The Base Oil Market size is estimated at 34.63 Million tons in 2024, and is expected to reach 37.31 Million tons by 2029, growing at a CAGR of 1.51% during the forecast period (2024-2029).
The demand for base oil decreased significantly in 2020 due to the outbreak of COVID-19. The virus caused production to decline in the automotive industry and various other industrial units (aviation, industrial, etc.). The reduction in the consumption of engine oil, gear oil, greases, and metalworking fluid affected the base oil market. However, in 2021 and 2022, the base oil market recovered as car manufacturing and production activities across other industries ramped up.
The base oil market is fragmented in nature. The major players (not in any particular order) include Exxon Mobil Corporation, Saudi Arabian Oil Co. (Aramco), PetroChina, Chevron Corporation, and China Petrochemical Corporation (SINOPEC).
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