As cited by the business intelligence report titled ‘Global Base Oil Market Size study, by Group (Group I, Group II, Group III, Group IV, Group V), by Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid) and Regional Forecasts 2020-2027’, available with Market Study Report, worldwide base oil market was worth USD 27.21 million in 2019 and is projected to grow at an annual rate of 5.1% over 2020-2027, subsequently reaching a valuation of USD 40.51 million by the end of the study period.
 

Industry experts cite that the growth of global base oil market can largely be attributed to rising demand of stock fluids for producing various types of lubricants, mainly industrial lubricants, thermal oils, metalworking fluids, and hydraulic fluids among others. Moreover, increasing production of crude oil, coupled with rising oil exploration activities are adding substantial traction to the industry expansion.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3002336/
 

Additionally, escalating demand for base oils across the automotive sector, especially from developing nations, along with imposition of stringent environmental regulations, followed by severe performance standards are accelerating business progression. Besides, escalating adoption of robots due to rapid industrialization is positively swaying the overall base oil market dynamics.
 

For those unaware, base oils are a primary constituent in most lubricants that are used for industrial applications. These oils are highly preferred as they impart numerous characteristics and properties to the lubricants such as thermal stability, oxidation, additive solubility, viscosity, and seal compatibility.
 

On the contrary, stringent emission norms, along with fluctuating prices of crude oil are expected to barricade business development during the stipulated timeframe.
 

Speaking of the geographical scope, Asia-Pacific currently captures a significant portion of global base oil market share and is predicted to amass substantial returns over the forecast period. Rapid industrialization and proliferating sales of vehicles are stimulating the regional market growth.
 

Exxon Mobil Corp., Repsol S.A., Chevron Corp., S-Oil Corp., SK Innovation Co., Ltd., Motiva Enterprises LLC, Royal Dutch Shell plc, Avista Oil AG, Neste Oyj, and Nynas AB are the prominent players that define the competitive landscape of worldwide base oil market.