Market by Group, Application, and Country Outlook | Forecast 2022-2028
A
study by Triton Market Research has concluded that the base oil market in North
America would grow at a CAGR of 2.40% over
the forecasted period 2022-2028. In
terms of volume, the market will grow with a 3.01% CAGR.
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The countries included in the
market are:
• The United States
• Canada
The
base oil market in North America is accelerating owing to the rapid increase in
the demand, production, and consumption of petroleum, crude oil, and base oil
products across the US and Canada. Also, the support from the market players,
such as Exxon Mobil Corporation, Chevron Corporation, and others, in initiating
strategic developments, has boosted the development of the market. Such factors
are creating growth opportunities for the base oil market.
The
US accounts for a significant increase in the demand, production, and
consumption of petroleum, base oil, and crude oil. The United States Energy
Information Administration reveals that the country consumed 19.78 million
barrels of petroleum per day, on average, in 2021. Similarly, the production of
base oil rose by 10% in 2021. Such an increment is expected to boost the
market’s growth rate. On the other hand, the market players are undertaking
innovative methods to boost the market. For instance, Safety-Kleen launched
KLEEN+, a base oil grade that lowers the environmental impact of industrial and
automotive lubricants.
Canada’s
oil and gas extraction industry has showcased tremendous growth. In this
regard, the data from the national statistical office of Canada shows that the
oil and gas extraction industry’s exports reached 95.4% and 102.5%
significantly in 2021. Also, the top players’ presence in the country poses a
positive impact on its base oil market. For instance, Petro-Canada Lubricants
launched SENTRON SP 30 in 2021, a stationary gas engine oil formulated for high
brake mean effective pressure engines operating under high loads and varied
temperature conditions. Hence, all these factors are augmenting the growth of
the base oil market.
Hydraulic
oil is a non-compressible fluid that transfers power within hydraulic machinery
and equipment. A few examples of equipment that use hydraulic fluids are
excavators and backhoes, power steering systems, hydraulic brakes, garbage
trucks, aircraft flight control systems, transmissions, etc. Hydraulic oil is
composed of a base oil as well as additives.
Here the studied report
evaluates the market based on group and application. Here,
the application segment consists of automotive oil, metalworking fluids,
industrial oil, hydraulic oil, greases, and other applications.
The notable companies leading
the base oil market are Saudi Aramco, Sepahan Oil, GS Caltex Corporation, Neste
Oyj, Shell Plc, Phillips 66 Company, and Repsol SA.
Ergon
Inc operates as a crude oil processor and transporter; marketer of refined
products; a manufacturer of road maintenance products & equipment,
industrial computer products; and an oil & gas explorer. The Hygold Base
Oil product line of the company meets the demands for solvency and viscosity of
metalworking, grease, and lubricant formulations, which improves efficiency and
reduces friction. The company has headquarters in Mississippi, the United
States.
Key deliverables of the
report:
●
Market CAGR during the forecasting
years 2022-2028
●
Detailed data highlighting key
insights, industry components, and market strategies
●
Comprehensive information and
estimation of the base oil market revenue growth in North America and its
influence on the parent market
●
In-depth study of forthcoming
trends in consumer behavioral patterns
●
A meticulous analysis of the
competitive landscape, vendor scorecard, and Porter’s Five Forces
●
A wide-ranging study of factors
that will challenge the North America base oil market’s growth during the
upcoming years
Want
to get specific insights? Our team of analysts can customize this report based
on your preferences. Connect with us here.
Market Segmented By Type, Appl ..
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Market By Raw Material, End-us ..
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VIEW REPORT1. NORTH
AMERICA BASE OIL MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE BASE OIL MARKET
2.2. KEY
INSIGHTS
2.2.1. RAPID INDUSTRIALIZATION
ACROSS THE GLOBE
2.2.2. INCREASING
DEMAND FOR HYDRAULIC OIL
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. KEY
MARKET STRATEGIES
2.6.1. PRODUCT
LAUNCHES & DEVELOPMENTS
2.6.2. PARTNERSHIPS
& AGREEMENTS
2.7. MARKET
DRIVERS
2.7.1. RISING
DEMAND FOR HIGH-GRADE OILS FROM THE AUTOMOTIVE SECTOR
2.7.2. WIDE
RANGE OF APPLICATIONS ACROSS DIFFERENT END-USERS
2.7.3. STRINGENT
ENVIRONMENTAL REGULATIONS LEADING TO STRICT PERFORMANCE STANDARDS
2.8. MARKET
CHALLENGES
2.8.1. VOLATILITY
IN THE PRICE OF CRUDE OIL
2.8.2. DECREASE
IN THE DEMAND FOR GROUP I BASE OIL
2.9. MARKET
OPPORTUNITIES
2.9.1. INCREASING
POPULARITY OF RENEWABLE BASE OIL
3. NORTH
AMERICA BASE OIL MARKET OUTLOOK - BY GROUP (IN TERMS OF VALUE: $ MILLION
& VOLUME: KILOTON)
3.1. GROUP
I
3.2. GROUP
II
3.3. GROUP
III
3.4. GROUP
IV
3.5. GROUP
V
4. NORTH
AMERICA BASE OIL MARKET OUTLOOK - BY APPLICATION (IN TERMS OF VALUE: $
MILLION & VOLUME: KILOTON)
4.1. AUTOMOTIVE
OIL
4.2. INDUSTRIAL
OIL
4.3. GREASES
4.4. HYDRAULIC
OIL
4.5. METALWORKING
FLUIDS
4.6. OTHER
APPLICATIONS
5. NORTH
AMERICA BASE OIL MARKET – COUNTRY OUTLOOK (IN TERMS OF VALUE: $ MILLION
& VOLUME: KILOTON
5.1. UNITED
STATES
5.2. CANADA
6. COMPETITIVE
LANDSCAPE
6.1. EXXON
MOBIL CORPORATION
6.2. CHEVRON
CORPORATION
6.3. SAUDI
ARAMCO
6.4. SHELL
PLC
6.5. NESTE
OYJ
6.6. GS
CALTEX CORPORATION
6.7. AVISTA
OIL AG
6.8. PT
PERTAMINA (PERSERO)
6.9. PHILLIPS
66 COMPANY
6.10. SEPAHAN
OIL
6.11. ERGON
INC
6.12. GRUPA
LOTOS
6.13. NYNAS
AB
6.14. S-OIL
CORPORATION
6.15. REPSOL
SA
7. RESEARCH
METHODOLOGY & SCOPE
7.1. RESEARCH
SCOPE & DELIVERABLES
7.2. SOURCES
OF DATA
7.3. RESEARCH
METHODOLOGY
TABLE 1: NORTH AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 2: NORTH AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
TABLE 3: VENDOR SCORECARD
TABLE 4: NORTH AMERICA BASE
OIL MARKET, BY GROUP, 2022-2028 (IN $ MILLION)
TABLE 5: NORTH AMERICA BASE
OIL MARKET, BY GROUP, 2022-2028 (IN KILOTON)
TABLE 6: NORTH AMERICA BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN $ MILLION)
TABLE 7: NORTH AMERICA BASE
OIL MARKET, BY APPLICATION, 2022-2028 (IN KILOTON)
TABLE 8: NORTH AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN $ MILLION)
TABLE 9: NORTH AMERICA BASE
OIL MARKET, BY COUNTRY OUTLOOK, 2022-2028 (IN KILOTON)
FIGURE 1: MARKET ATTRACTIVENESS
INDEX
FIGURE 2: NORTH AMERICA BASE
OIL MARKET, BY GROUP, 2021 & 2028 (IN %)
FIGURE 3: NORTH AMERICA BASE
OIL MARKET, BY GROUP I, 2022-2028 (IN $ MILLION)
FIGURE 4: NORTH AMERICA BASE
OIL MARKET, BY GROUP II, 2022-2028 (IN $ MILLION)
FIGURE 5: NORTH AMERICA BASE
OIL MARKET, BY GROUP III, 2022-2028 (IN $ MILLION)
FIGURE 6: NORTH AMERICA BASE
OIL MARKET, BY GROUP IV, 2022-2028 (IN $ MILLION)
FIGURE 7: NORTH AMERICA BASE
OIL MARKET, BY GROUP V, 2022-2028 (IN $ MILLION)
FIGURE 8: NORTH AMERICA BASE
OIL MARKET, BY APPLICATION, 2021 & 2028 (IN %)
FIGURE 9: NORTH AMERICA BASE
OIL MARKET, BY AUTOMOTIVE OIL, 2022-2028 (IN $ MILLION)
FIGURE 10: NORTH AMERICA BASE
OIL MARKET, BY INDUSTRIAL OIL, 2022-2028 (IN $ MILLION)
FIGURE 11: NORTH AMERICA BASE
OIL MARKET, BY GREASES, 2022-2028 (IN $ MILLION)
FIGURE 12: NORTH AMERICA BASE
OIL MARKET, BY HYDRAULIC OIL, 2022-2028 (IN $ MILLION)
FIGURE 13: NORTH AMERICA BASE
OIL MARKET, BY METALWORKING FLUIDS, 2022-2028 (IN $ MILLION)
FIGURE 14: NORTH AMERICA BASE
OIL MARKET, BY OTHER APPLICATIONS, 2022-2028 (IN $ MILLION)
FIGURE 15: NORTH AMERICA BASE
OIL MARKET, COUNTRY OUTLOOK, 2021 & 2028 (IN %)
FIGURE 16: UNITED STATES BASE
OIL MARKET 2022-2028 (IN $ MILLION)
FIGURE 17: CANADA BASE OIL
MARKET 2022-2028 (IN $ MILLION)