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Report Outlook
| Market Size | CAGR | Dominating Region |
|---|---|---|
| USD 45.98 billion by 2029 | 6% | Asia Pacific |
| By Type | By Application | By End-User Industry |
|---|---|---|
|
|
|
SCOPE OF THE REPORT
Base Oil Market Overview
The global base oil market is expected to grow at 6 % CAGR from 2022 to 2029. It is expected to reach above USD 45.98 billion by 2029 from USD 31.39 billion in 2022.
The increase in engine oil used in sectors including metallurgy, automotive, chemicals, heavy equipment, and power generation is blamed for the surge. Due to the existence of several very inventive firms, the market is extremely fragmented. Competition is fierce as participants work to keep their clientele to get a competitive advantage over one another. Businesses are implementing cooperative business tactics to boost output, offer consumers well-regarded goods, and broaden their geographical reach.
Base Oil is widely used across a wide range of sectors and plays a crucial role in the formulation of lubricating oils on a worldwide scale. Marine lubricants, which are frequently used in the shipping sector to preserve and improve the performance of engines and equipment, primarily make use of Group I base oils. These base oils must have a high viscosity for high-performance marine lubricants to function at their best.
Nowadays, one of the key global contributors to base oils is the automobile industry. Although the trend toward electric cars has slowed the rise of some lubricants after sales, the demand for lubricants in the production of vehicles is anticipated to continue. Manufacturers of lubricants engage in innovative product advancements, particularly for the automobile sector, as consumers seek for standard and customized goods to meet specific needs. Throughout the projection period, it is predicted that the demand for base oils would increase due to lubricant makers’ rising usage.
Shifting consumer preferences in the context of an anticipated economic downturn, changes to industrial regulations to reflect escalating environmental concerns, significant swings in raw material prices brought on by current geopolitical tensions, and anticipated economic turbulences are noted as key challenges that the Base Oil industry players will need to address over the short and medium-term forecast.
| ATTRIBUTE | DETAILS |
| Study period | 2022-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2022 |
| Unit | Value (USD Billion), (Kilotons) |
| Segmentation | By Type, Application, End-user industry, and region. |
| By Type |
|
| By Application |
|
| By End-user industry |
|
| By Region |
|
Players in the base oil market will focus their expenditures on acquiring innovative technologies, obtaining raw materials, effective procurement and inventory management, improving product portfolios, and utilizing skills to sustain growth in difficult economic times. Base Oil producers and related actors are concentrating on country-specific strategies as a result of the documented significant differences in the economic and social issues faced by various markets and nations.
The need for participants in the base oil business to be more watchful and forward-thinking is pressing due to worries about the global economic downturn, the Effect of the Ukrainian conflict, lockdowns in China with resurgent COVID cases, and the Hazards of stagflation envisaging various market situations. Companies are being forced to adapt their strategy because of the significant changes brought about by the COVID-19 epidemic in the base oil supply chain and the growing movement for a cleaner, more sustainable environment.
Base Oil Market Segmentation
Basic oils are divided into five categories, or Group 1 through Group 4 and others. The first three groupings come from facilities that refine petroleum downstream. Group 4 base oils are polyalphaolefin-based synthetic oils. The base oil market is divided into three categories: type, application, and region. Group I, Group II, Group III, Group IV, and other categories are used to segment the market. Engine oils, transmission and gear oils, metalworking fluids, hydraulic fluids, greases, and other applications make up the market’s application-based segments. The market size and predictions for base oil in 15 countries across significant regions are also included in the paper. The market size and forecasting for each segment have been done using volume.
Due to the increasing demand for engine oil from industries such as automotive, power, heavy equipment, metallurgy, chemicals, and others, the engine oil sector leads the market for base oil. Internal combustion engines are frequently lubricated using engine oils, which are typically composed of 75–90% basic oils and 10–25% additives. They are often used to protect the engine internals from corrosion, reduce wear, and ensure smooth operation. To improve heat transmission and lessen stress during component contact, they produce a thin coating between the moving parts.
In 2021, the group I product category dominated the market and accounted for 42.0% of total sales. Due to their accessibility, ease of processing, low volatility, high viscosity index, and lubrication properties, lubricants are becoming more and more popular in the automotive, marine, and rail industries. More than 0.03% sulfur, less than 90% saturates, and viscosities between 80 and 120 are all considered to be characteristics of Group I goods. This category is distinguished by its lack of aromatic compounds and paraffinic composition. The temperature range is 32 to 150 degrees Fahrenheit. Group I is the least refined and has a variety of irregular hydrocarbon chains when compared to the other groups.
Base Oil Market Players
Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell PLC, Ergon Inc., Neste Oyj, Nynas AB, S-OIL CORPORATION, Sepahan Oil, Repsol S.A., Sinopec Limited, BP PLC, Evonik Industries AG, H&R Group, Saudi Aramco, and SK Lubricants Co. Ltd. are significant market participants in the base oil.
For corporate expansion, these key leaders are implementing strategic formulations such as new product development and commercialization, commercial expansion, and distribution agreements. Moreover, these participants are substantially spending on product development, which is fueling revenue generation.
Industry Development:
-
In March 2024, Chevron began the U.S. commercial production of NEXBASE 3043, a Group III base oil, at its Richmond, California plant. This product is characterized by a high viscosity index and low volatility, making it suitable for formulating high-quality engine oils and other lubricants. The Richmond facility is now the third plant to produce NEXBASE 3043, complementing existing production in Europe and Asia, and enhancing Chevron’s capacity to meet the growing demand for premium base oils in North America.
-
February 2023 – Russian base oil shipments in 2022 were behind 2021 levels for every month of the year and are unlikely to rebound this year, trading company DYM Resources said at the Argus Global Base Oils Conference today.
-
March 2023 – Reuters, March 12, 2019 – Amin Nasser, the chief executive of Aramco, stated on Sunday that he was cautiously optimistic and believed the oil market will stay tightly balanced in the short to medium term.
Who Should Buy? Or Key Stakeholders
- Investors
- Food and Beverage industry
- Medical Technology Companies
- Healthcare and personal care firms
- Research Organizations
- Regulatory Authorities
- Institutional & retail players
- Others
Base Oil Market Regional Analysis
The base oil market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
- North America: includes the US, Canada, Mexico
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN, and the Rest of APAC
- Europe: includes the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe
- South America: includes Brazil, Argentina, and the Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA
In 2021, Asia Pacific led the market and accounted for 50.6% of total revenue. This is explained by the fact that the area is a desirable market for lubricant makers due to the existence of expanding economies and the rising level of disposable income in the population. China dominates the Asia Pacific area, which is one of the world’s major markets for base oil. Throughout the forecast period, China is anticipated to dominate the Asia Pacific base oil market. The supremacy is attributable to the country’s booming industrial sector and greater usage of vehicles. The availability of raw supplies, greater foreign investment, fast industrialization, and a rising population all boost the Chinese market.
In the upcoming years, the base oil market is anticipated to develop due to the expanding automotive sector. The need for motor oils and lubricating greases that offer compatibility with fast-moving components and high temperatures is being driven by advanced engine technology. Additionally, superior base oils and additive technologies are used to create engine oils that maintain their viscosity, minimize engine wear, and assist ensure reliability. Automotive base oil is fuel for internal combustion engines, which power a range of machines, including lawnmowers, motorcycles, generators, and cars.
Similar to other markets, the Indian industry is anticipated to grow quickly because of the country’s government’s aggressive infrastructure development plans and the significant presence of multiple base oil producers. During the year 2021, Europe is expected to account for the second-largest revenue share internationally. Given that base oil makes up the majority of lubricants, the market’s expansion in Europe is thought to be significantly influenced by the region’s high lubricant consumption. The expansion of the transportation and industrial sectors is directly correlated with the increased base oil consumption.
Key Market Segments: Base Oil Market
Base Oil Market By Type, 2022-2029, (USD Billion), (Kilotons)
- Group I
- Group II
- Group III
- Group IV
- Others
Base Oil Market By Application, 2022-2029, (USD Billion), (Kilotons)
- Automotive Oil
- Industrial Oil
- Hydraulic Oil
- Grease
- Metalworking Fluid
Base Oil Market By End-User Industry, 2022-2029, (USD Billion), (Kilotons)
- Food & Beverages
- Agriculture
- Healthcare
- Automotive
- Electrical & Electronics
Base Oil Market By Region, 2022-2029, (USD Billion), (Kilotons)
- North America
- Asia Pacific
- Europe
- South America
- Middle East And Africa
Important Countries In All Regions Are Covered.
Exactitude Consultancy Services Key Objectives:
- Increasing sales and market share
- Developing new technology
- Improving profitability
- Entering new markets
- Enhancing brand reputation
Key Question Answered
- What is the expected growth rate of the base oil market over the next 7 years?
- What are the end-user industries driving demand for the market and what is their outlook?
- What are the opportunities for growth in emerging markets such as Asia-Pacific, the Middle East, and Africa?
- How is the economic environment affecting the base oil market, including factors such as interest rates, inflation, and exchange rates?
- What is the expected impact of government policies and regulations on the base oil market?
- What are the key drivers of growth in the base oil market?
- Who are the market’s major players, and what is their market share?
- What are the base oil market’s distribution channels and supply chain dynamics?
- What are the technological advancements and innovations in the base oil market and their impact on product development and growth?
- What are the regulatory considerations and their impact on the market?
- What are the challenges faced by players in the base oil market and how are they addressing these challenges?
- What are the opportunities for growth and expansion in the base oil market?
- What are the market’s product offerings/ service offerings and specifications of leading players?
- What is the pricing trend of base oil in the market and what is the impact of raw material prices on the price trend?
Table of Content
- INTRODUCTION
- MARKET DEFINITION
- MARKET SEGMENTATION
- RESEARCH TIMELINES
- ASSUMPTIONS AND LIMITATIONS
- RESEARCH METHODOLOGY
- DATA MINING
- SECONDARY RESEARCH
- PRIMARY RESEARCH
- SUBJECT-MATTER EXPERTS’ ADVICE
- QUALITY CHECKS
- FINAL REVIEW
- DATA TRIANGULATION
- BOTTOM-UP APPROACH
- TOP-DOWN APPROACH
- RESEARCH FLOW
- DATA SOURCES
- DATA MINING
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GLOBAL SOLAR BASE OIL MARKET OUTLOOK
- MARKET DRIVERS
- MARKET RESTRAINTS
- MARKET OPPORTUNITIES
- IMPACT OF COVID-19 ON BASE OIL MARKET
- PORTER’S FIVE FORCES MODEL
- THREAT FROM NEW ENTRANTS
- THREAT FROM SUBSTITUTES
- BARGAINING POWER OF SUPPLIERS
- BARGAINING POWER OF CUSTOMERS
- DEGREE OF COMPETITION
- INDUSTRY VALUE CHAIN ANALYSIS
- GLOBAL SOLAR BASE OIL MARKET OUTLOOK
- GLOBAL BASE OIL MARKET BY TYPE, 2022-2029, (USD BILLION), (KILOTONS)
- GROUP 1
- GROUP 2
- GROUP 3
- GROUP 4
- OTHERS
- GLOBAL BASE OIL MARKET BY APPLICATION, 2022-2029, (USD BILLION), (KILOTONS)
- AUTOMOTIVE OIL
- INDUSTRIAL OIL
- HYDRAULIC OIL
- GREASE
- METALWORKING FLUID
- GLOBAL BASE OIL MARKET BY END-USER INDUSTRY, 2022-2029, (USD BILLION), (KILOTONS)
- FOOD & BEVERAGES
- AGRICULTURE
- HEALTHCARE
- AUTOMOTIVE
- ELECTRICAL & ELECTRONICS
- GLOBAL BASE OIL MARKET BY REGION, 2022-2029, (USD BILLION), (KILOTONS)
- NORTH AMERICA
- US
- CANADA
- MEXICO
- SOUTH AMERICA
- BRAZIL
- ARGENTINA
- COLOMBIA
- REST OF SOUTH AMERICA
- EUROPE
- GERMANY
- UK
- FRANCE
- ITALY
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA PACIFIC
- INDIA
- CHINA
- JAPAN
- SOUTH KOREA
- AUSTRALIA
- SOUTH-EAST ASIA
- REST OF ASIA PACIFIC
- MIDDLE EAST AND AFRICA
- UAE
- SAUDI ARABIA
- SOUTH AFRICA
- REST OF MIDDLE EAST AND AFRICA
- NORTH AMERICA
- COMPANY PROFILES*Â (BUSINESS OVERVIEW, COMPANY SNAPSHOT, PRODUCTS OFFERED, RECENT DEVELOPMENTS)
-
- CHEVRON CORPORATION
- EXXON MOBIL CORPORATION
- ROYAL DUTCH SHELL PLC
- ERGON INC
- NESTE OYJ
- NYNAS AB
- S-OIL CORPORATION
- SEPAHAN OIL
- REPSOL S.A.
- SINOPEC LIMITED
- BP PLC
- EVONIK INDUSTRIES AG
- H&R GROUP
- SAUDI ARMACO
- SK LUBRICANTS CO. LTD
*THE COMPANY LIST IS INDICATIVE
LIST OF TABLES
TABLE 1 Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 2 Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 3 Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 4Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 5Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 6Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 7Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY REGION (USD BILLION) 2022-2029
TABLE 8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY REGION (KILOTONS) 2022-2029
TABLE 9Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY COUNTRY (USD BILLION) 2022-2029
TABLE 10Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY COUNTRY (KILOTONS) 2022-2029
TABLE 11Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 12Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 13Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 14Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 15Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 16Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 17Â Â Â Â Â Â Â Â Â Â Â Â Â US BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 18Â Â Â Â Â Â Â Â Â Â Â Â Â US BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 19Â Â Â Â Â Â Â Â Â Â Â Â Â US BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 20Â Â Â Â Â Â Â Â Â Â Â Â Â US BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 21Â Â Â Â Â Â Â Â Â Â Â Â Â US BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 22Â Â Â Â Â Â Â Â Â Â Â Â Â US BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 23Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 24Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 25Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 26Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 27Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 28Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 29Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 30Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 31Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 32Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 33Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 34Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 35Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY COUNTRY (USD BILLION) 2022-2029
TABLE 36Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY COUNTRY (KILOTONS) 2022-2029
TABLE 37Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 38Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 39Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 40Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 41Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 42Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 43Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 44Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 45Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 46Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 47Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 48Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 49Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 50Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 51Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 52Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 53Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 54Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 55Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 56Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 57Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 58Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 59Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 60Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 61Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 62Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 63Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 64Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 65Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 66Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 67Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY COUNTRY (USD BILLION) 2022-2029
TABLE 68Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY COUNTRY (KILOTONS) 2022-2029
TABLE 69Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 70Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 71Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 72Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 73Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 74Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 75Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 76Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 77Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 78Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 79Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 80Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 81Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 82Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 83Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 84Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 85Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 86Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 87Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 88Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 89Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 90Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 91Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 92Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 93Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 94Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 95Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 96Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 97Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 98Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 99Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 100Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 101Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 102Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 103Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 104Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 105Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 106Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 107Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 108Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 109Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 110Â Â Â Â Â Â Â Â Â Â Â SOUTH-EAST ASIA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 111Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 112Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 113Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 114Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 115Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 116Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 117Â Â Â Â Â Â Â Â Â Â Â EUROPE BASE OIL MARKET BY COUNTRY (USD BILLION) 2022-2029
TABLE 118Â Â Â Â Â Â Â Â Â Â Â EUROPE BASE OIL MARKET BY COUNTRY (KILOTONS) 2022-2029
TABLE 119Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 120Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 121Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 122Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 123Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 124Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 125Â Â Â Â Â Â Â Â Â Â Â GERMANY BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 126Â Â Â Â Â Â Â Â Â Â Â GERMANY BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 127Â Â Â Â Â Â Â Â Â Â Â GERMANY BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 128Â Â Â Â Â Â Â Â Â Â Â GERMANY BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 129Â Â Â Â Â Â Â Â Â Â Â GERMANY BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 130Â Â Â Â Â Â Â Â Â Â Â GERMANY BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 131Â Â Â Â Â Â Â Â Â Â Â UK BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 132Â Â Â Â Â Â Â Â Â Â Â UK BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 133Â Â Â Â Â Â Â Â Â Â Â UK BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 134Â Â Â Â Â Â Â Â Â Â Â UK BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 135Â Â Â Â Â Â Â Â Â Â Â UK BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 136Â Â Â Â Â Â Â Â Â Â Â UK BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 137Â Â Â Â Â Â Â Â Â Â Â FRANCE BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 138Â Â Â Â Â Â Â Â Â Â Â FRANCE BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 139Â Â Â Â Â Â Â Â Â Â Â FRANCE BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 140Â Â Â Â Â Â Â Â Â Â Â FRANCE BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 141Â Â Â Â Â Â Â Â Â Â Â FRANCE BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 142Â Â Â Â Â Â Â Â Â Â Â FRANCE BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 143Â Â Â Â Â Â Â Â Â Â Â ITALY BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 144Â Â Â Â Â Â Â Â Â Â Â ITALY BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 145Â Â Â Â Â Â Â Â Â Â Â ITALY BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 146Â Â Â Â Â Â Â Â Â Â Â ITALY BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 147Â Â Â Â Â Â Â Â Â Â Â ITALY BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 148Â Â Â Â Â Â Â Â Â Â Â ITALY BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 149Â Â Â Â Â Â Â Â Â Â Â SPAIN BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 150Â Â Â Â Â Â Â Â Â Â Â SPAIN BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 151Â Â Â Â Â Â Â Â Â Â Â SPAIN BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 152Â Â Â Â Â Â Â Â Â Â Â SPAIN BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 153Â Â Â Â Â Â Â Â Â Â Â SPAIN BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 154Â Â Â Â Â Â Â Â Â Â Â SPAIN BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 155Â Â Â Â Â Â Â Â Â Â Â RUSSIA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 156Â Â Â Â Â Â Â Â Â Â Â RUSSIA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 157Â Â Â Â Â Â Â Â Â Â Â RUSSIA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 158Â Â Â Â Â Â Â Â Â Â Â RUSSIA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 159Â Â Â Â Â Â Â Â Â Â Â RUSSIA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 160Â Â Â Â Â Â Â Â Â Â Â RUSSIA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 161Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 162Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 163Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 164Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 165Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 166Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 167Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY COUNTRY (USD BILLION) 2022-2029
TABLE 168Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY COUNTRY (KILOTONS) 2022-2029
TABLE 169Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 170Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 171Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 172Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 173Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 174Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 175Â Â Â Â Â Â Â Â Â Â Â UAE BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 176Â Â Â Â Â Â Â Â Â Â Â UAE BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 177Â Â Â Â Â Â Â Â Â Â Â UAE BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 178Â Â Â Â Â Â Â Â Â Â Â UAE BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 179Â Â Â Â Â Â Â Â Â Â Â UAE BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 180Â Â Â Â Â Â Â Â Â Â Â UAE BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 181Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 182Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 183Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 184Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 185Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 186Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 187Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 188Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 189Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 190Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 191Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 192Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029
TABLE 193Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA BASE OIL MARKET BY TYPE (USD BILLION) 2022-2029
TABLE 194Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA BASE OIL MARKET BY TYPE (KILOTONS) 2022-2029
TABLE 195Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA BASE OIL MARKET BY APPLICATION (USD BILLION) 2022-2029
TABLE 196Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA BASE OIL MARKET BY APPLICATION (KILOTONS) 2022-2029
TABLE 197Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA BASE OIL MARKET BY END USER (USD BILLION) 2022-2029
TABLE 198Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA BASE OIL MARKET BY END USER (KILOTONS) 2022-2029Â Â Â Â Â Â Â Â Â Â Â
LIST OF FIGURES
FIGURE 1Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET DYNAMICS
FIGURE 2Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET SEGMENTATION
FIGURE 3Â Â Â Â Â Â Â Â Â Â Â Â Â REPORT TIMELINES: YEARS CONSIDERED
FIGURE 4Â Â Â Â Â Â Â Â Â Â Â Â Â DATA TRIANGULATION
FIGURE 5Â Â Â Â Â Â Â Â Â Â Â Â Â BOTTOM-UP APPROACH
FIGURE 6Â Â Â Â Â Â Â Â Â Â Â Â Â TOP-DOWN APPROACH
FIGURE 7Â Â Â Â Â Â Â Â Â Â Â Â Â RESEARCH FLOW
FIGURE 8Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY TYPE, USD BILLION, 2022-2029
FIGURE 9Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY APPLICATION, USD BILLION, 2022-2029
FIGURE 10Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY END USER, USD BILLION, 2022-2029
FIGURE 11Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY REGION, USD BILLION, 2022-2029
FIGURE 12          PORTER’S FIVE FORCES MODEL
FIGURE 13Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY TYPE, 2021
FIGURE 14Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY APPLICATION 2021
FIGURE 15Â Â Â Â Â Â Â Â Â Â GLOBAL BASE OIL MARKET BY END USER 2021
FIGURE 16Â Â Â Â Â Â Â Â Â Â BASE OIL MARKET BY REGION 2021
FIGURE 17Â Â Â Â Â Â Â Â Â Â MARKET SHARE ANALYSIS
FIGURE 18Â Â Â Â Â Â Â Â Â Â CHEVRON CORPORATION: COMPANY SNAPSHOT
FIGURE 19Â Â Â Â Â Â Â Â Â Â EXXON MOBIL CORPORATION: COMPANY SNAPSHOT
FIGURE 20Â Â Â Â Â Â Â Â Â Â ROYAL DUTCH SHELL PLC: COMPANY SNAPSHOT
FIGURE 21Â Â Â Â Â Â Â Â Â Â ERGON INC: COMPANY SNAPSHOT
FIGURE 22Â Â Â Â Â Â Â Â Â Â NESTE OYJ: COMPANY SNAPSHOT
FIGURE 23Â Â Â Â Â Â Â Â Â Â NYNAS AB: COMPANY SNAPSHOT
FIGURE 24Â Â Â Â Â Â Â Â Â Â S-OIL CORPORATION: COMPANY SNAPSHOT
FIGURE 25Â Â Â Â Â Â Â Â Â Â SEPAHAN OIL: COMPANY SNAPSHOT
FIGURE 26Â Â Â Â Â Â Â Â Â Â REPSOL S.A: COMPANY SNAPSHOT
FAQ
The global base oil market is expected to grow at 6 % CAGR from 2022 to 2029. It is expected to reach above USD 45.98 billion by 2029 from USD 31.39 billion in 2022.
The increase in engine oil used in sectors including metallurgy, automotive, chemicals, heavy equipment, and power generation is blamed for the surge. Due to the existence of several very inventive firms, the market is extremely fragmented. Competition is fierce as participants work to keep their clientele to get a competitive advantage over one another. Businesses are implementing cooperative business tactics to boost output, offer consumers well-regarded goods, and broaden their geographical reach.
Due to the increasing demand for engine oil from industries such as automotive, power, heavy equipment, metallurgy, chemicals, and others, the engine oil sector leads the market for base oil. Internal combustion engines are frequently lubricated using engine oils, which are typically composed of 75–90% basic oils and 10–25% additives. They are often used to protect the engine internals from corrosion, reduce wear, and ensure smooth operation. To improve heat transmission and lessen stress during component contact, they produce a thin coating between the moving parts.
The Market’s largest share is in the Asia Pacific region.
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