North America Base Oil Market 2022-2028

Oil and gas industry’s growth to drive the adoption of base oils, thereby fostering market growth

MARKET OUTLOOK

As per this report, 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.

1. 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

List of Tables

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)

List of Figures

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)