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NORTH AMERICA BASE OIL MARKET FORECAST 2022-2030

The North America base oil market is set to progress with a CAGR of 2.10% in terms of revenue and 2.71% in terms of volume over the forecasting years of 2022 to 2030, capturing a revenue share of $7340.98 million by 2030.

NORTH AMERICA BASE OIL MARKET FORECAST 2022-2030

North America Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V) Market by Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Greases, Hydraulic Oil, Other Applications) By Geography

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The North America base oil market is set to progress with a CAGR of 2.10% in terms of revenue and 2.71% in terms of volume over the forecasting years of 2022 to 2030, capturing a revenue share of $7340.98 million by 2030.

The market growth of the region is fueled by the increasing demand, production, and consumption of petroleum, crude oil, and base oil as well as base oil products, the presence of prominent industry leaders, and the rise in strategic initiatives aimed at boosting base oil developments.

However, the North America base oil market may by hindered by environmental concerns, the surging costs of extracting oil sands, and high royalty as well as tax payments.

North-America-Base-Oil-Market

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The North America base oil market growth assessment covers the analysis of the United States and Canada. As per the United States Energy Information Administration, the United States consumed nearly 19.78 million barrels of petroleum on average per day in the year 2021, representing a total of more than 7.20 billion barrels of petroleum. Also, the country witnessed an increase in the consumption of nearly 1.6 million barrels per day, compared to the consumption recorded in 2020. While the United States manufactured 61.2 million barrels of base oils in 2021, indicating an increase of 10% from the previous year, Naphthenic base oil production rose to 9.4 million barrels. In addition, compared to 47.4 million barrels in 2020, the production of paraffinic base oil surged by 9% in 2021 to 51.8 million barrels.

On the other hand, market players across the United States are focused on undertaking a wide range of strategic initiatives aimed at bolstering the development of base oil. For example, in 2022, Safety-Kleen, a United States-based recycler of used oil, launched KLEEN+™. As a new family of base oil grades, it lowers the environmental impact of industrial as well as automotive lubricants through the reduction of carbon footprint. As a result, these factors are set to propel the base oil market growth in North America over the forecast years.

The North America base oil market is primarily segmented into group and application. The group category is further classified into group I, group III, group II, group IV, and group V. Group I base oils are characterized as base oils with lower than 90% saturates, a viscosity index ranging from 80 to 120, and more than 0.03% sulfur. Moreover, the temperature range for group I oils is between 32 to 150 degrees Fahrenheit. Since they are solvent refined, the simpler refining process results in their increased affordability.

Group II base oils have more than 90% saturates, lower than 0.03% sulfur, and a viscosity index ranging between 80 and 120. Group II base oils are manufactured by hydrocracking, a complex process compared to the one utilized for group I base oils.

Phillips 66 Company, Exxon Mobil Corporation, Chevron Corporation, etc., are the top players operating in the North America base oil market.

Exxon Mobil Corporation, headquartered in the United States, is a multinational oil and gas corporation. Its primary brands include Exxon, Mobil, Esso, and ExxonMobil Chemical, engaged in businesses such as synthetic rubber, plastic, and other chemical products.

The company’s Escaid™ base fluids perform under tough drilling conditions while meeting health, safety, as well as environmental requirements.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2030
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Million) and Volume (Kilotons)
Segments Analyzed Group and Application
Countries Analyzed The United States and Canada
Companies Analyzed

Exxon Mobil Corporation, The 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

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • INCREASING DEMAND FOR HIGH-GRADE OILS IN THE AUTOMOTIVE INDUSTRY
        • DIVERSE RANGE OF APPLICATIONS ACROSS DIFFERENT END-USERS
        • STRINGENT ENVIRONMENTAL LEGISLATION LEADING TO STRICT PERFORMANCE STANDARDS
      • KEY RESTRAINTS
        • VOLATILITY IN CRUDE OIL PRICES
        • DECLINING DEMAND FOR GROUP I BASE OIL
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON BASE OIL MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • KEY BUYING CRITERIA
        • TYPE
        • VISCOSITY GRADE
        • OIL STANDARDS
        • PERFORMANCE
      • REGULATORY FRAMEWORK
    2. MARKET BY GROUP (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • GROUP I
      • GROUP II
      • GROUP III
      • GROUP IV
      • GROUP V
    3. MARKET BY APPLICATION (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • AUTOMOTIVE OIL
      • INDUSTRIAL OIL
      • METALWORKING FLUIDS
      • GREASES
      • HYDRAULIC OIL
      • OTHER APPLICATIONS
    4. GEOGRAPHICAL ANALYSIS (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • NORTH AMERICA
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED STATES
          • CANADA
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • AVISTA OIL AG
        • ERGON INC
        • EXXON MOBIL CORPORATION
        • GRUPA LOTOS
        • GS CALTEX CORPORATION
        • NESTE OYJ
        • NYNAS AB
        • PHILLIPS 66 COMPANY
        • PT PERTAMINA (PERSERO)
        • REPSOL SA
        • SAUDI ARAMCO
        • SEPAHAN OIL
        • SHELL PLC
        • S-OIL CORPORATION
        • THE CHEVRON CORPORATION

    LIST OF TABLES

    TABLE 1: MARKET SNAPSHOT – BASE OIL

    TABLE 2: REGULATORY FRAMEWORK

    TABLE 3: NORTH AMERICA BASE OIL MARKET, BY GROUP, HISTORICAL YEARS, 2018-2021 (IN KILOTONS)

    TABLE 4: NORTH AMERICA BASE OIL MARKET, BY GROUP, FORECAST YEARS, 2022-2030 (IN KILOTONS)

    TABLE 5: NORTH AMERICA BASE OIL MARKET, BY GROUP, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 6: NORTH AMERICA BASE OIL MARKET, BY GROUP, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 7: NORTH AMERICA BASE OIL MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2021 (IN KILOTONS)

    TABLE 8: NORTH AMERICA BASE OIL MARKET, BY APPLICATION, FORECAST YEARS, 2022-2030 (IN KILOTONS)

    TABLE 9: NORTH AMERICA BASE OIL MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 10: NORTH AMERICA BASE OIL MARKET, BY APPLICATION, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 11: NORTH AMERICA BASE OIL MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN KILOTONS)

    TABLE 12: NORTH AMERICA BASE OIL MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN KILOTONS)

    TABLE 13: NORTH AMERICA BASE OIL MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

    TABLE 14: NORTH AMERICA BASE OIL MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ MILLION)

    TABLE 15: LEADING PLAYERS OPERATING IN NORTH AMERICA BASE OIL MARKET

    TABLE 16: LIST OF MERGERS & ACQUISITIONS

    TABLE 17: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 18: LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 19: LIST OF BUSINESS EXPANSIONS & DIVESTITURES          

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: KEY BUYING CRITERIA

    FIGURE 6: NORTH AMERICA BASE OIL MARKET, GROWTH POTENTIAL, BY GROUP, IN 2021

    FIGURE 7: NORTH AMERICA BASE OIL MARKET, BY GROUP I, 2022-2030 (IN $ MILLION)

    FIGURE 8: NORTH AMERICA BASE OIL MARKET, BY GROUP II, 2022-2030 (IN $ MILLION)

    FIGURE 9: NORTH AMERICA BASE OIL MARKET, BY GROUP III, 2022-2030 (IN $ MILLION)

    FIGURE 10: NORTH AMERICA BASE OIL MARKET, BY GROUP IV, 2022-2030 (IN $ MILLION)

    FIGURE 11: NORTH AMERICA BASE OIL MARKET, BY GROUP V, 2022-2030 (IN $ MILLION)

    FIGURE 12: NORTH AMERICA BASE OIL MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2021

    FIGURE 13: NORTH AMERICA BASE OIL MARKET, BY AUTOMOTIVE OIL, 2022-2030 (IN $ MILLION)

    FIGURE 14: NORTH AMERICA BASE OIL MARKET, BY INDUSTRIAL OIL, 2022-2030 (IN $ MILLION)

    FIGURE 15: NORTH AMERICA BASE OIL MARKET, BY METALWORKING FLUIDS, 2022-2030 (IN $ MILLION)

    FIGURE 16: NORTH AMERICA BASE OIL MARKET, BY GREASES, 2022-2030 (IN $ MILLION)

    FIGURE 17: NORTH AMERICA BASE OIL MARKET, BY HYDRAULIC OIL, 2022-2030 (IN $ MILLION)

    FIGURE 18: NORTH AMERICA BASE OIL MARKET, BY OTHER APPLICATIONS, 2022-2030 (IN $ MILLION)

    FIGURE 19: NORTH AMERICA BASE OIL MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

    FIGURE 20: UNITED STATES BASE OIL MARKET, 2022-2030 (IN $ MILLION)

    FIGURE 21: CANADA BASE OIL MARKET, 2022-2030 (IN $ MILLION)       

    1. GEOGRAPHICAL ANALYSIS (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • NORTH AMERICA
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED STATES
          • CANADA
    1. MARKET BY GROUP (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • GROUP I
      • GROUP II
      • GROUP III
      • GROUP IV
      • GROUP V
    2. MARKET BY APPLICATION (IN TERMS OF VALUE: $ MILLION & VOLUME: KILOTONS)
      • AUTOMOTIVE OIL
      • INDUSTRIAL OIL
      • METALWORKING FLUIDS
      • GREASES
      • HYDRAULIC OIL
      • OTHER APPLICATIONS

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