North America Base Oil Market 2022-2028

North America Base Oil Market 2022-2028

MARKET OUTLOOK

As per Triton Market Research, the base oil market in North America is envisioned to advance at a CAGR of 2.40% in revenue over the forecast years 2022 to 2028. It is further expected to witness a growth of 3.01% CAGR in volume. The United States and Canada are the countries studied in this market.

The United States is increasingly promoting the adoption of base oils, owing to the rising demand, production, and consumption of petroleum, crude oil, and base oil. In this regard, the United States Energy Information Administration estimated that the country had an average consumption of about 19.78 million barrels of petroleum per day in 2021.

Additionally, the country observed a 10% hike in the production of barrels of base oils in 2021, while naphthenic base oil accounted for a 16% rise. Besides, the market players across the country are increasingly contributing to the market’s growth by implementing strategic initiatives. For instance, Chevron Products Company upgraded its base oil qualities and started the production of Group II+ base oils across its refineries in the US. Therefore, these developments are fostering the market’s growth.

While in Canada, the growth in the oil and gas extraction industry is boosting the market’s growth. For instance, Statistics Canada stated that the oil and gas extraction industry’s growth led to the expansion of the country’s GDP, and increased export value by 95.4% and 102.5% in 2021. Moreover, the strategic development by top market players in the country bolsters the market’s overall growth.

COMPETITIVE OUTLOOK

The noteworthy companies listed in the base oil market are Phillips 66 Company, Avista Oil AG, GS Caltex Corporation, Nynas AB, Shell Plc, Neste Oyj, and Ergon Inc.