The Base Oil Market size is estimated at 41.26 Billion liters in 2024, and is expected to reach 47.98 Billion liters by 2029, growing at a CAGR of 3.06% 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.) because of the reduction in the consumption of engine oil, gear oil, greases, and metalworking fluid. 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, where numerous players hold insignificant shares to affect the market dynamics individually. Some of the major players in the market (not in any particular order) include Exxon Mobil Corporation, Shell plc, China Petrochemical Corporation, Evonik Industries AG, and Chevron Corporation, among others.
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