DUBLIN--(BUSINESS WIRE)--The "North America Base Oil Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.

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.

Market Dynamics

Market Drivers

• Rising Demand for High-Grade Oils from the Automotive Sector
• Wide Range of Applications Across Different End-Users
• Stringent Environmental Regulations Leading to Strict Performance Standards

Market Challenges

• Volatility in the Price of Crude Oil
• Decrease in the Demand for Group I Base Oil

Market Opportunities

• Increasing Popularity of Renewable Base Oil

Key Topics Covered:

1. North America Base Oil Market - Summary

2. Industry Outlook

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

7. Research Methodology & Scope

7.1. Research Scope & Deliverables

7.2. Sources of Data

7.3. Research Methodology

Companies Mentioned

• Exxon Mobil Corporation
• Chevron Corporation
• Saudi Aramco
• Shell plc
• Neste Oyj
• Gs Caltex Corporation
• Avista Oil AG
• Pt Pertamina (Persero)
• Phillips 66 Company
• Sepahan Oil
• Ergon Inc
• Grupa Lotos
• Nynas Ab
• S-Oil Corporation
• Repsol Sa

For more information about this report visit https://www.researchandmarkets.com/r/q890u0

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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