DUBLIN, September 17, 2021--(BUSINESS WIRE)--The "Base Oil Global Market Report 2021: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global base oil market is expected to grow from $27.39 billion in 2020 to $27.95 billion in 2021 at a compound annual growth rate (CAGR) of 2.1%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $36.64 billion in 2025 at a CAGR of 7%.
Asia Pacific was the largest region in the base oil market in 2020. North America was the second-largest region in the base oil market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The launch of renewable base oil is gaining significant popularity in the base oil market. Major companies operating in the base oil sector are focused on developing innovative and eco-friendly solutions for base oils to strengthen their position in the industry. For instance, in August 2020, Chevron Products Company, a subsidiary of Novvi LLC and Chevron U.S.A. Inc., revealed the production of the first 100% renewable base oil based on ISODEWAXING technology from Novvi's Deer Park, Houston facility. The innovative manufacturing process and molecules are projected to outperform conventional and synthetic base oils, with the added benefit of being made from renewable feedstocks.
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.
Exxon Mobil Corporation
Royal Dutch Shell Plc.
Evonik Industries AG
SK Lubricants Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/1m8his
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