North America Base Oil Market Forecast 2022-2030

North America Base Oil Market Forecast 2022-2030

KEY FINDINGS

The North America base oil market is projected to grow with a CAGR of 2.10% in terms of revenue and 2.71% in terms of volume during the forecasting period of 2022 to 2030. The market growth of the region is influenced by the increasing production, demand, and consumption of petroleum, crude oil, base oil, and base oil products, the rise in strategic initiatives aimed at boosting base oil developments, as well as the presence of prominent industry leaders.

MARKET INSIGHTS

The North America base oil market growth analysis encompasses the assessment of Canada and the United States. The growth within the oil & gas extraction industry in Canada is one of the key factors propelling the growth of the country’s base oil market. In this regard, as per Canada’s national statistical office, the oil and gas extraction industry in the country witnessed significant growth in 2021, with the gross domestic product as well as exports reaching 95.4% and 102.5% of their corresponding levels respectively from 2020.

On the other hand, there have been notable developments by industry players operating within the Canada base oil market. The aspect is projected to have a positive influence on the demand for base oil in the country. For instance, in 2021, Petro-Canada Lubricants launched SENTRON SP 30. It is the first-of-its-kind stationary gas engine oil formulated for high brake mean effective pressure engines operating under high loads as well as low- and high-temperature conditions. Therefore, the abovementioned factors are anticipated to fuel the North America base oil market growth over the forecast years.

COMPETITIVE INSIGHTS

Eminent companies operating in the market include Exxon Mobil Corporation, Chevron Corporation, Phillips 66 Company, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments