today only for only 7 you can get 2 winning options trade alerts every month click here to see trade ideas riskfree with a 14 day refund guarantee dublin feb 2 2022 prnewswire  the base oil global market report 2021 covid19 impact and recovery report has been added to researchandmarketscoms offering the global base oil market is expected to grow from 2739 billion in 2020 to 2795 billion in 2021 at a compound annual growth rate cagr of 21 the market is expected to reach 3664 billion in 2025 at a cagr of 7 major players in the base oil market are chevron corporation exxon mobil corporation royal dutch shell plc ergon inc neste oyj nynas ab soil corporation sepahan oil repsol sa sinopec limited bp plc evonik industries ag hr group saudi aramco and sk lubricants co ltd  the base oil market consists of sales of base oil by entities organizations sole traders and partnerships that are produced from refining crude oil or synthetic material it is the most commonly used lubricating oil base oil is classified as hydrocarbons with 18 to 40 carbon atoms that have a boiling point between 550 and 1050 f the various products such as lubricating oils motor oil metal processing fluids and others are manufactured with the help of base oils  asia pacific was the largest region in the base oil market in 2020 north america was the secondlargest region in the base oil market the regions covered in this report are asiapacific western europe eastern europe north america south america middle east and africa  the launch of renewable base oil is gaining significant popularity in the base oil market major companies operating in the base oil sector are focused on developing innovative and ecofriendly solutions for base oils to strengthen their position in the industry for instance in august 2020 chevron products company a subsidiary of novvi llc and chevron usa inc revealed the production of the first 100 renewable base oil based on isodewaxing technology from novvis deer park houston facility the innovative manufacturing process and molecules are projected to outperform conventional and synthetic base oils with the added benefit of being made from renewable feedstocks  in october 2019 repsol a spanish energy and petrochemical company based in madrid acquired a 40 stake in united oil company for an undisclosed amount this acquisition will allow repsol to increase its presence in southeast asia one of the worlds largest and fastestgrowing lubricants markets with sales of 3 million metric tons per year and an annual growth rate of 4 united oil company is a singaporebased lubricant manufacturer that produces highquality wellengineered lubricant products and has base oil storage capacities of nearly 6 million liters  the growing automotive industry is expected to fuel the growth of the base oil market in the coming years advanced engine technology is driving the demand for motor oils and lubricating greases that gives compatibility to fastmoving parts and high temperatures moreover engine oils that retain their viscosity reduce engine wear to a minimum and help assure dependability are made using highquality base oil and bestinclass additive technology automotive base oil is a fluid for internal combustion engines that power automobiles motorbikes lawnmowers generators and a variety of other machinery according to the economist intelligence unit the eiu in 2021 the global automotive sector is expected to grow by double digits with new car sales increasing by 15 and commercial vehicle sales increasing by 16 electric vehicle sales are expected to increase from 25 million in 2020 to 34 million in 2021  key topics covered   1 executive summary  2 base oil market characteristics  3 base oil market trends and strategies  4 impact of covid19 on base oil  5 base oil market size and growth 51 global base oil historic market 20152020  billion 511 drivers of the market 512 restraints on the market 52 global base oil forecast market 20202025f 2030f  billion 521 drivers of the market 522 restraints on the market  6 base oil market segmentation 61 global base oil market segmentation by type historic and forecast 20152020 20202025f 2030f  billion 7 base oil market regional and country analysis 71 global base oil market split by region historic and forecast 20152020 20202025f 2030f  billion 72 global base oil market split by country historic and forecast 20152020 20202025f 2030f  billion  companies mentioned for more information about this report visit httpswwwresearchandmarketscomrxhghrq media contact  research and markets  laura wood senior manager  pressresearchandmarketscom   for est office hours call 19173000470  for uscan toll free call 18005268630  for gmt office hours call 35314168900   us fax 6466071907  fax outside us 35314811716