% during the forecast period.

Who are the key players in the base oil market?

Exxon Mobil Corporation, Chevron Corporation, Petro Canada Lubricants are some of the key players in the base oil market.

Which region is more attractive for vendors in the base oil industry?

Asia Pacific region is more attractive for vendors in the base oil industry.

What are the latest trends in the global base oil market?

High Demand From Automotive Oil Segment, Growing Importance Of Re-Refining Base Oils, And Rising Demand For Group Ii & Group Iii Base Oils Are The Latest Trends In The Base Oil Market.

The base oil market size is expected to reach USD 40.8 Billion by 2027 from USD 31.6 Billion in 2022, at a CAGR of 5.1% during the forecast period.

The following factors are likely to contribute to the growth of the market during the forecast period.

  • Growing Demand Bio-Based Lubricants
  • Rapid Growth in Industrialization
  • Increasing demand from the automotive oil segment
  • Growing market demand for group II & group III base oil
  • The growing importance of re-refining base oil

Base Year: 2021

Forecast Year: 2022-2027

The report considers the present scenario of the base oil market and its dynamics for the period 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyses leading companies and several other prominent companies operating in the industry.

PROMINENT VENDORS

  • Exxon Mobil Corporation
    • Business Overview
    • Product Offerings
    • Key Strengths
    • Key Strategies
    • Key Opportunities
  • Chevron Corporation
  • Petro-Canada Lubricants
  • Saudi Arabian Oil Co.
  • Philips 666

OTHER PROMINENT VENDORS

  • Asian Oil Company
    • Business Overview
    • Product Offerings
  • Hindustan Petroleum Corporation (HPCL
  • Neste
  • Avista Oil Deutschland Gmbh
  • Sepahan Oil Company
  • GS Caltex Corporation
  • PBF Energy
  • HollyFrontier Corporation
  • Abu Dhabi National Oil Company
  • Ergon
  • SBZ Corporation
  • Petroyag
  • Ishtar Company
  • Yunitco
  • San Joaquin Corporation, Co. Ltd
  • Grupa Lotos S.A
  • Mol Group
  • Vertex Energy Inc

Segmentation by Group

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

Segmentation by End-User

  • Automotive Oil
  • Industrial Oil
  • Process Oil
  • Metalworking Fluids
  • Greases
  • Others

Segmentation by Geography

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • Russia
    • France
    • Spain
    • UK
  • APAC
    • China
    • Japan
    • India
    • Indonesia
    • South Korea
  • Latin America
    • Mexico
    • Brazil
  • Middle East and Africa
    • UAE
    • Saudi Arabia
    • Iran

LIST OF EXHIBITS

EXHIBIT 1 SEGMENTATION OF GLOBAL BASE OIL MARKET

EXHIBIT 2 MARKET SIZE CALCULATION APPROACH 2021

EXHIBIT 3 OVERVIEW OF GLOBAL BASE OIL MARKET

EXHIBIT 4 OVERVIEW OF GLOBAL BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 5 MAIN COMPONENTS OF LUBRICANTS

EXHIBIT 6 KEY MARKETS FOR BASE OIL THAT SHOWED SLOW RESILIENCE DURING COVID-19 OUTBREAK

EXHIBIT 7 KEY MARKETS FOR BASE OIL THAT SHOWED HIGH RESILIENCE DURING COVID-19 OUTBREAK

EXHIBIT 8 MERGERS & ACQUISITIONS IN GLOBAL BASE OIL MARKET

EXHIBIT 9 INDUSTRY EXPERT INSIGHTS ON GLOBAL BASE OIL MARKET

EXHIBIT 10 CURRENT ENGINE OIL STANDARDS

EXHIBIT 11 IMPACT OF HIGH DEMAND FROM AUTOMOTIVE OIL SEGMENT

EXHIBIT 12 BENEFITS OF MODERN ENGINE OIL

EXHIBIT 13 GLOBAL VEHICLE PRODUCTION 2010–2020 (THOUSAND UNITS)

EXHIBIT 14 IMPACT OF RISING DEMAND FOR GROUP II & GROUP III BASE OILS

EXHIBIT 15 IMPACT OF GROWING IMPORTANCE OF RE-REFINING BASE OILS

EXHIBIT 16 BENEFITS OF AND NEED FOR RE-REFINING BASE OILS

EXHIBIT 17 IMPACT OF GROWING DEMAND FOR BIO-BASED LUBRICANTS

EXHIBIT 18 IMPACT OF RAPID SURGE IN INDUSTRIALIZATION

EXHIBIT 19 IMPACT OF DECLINING DEMAND FOR GROUP I BASE OILS

EXHIBIT 20 TRENDS IN GROUP I BASE STOCK DEMAND 2007–2023 (METRIC TONNE/YEAR)

EXHIBIT 21 IMPACT OF HIGH DEMAND FOR ELECTRIC VEHICLES

EXHIBIT 22 GLOBAL BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 23 GLOBAL BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 24 FIVE FORCES ANALYSIS 2021

EXHIBIT 25 INCREMENTAL GROWTH BY SEGMENT 2021 & 2027

EXHIBIT 26 CLASSIFICATION OF GLOBAL BASE OIL MARKET BY GROUP

EXHIBIT 27 GROWTH MOMENTUM OUTLOOK FOR GLOBAL BASE OIL MARKET 2021–2027

EXHIBIT 28 INCREMENTAL GROWTH BY END USER 2021–2027 ($ BILLION)

EXHIBIT 29 CAGR COMPARISON OF GLOBAL BASE OIL MARKET BY GROUP 2021–2027

EXHIBIT 30 BENEFITS OF IMO 2020 REGULATION

EXHIBIT 31 GLOBAL GROUP I BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 32 GLOBAL GROUP II BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

EXHIBIT 33 GLOBAL GROUP III BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

EXHIBIT 34 GLOBAL GROUP IV BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

EXHIBIT 35 EXAMPLES OF GROUP V BASE OIL

EXHIBIT 36 GLOBAL GROUP V BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

EXHIBIT 37 INCREMENTAL GROWTH BY SEGMENT 2021 & 2027

EXHIBIT 38 CLASSIFICATION OF GLOBAL BASE OIL MARKET BY END USER

EXHIBIT 39 GROWTH MOMENTUM OUTLOOK FOR GLOBAL BASE OIL MARKET 2021–2027

EXHIBIT 40 GLOBAL BASE OIL MARKET BY END USER 2027 (% SHARE)

EXHIBIT 41 GLOBAL AUTOMOTIVE BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 42 GLOBAL INDUSTRIAL BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 43 GLOBAL PROCESS BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 44 GLOBAL METALWORKING FLUID BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 45 GLOBAL GREASE BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 46 GLOBAL OTHERS BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 47 INCREMENTAL GROWTH BY GEOGRAPHY 2021 & 2027 (VALUE)

EXHIBIT 48 INCREMENTAL GROWTH BY GEOGRAPHY 2021 & 2027 (VOLUME)

EXHIBIT 49 MARKET DYNAMICS OF GLOBAL BASE OIL MARKET 2021–2027

EXHIBIT 50 GROWTH DRIVERS FOR NORTH AMERICA BASE OIL MARKET

EXHIBIT 51 PASSENGER VEHICLE PRODUCTION IN NORTH AMERICA 2005–2020

EXHIBIT 52 OVERVIEW OF NORTH AMERICA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 53 NORTH AMERICA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 54 NORTH AMERICA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 55 INCREMENTAL GROWTH IN NORTH AMERICA 2021 & 2027 (VALUE)

EXHIBIT 56 INCREMENTAL GROWTH IN NORTH AMERICA 2021 & 2027 (VOLUME)

EXHIBIT 57 US BASE OIL PRODUCTION 2015–2020 (1,000 BARRELS, JANUARY-JUNE)

EXHIBIT 58 US BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 59 US BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 60 CANADA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 61 CANADA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 62 OVERVIEW OF LATIN AMERICA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 63 LATIN AMERICA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 64 LATIN AMERICA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 65 INCREMENTAL GROWTH IN LATIN AMERICA 2021 & 2027 (VALUE)

EXHIBIT 66 INCREMENTAL GROWTH IN LATIN AMERICA 2021 & 2027 (VOLUME)

EXHIBIT 67 BRAZIL BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 68 BRAZIL BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 69 MEXICO BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 70 MEXICO BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 71 OVERVIEW OF MIDDLE EAST & AFRICA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 72 MIDDLE EAST & AFRICA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 73 MIDDLE EAST & AFRICA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 74 INCREMENTAL GROWTH IN MIDDLE EAST & AFRICA 2021 & 2027 (VALUE)

EXHIBIT 75 INCREMENTAL GROWTH IN MIDDLE EAST & AFRICA 2021 & 2027 (VOLUME)

EXHIBIT 76 SAUDI ARABIA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 77 SAUDI ARABIA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 78 UAE BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 79 UAE BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 80 IRAN BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 81 IRAN BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 82 OVERVIEW OF EUROPE BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 83 EUROPE BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 84 EUROPE BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 85 INCREMENTAL GROWTH IN EUROPE 2021 & 2027 (VALUE)

EXHIBIT 86 INCREMENTAL GROWTH IN EUROPE 2021 & 2027 (VOLUME)

EXHIBIT 87 GERMANY BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 88 GERMANY BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 89 RUSSIA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 90 RUSSIA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 91 FRANCE BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 92 FRANCE BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 93 SPAIN BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 94 SPAIN BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 95 UK BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 96 UK BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 97 OVERVIEW OF APAC BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 98 APAC BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 99 APAC BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 100 INCREMENTAL GROWTH IN APAC 2021 & 2027 (VALUE)

EXHIBIT 101 INCREMENTAL GROWTH IN APAC 2021 & 2027 (VOLUME)

EXHIBIT 102 CHINA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 103 CHINA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 104 INDIA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 105 INDIA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 106 PRODUCTION OF MOTOR VEHICLES (CARS & TRUCK) 2015–2019

EXHIBIT 107 JAPAN BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 108 JAPAN BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 109 INDONESIA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 110 INDONESIA BASE OIL MARKET 2021–2027 (KILOTONS)

EXHIBIT 111 SOUTH KOREA BASE OIL MARKET 2021–2027 ($ BILLION)

EXHIBIT 112 SOUTH KOREA BASE OIL MARKET 2021–2027 (KILOTONS)

LIST OF TABLES

TABLE 1 KEY CAVEATS

TABLE 2 CURRENCY CONVERSION 2015−2021

TABLE 3 CHINA VEHICLE PRODUCTION IN DECEMBER 2021

TABLE 4 VALUE ADDED BY VARIOUS INDUSTRIES ($ MILLION)

TABLE 5 OIL PRODUCTION IN COUNTRIES WORLDWIDE 2018–2020 (MILLION TONNES)

TABLE 6 POWER GENERATION IN SELECTED COUNTRIES 2018–2020 (TERAWATT-HOURS)

TABLE 7 GLOBAL AUTOMOTIVE PRODUCTION Q1–Q3 2019–2021 (UNITS)

TABLE 8 CLASSIFICATION OF BASE OILS ACCORDING TO API (AMERICAN PETROLEUM INSTITUTE)

TABLE 9 COMPARISON OF BASE OIL CATEGORIES

TABLE 10 GROUP I BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 11 GLOBAL GROUP II BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 12 GLOBAL GROUP III BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 13 GLOBAL GROUP IV BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 14 GLOBAL GROUP V BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 15 GLOBAL AUTOMOTIVE BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 16 GLOBAL INDUSTRIAL BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 17 GLOBAL PROCESS BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 18 GLOBAL METALWORKING FLUID BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 19 GLOBAL GREASE BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 20 GLOBAL OTHER BASE OILS MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 21 NORTH AMERICA BASE OIL MARKET BY GROUP TYPE 2021–2027 ($ BILLION)

TABLE 22 NORTH AMERICA BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 23 LATIN AMERICA BASE OIL  MARKET BY GROUP TYPE 2021–2027 ($ BILLION)

TABLE 24 LATIN AMERICA BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 25 MIDDLE EAST & AFRICA BASE OIL BY GROUP TYPE 2021–2027 ($ BILLION)

TABLE 26 MIDDLE EAST & AFRICA BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 27 EUROPE BASE OIL MARKET BY GROUP TYPE 2021–2027 ($ BILLION)

TABLE 28 EUROPE BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 29 APAC BASE OIL BY GROUP TYPE 2021–2027 ($ BILLION)

TABLE 30 APAC BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 31 EXXON MOBIL CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 32 CHEVRON CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 33 PETRO-CANADA LUBRICANTS: MAJOR PRODUCT OFFERINGS

TABLE 34 SAUDI ARABIAN OIL CO.: MAJOR PRODUCT OFFERINGS

TABLE 35 PHILLIPS 66: MAJOR PRODUCT OFFERINGS

TABLE 36 ASIAN OIL COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 37 HINDUSTAN PETROLEUM CORPORATION (HPCL): MAJOR PRODUCT OFFERINGS

TABLE 38 NESTE: MAJOR PRODUCT OFFERINGS

TABLE 39 AVISTA OIL DEUTSCHLAND GMBH: MAJOR PRODUCT OFFERINGS

TABLE 40 SEPAHAN OIL COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 41 GS CALTEX CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 42 PBF ENERGY: MAJOR PRODUCT OFFERINGS

TABLE 43 HOLLYFRONTIER CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 44 ABU DHABI NATIONAL OIL COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 45 ERGON: MAJOR PRODUCT OFFERINGS

TABLE 46 SBZ CORPORATION: MAJOR PRODUCT OFFERINGS

TABLE 47 PETROYAG: MAJOR PRODUCT OFFERINGS

TABLE 48 ISHTAR COMPANY: MAJOR PRODUCT OFFERINGS

TABLE 49 YUNITCO: MAJOR PRODUCT OFFERINGS

TABLE 50 SAN JOAQUIN CORPORATION, CO. LTD: MAJOR PRODUCT OFFERINGS

TABLE 51 GRUPA LOTOS SA: MAJOR PRODUCT OFFERINGS

TABLE 52 MOL GROUP: MAJOR PRODUCT OFFERINGS

TABLE 53 VERTEX ENERGY INC: MAJOR PRODUCT OFFERINGS

TABLE 54 GLOBAL GROUP I BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 55 GLOBAL GROUP I BASE OIL MARKET BY GEOGRAPHY 2021–2027 (%)

TABLE 56 GLOBAL GROUP II BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 57 GLOBAL GROUP II BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 58 GLOBAL GROUP III BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 59 GLOBAL GROUP III BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 60 GLOBAL GROUP IV BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 61 GLOBAL GROUP IV BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 62 GLOBAL GROUP V BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 63 GLOBAL GROUP V BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 64 GLOBAL AUTOMOTIVE BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 65 GLOBAL AUTOMOTIVE BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 66 GLOBAL INDUSTRIAL BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 67 GLOBAL INDUSTRIAL BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 68 GLOBAL PROCESS BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 69 GLOBAL PROCESS BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 70 GLOBAL METALWORKING FLUID BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 71 GLOBAL METALWORKING FLUID BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 72 GLOBAL GREASE BASE OIL MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 73 GLOBAL GREASE BASE OIL MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 74 GLOBAL OTHER BASE OILS MARKET BY GEOGRAPHY 2021–2027 ($ BILLION)

TABLE 75 GLOBAL OTHER BASE OILS MARKET BY GEOGRAPHY 2021–2027 (% SHARE)

TABLE 76 NORTH AMERICA BASE OIL MARKET BY GROUP 2021–2027 ($ BILLION)

TABLE 77 NORTH AMERICA BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 78 EUROPE BASE OIL MARKET BY GROUP 2021–2027 ($ BILLION)

TABLE 79 EUROPE BASE OIL BY END USER 2021–2027 ($ BILLION)

TABLE 80 APAC BASE OIL MARKET BY GROUP 2021–2027 ($ BILLION)

TABLE 81 APAC BASE OIL MARKET BY GROUP 2021–2027 ($ BILLION)

TABLE 82 LATIN AMERICA BASE OIL MARKET BY GROUP 2021–2027 ($ BILLION)

TABLE 83 LATIN AMERICA BASE OIL MARKET BY END USER 2021–2027 ($ BILLION)

TABLE 84 MIDDLE EAST & AFRICA BASE OIL BY GROUP 2021–2027 ($ BILLION)

TABLE 85 MIDDLE EAST & AFRICA BASE OIL BY END USER 2021–2027 ($ BILLION)

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 MARKET AT A GLANCE

7 INTRODUCTION

7.1 OVERVIEW

7.2 ADDITIVES

7.2.1 ANTI-WEAR ADDITIVES

7.2.2 FRICTION MODIFIER

7.2.3 DETERGENTS

7.2.4 DISPERSANTS

7.2.5 ANTI-FOAMING AGENTS

7.2.6 POUR POINT DISPERSANTS

7.2.7 EXTREME PRESSURE (EP) ADDITIVES

7.2.8 RUST AND CORROSION INHIBITORS

7.2.9 ANTI-OXIDANTS

7.3 IMPACT OF COVID-19

7.4 MERGERS & ACQUISITIONS

7.5 INDUSTRY EXPERT INSIGHTS

7.6 REGULATIONS & STANDARDS

7.6.1 US

7.6.2 EUROPE

7.6.3 CANADA

7.6.4 CHINA

7.6.5 INDIA

8 MARKET OPPORTUNITIES & TRENDS

8.1 HIGH DEMAND FROM AUTOMOTIVE OIL SEGMENT

8.2 RISING DEMAND FOR GROUP II & GROUP III BASE OILS

8.3 GROWING IMPORTANCE OF RE-REFINING BASE OILS

9 MARKET GROWTH ENABLERS

9.1 GROWING DEMAND FOR BIO-BASED LUBRICANTS

9.2 RAPID SURGE IN INDUSTRIALIZATION

10 MARKET RESTRAINTS

10.1 DECLINING DEMAND FOR GROUP I BASE OILS

10.2 HIGH DEMAND FOR ELECTRIC VEHICLES

11 MARKET LANDSCAPE

11.1 MARKET OVERVIEW

11.2 MARKET SIZE & FORECAST

11.2.1 VALUE & VOLUME

11.3 FIVE FORCES ANALYSIS

11.3.1 THREAT OF NEW ENTRANTS

11.3.2 BARGAINING POWER OF SUPPLIERS

11.3.3 BARGAINING POWER OF BUYERS

11.3.4 THREAT OF SUBSTITUTES

11.3.5 COMPETITIVE RIVALRY

11.4 MACROECONOMIC PARAMETERS AFFECTING GLOBAL BASE OIL MARKET

11.4.1 OIL & GAS INDUSTRY

11.4.2 POWER INDUSTRY

11.4.3 AUTOMOTIVE INDUSTRY

11.4.4 CONCLUSION:

12 BASE OIL GROUP  ANALYSIS

12.1 MARKET SNAPSHOT & GROWTH ENGINE

12.2 MARKET OVERVIEW

12.3 GROUP I

12.3.1 MARKET OVERVIEW

12.3.2 MARKET SIZE & FORECAST

12.3.3 MARKET BY GEOGRAPHY

12.4 GROUP II

12.4.1 MARKET OVERVIEW

12.4.2 MARKET SIZE & FORECAST

12.4.3 MARKET BY GEOGRAPHY

12.5 GROUP III

12.5.1 MARKET OVERVIEW

12.5.2 MARKET SIZE & FORECAST

12.5.3 MARKET BY GEOGRAPHY

12.6 GROUP IV

12.6.1 MARKET OVERVIEW

12.6.2 MARKET SIZE & FORECAST

12.6.3 MARKET BY GEOGRAPHY

12.7 GROUP V

12.7.1 MARKET OVERVIEW

12.7.2 MARKET SIZE & FORECAST

12.7.3 MARKET BY GEOGRAPHY

13 END USER

13.1 MARKET SNAPSHOT & GROWTH ENGINE

13.2 MARKET OVERVIEW

13.3 AUTOMOTIVE OIL

13.3.1 MARKET OVERVIEW

13.3.2 MARKET SIZE & FORECAST

13.3.3 MARKET BY GEOGRAPHY

13.4 INDUSTRIAL OIL

13.4.1 MARKET OVERVIEW

13.4.2 MARKET SIZE & FORECAST

13.4.3 MARKET BY GEOGRAPHY

13.5 PROCESS OIL

13.5.1 MARKET OVERVIEW

13.5.2 MARKET SIZE & FORECAST

13.5.3 MARKET BY GEOGRAPHY

13.6 METALWORKING FLUID

13.6.1 MARKET OVERVIEW

13.6.2 MARKET SIZE & FORECAST

13.6.3 MARKET BY GEOGRAPHY

13.7 GREASE

13.7.1 MARKET OVERVIEW

13.7.2 MARKET SIZE & FORECAST

13.7.3 MARKET BY GEOGRAPHY

13.8 OTHERS

13.8.1 MARKET OVERVIEW

13.8.2 MARKET SIZE & FORECAST

13.8.3 MARKET BY GEOGRAPHY

14 GEOGRAPHY

14.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

14.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

14.3 GEOGRAPHIC OVERVIEW

15 NORTH AMERICA

15.1 MARKET OVERVIEW

15.2 MARKET SIZE & FORECAST

15.2.1 BY VALUE

15.2.2 BY VOLUME

15.3 GROUP

15.3.1 MARKET SIZE & FORECAST

15.4 END USER

15.4.1 MARKET SIZE & FORECAST

15.5 KEY COUNTRIES

15.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

15.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

15.6 US

15.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

15.7 CANADA

15.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16 LATIN AMERICA

16.1 MARKET OVERVIEW

16.2 MARKET SIZE & FORECAST

16.2.1 BY VALUE

16.2.2 BY VOLUME

16.3 GROUP

16.3.1 MARKET SIZE & FORECAST

16.4 END USER

16.4.1 MARKET SIZE & FORECAST

16.5 KEY COUNTRIES

16.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

16.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

16.6 BRAZIL

16.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.7 MEXICO

16.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

17 MIDDLE EAST & AFRICA

17.1 MARKET OVERVIEW

17.2 MARKET SIZE & FORECAST

17.2.1 BY VALUE

17.2.2 BY VOLUME

17.3 GROUP

17.3.1 MARKET SIZE & FORECAST

17.4 END USER

17.4.1 MARKET SIZE & FORECAST

17.5 KEY COUNTRIES

17.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

17.5.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

17.6 SAUDI ARABIA

17.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

17.7 UAE

17.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

17.8 IRAN

17.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18 EUROPE

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.2.1 BY VALUE

18.2.2 BY VOLUME

18.3 GROUP

18.3.1 MARKET SIZE & FORECAST

18.4 END USER

18.4.1 MARKET SIZE & FORECAST

18.5 KEY COUNTRIES

18.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

18.5.2 MARKET SNAPSHOT & GROWTH  ENGINE (VOLUME)

18.6 GERMANY

18.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.7 RUSSIA

18.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.8 FRANCE

18.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.9 SPAIN

18.9.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

18.10 UK

MARKET SIZE & FORECAST (VALUE & VOLUME)

19 APAC

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.2.1 BY VALUE

19.2.2 BY VOLUME

19.3 GROUP

19.3.1 MARKET SIZE & FORECAST

19.4 END USER

19.4.1 MARKET SIZE & FORECAST

19.5 KEY COUNTRIES

19.5.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

19.5.2 MARKET SNAPSHOT & GROWTH  ENGINE (VOLUME)

19.6 CHINA

19.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7 INDIA

19.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.8 JAPAN

19.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.9 INDONESIA

19.9.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.10 SOUTH KOREA

19.10.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20 COMPETITIVE LANDSCAPE

20.1 COMPETITION OVERVIEW

21 KEY COMPANY PROFILES

21.1 EXXON MOBIL CORPORATION

21.1.1 BUSINESS OVERVIEW

21.1.2 EXXON MOBIL CORPORATION IN BASE OIL

21.1.3 PRODUCT OFFERINGS

21.1.4 KEY STRATEGIES

21.1.5 KEY STRENGTHS

21.1.6 KEY OPPORTUNITIES

21.2 CHEVRON CORPORATION

21.2.1 BUSINESS OVERVIEW

21.2.2 CHEVRON CORPORATION IN BASE OIL MARKET

21.2.3 PRODUCT OFFERINGS

21.2.4 KEY STRATEGIES

21.2.5 KEY STRENGTHS

21.2.6 KEY OPPORTUNITIES

21.3 PETRO-CANADA LUBRICANTS

21.3.1 BUSINESS OVERVIEW

21.3.2 PRODUCT OFFERINGS

21.3.3 KEY STRATEGIES

21.3.4 KEY STRENGTHS

21.3.5 KEY OPPORTUNITIES

21.4 SAUDI ARABIAN OIL CO.

21.4.1 BUSINESS OVERVIEW

21.4.2 SAUDI ARABIAN OIL CO. IN BASE OIL MARKET

21.4.3 PRODUCT OFFERINGS

21.4.4 KEY STRATEGIES

21.4.5 KEY STRENGTHS

21.4.6 KEY OPPORTUNITIES

21.5 PHILLIPS 66

21.5.1 BUSINESS OVERVIEW

21.5.2 PRODUCT OFFERINGS

21.5.3 KEY STRATEGIES

21.5.4 KEY STRENGTHS

21.5.5 KEY OPPORTUNITIES

22 OTHER PROMINENT VENDORS

22.1 ASIAN OIL COMPANY

22.1.1 BUSINESS OVERVIEW

22.1.2 PRODUCT OFFERINGS

22.2 HINDUSTAN PETROLEUM CORPORATION LIMITED (HPCL)

22.2.1 BUSINESS OVERVIEW

22.2.2 PRODUCT OFFERINGS

22.3 NESTE

22.3.1 BUSINESS OVERVIEW

22.3.2 PRODUCT OFFERINGS

22.4 AVISTA OIL DEUTSCHLAND GMBH

22.4.1 BUSINESS OVERVIEW

22.4.2 PRODUCT OFFERINGS

22.5 SEPAHAN OIL COMPANY

22.5.1 BUSINESS OVERVIEW

22.5.2 PRODUCT OFFERINGS

22.6 GS CALTEX CORPORATION

22.6.1 BUSINESS OVERVIEW

22.6.2 PRODUCT OFFERINGS

22.7 PBF ENERGY

22.7.1 BUSINESS OVERVIEW

22.7.2 PRODUCT OFFERINGS

22.8 HOLLYFRONTIER CORPORATION

22.8.1 BUSINESS OVERVIEW

22.8.2 PRODUCT OFFERINGS

22.9 ABU DHABI NATIONAL OIL COMPANY

22.9.1 BUSINESS OVERVIEW

22.9.2 PRODUCT OFFERINGS

22.10 ERGON

22.10.1 BUSINESS OVERVIEW

22.10.2 PRODUCT OFFERINGS

22.11 SBZ CORPORATION

22.11.1 BUSINESS OVERVIEW

22.11.2 PRODUCT OFFERINGS

22.12 PETROYAG

22.12.1 BUSINESS OVERVIEW

22.12.2 PRODUCT OFFERINGS

22.13 ISHTAR COMPANY

22.13.1 BUSINESS OVERVIEW

22.13.2 PRODUCT OFFERINGS

22.14 YUNITCO

22.14.1 BUSINESS OVERVIEW

22.14.2 PRODUCT OFFERINGS IN

22.15 SAN JOAQUIN CORPORATION, CO. LTD

22.15.1 BUSINESS OVERVIEW

22.15.2 PRODUCT OFFERINGS

22.16 GRUPA LOTOS S.A.

22.16.1 BUSINESS OVERVIEW

22.16.2 PRODUCT OFFERINGS

22.17 MOL GROUP

22.17.1 BUSINESS OVERVIEW

22.17.2 PRODUCT OFFERINGS

22.18 VERTEX ENERGY INC

22.18.1 BUSINESS OVERVIEW

22.18.2 PRODUCT OFFERINGS

23 REPORT SUMMARY

23.1 KEY TAKEAWAYS

23.2 STRATEGIC RECOMMENDATIONS

24 QUANTITATIVE SUMMARY

24.1 MARKET BY GROUP

24.1.1 GROUP I

24.1.2 GROUP II

24.1.3 GROUP III

24.1.4 GROUP IV

24.1.5 GROUP V

24.2 MARKET BY END USER

24.2.1 AUTOMOTIVE OIL

24.2.2 INDUSTRIAL OIL

24.2.3 PROCESS OIL

24.2.4 METALWORKING FLUID

24.2.5 GREASE

24.2.6 OTHERS

25 GEOGRAPHY

25.1 NORTH AMERICA

25.1.1 GROUP

25.1.2 END USER

25.2 EUROPE

25.2.1 GROUP

25.2.2 END USER

25.3 APAC

25.3.1 GROUP

25.3.2 END USER

25.4 LATIN AMERICA

25.4.1 GROUP

25.4.2 END USER

25.5 MIDDLE EAST & AFRICA

25.5.1 GROUP

25.5.2 END USER

26 APPENDIX

26.1 ABBREVIATIONS

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Frequently Asked Questions

What is the size of the base oil market and the growth rate during the forecast period?

The global base oil market was valued at USD 30.21 billion in 2021 and is expected to reach USD 40.76 billion by 2027, growing at a CAGR of 5.12%.

Which region has the highest growth rate in the base oil market?

Asia Pacific region has the highest growth rate of 5.8% during the forecast period.

Who are the key players in the base oil market?

Exxon Mobil Corporation, Chevron Corporation, Petro Canada Lubricants are some of the key players in the base oil market.

Which region is more attractive for vendors in the base oil industry?

Asia Pacific region is more attractive for vendors in the base oil industry.

What are the latest trends in the global base oil market?

High Demand From Automotive Oil Segment, Growing Importance Of Re-Refining Base Oils, And Rising Demand For Group Ii & Group Iii Base Oils Are The Latest Trends In The Base Oil Market.