North America Base Oil Market Size & Outlook, 2021-2030
North America base oil market, 2018-2030 (US$M)
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North America base oil market highlights
- The North America base oil market generated a revenue of USD 4,486.1 million in 2021.
- The market is expected to grow at a CAGR of 3% from 2022 to 2030.
- In terms of segment, group i was the largest revenue generating product in 2021.
- Group IV is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2022 to 2030.
North America data book summary
| Market revenue in 2021 | USD 4,486.1 million |
| Market revenue in 2030 | USD 5,856.3 million |
| Growth rate | 3% (CAGR from 2021 to 2030) |
| Largest segment | Group i |
| Fastest growing segment | Group IV |
| Historical data covered | 2018 - 2020 |
| Base year for estimation | 2021 |
| Forecast period covered | 2022 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Group I, Group II, Group III, Group IV, Group V |
| Key market players worldwide | China Petroleum & Chemical Corp Class H, Petronas Chemicals Group Bhd, PetroChina Co Ltd Class H, Exxon Mobil Corp, Chevron Corp, Shell PLC, BP PLC, The Goldman Sachs Group Inc, Nestle SA, Repsol SA |
Other key industry trends
- In terms of revenue, North America region accounted for 22.0% of the global base oil market in 2021.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,689.6 million by 2030.
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Base Oil Market Scope
Base Oil Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
North America base oil market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to base oil market will help companies and investors design strategic landscapes.
Group i was the largest segment with a revenue share of 42.15% in 2021. Horizon Databook has segmented the North America base oil market based on group i, group ii, group iii, group iv, group v covering the revenue growth of each sub-segment from 2018 to 2030.
The base oil market in North America is mainly driven by the high consumption of synthetic and semisynthetic base oils, including Group II and Group III, for high-grade lubricants manufacturing. The presence of major manufacturers, such as HollyFrontier Corporation, is aiding the growth of the Group II and Group III base oil markets.
In 2017, HollyFrontier was reported to be the fourth-largest producer of base oils in North America, with 28,000 barrels of lubricant per day. Additionally, OEM tie-ups govern a major share of the lubricants market in the region, thus contributing to the base oil market growth.
In 2021, the U.S. accounted for the largest share of North American base oil market. Vehicle manufacturers in the U.S. are required to meet specific Corporate Average Fuel Economy (CAFE) standards, thus making the high-grade passenger car motor oil (PCMO) yield a significant benefit.
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Target buyers of North America base oil market databook
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Our clientele includes a mix of base oil market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the North America base oil market , including forecasts for subscribers. This continent databook contains high-level insights into North America base oil market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America base oil market size, by country, 2018-2030 (US$M)
North America Base Oil Market Outlook Share, 2021 & 2030 (US$M)
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