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Base Oil Market Share
Exxon Mobil and Chevron are in strong competition within the global market. Their rivalry focuses on product quality, pricing strategies, and distribution capabilities. Exxon Mobil produces Group II and III base oils, emphasizing technological advancements and sustainability. The company invests in R&D to develop new lubricant formulations that meet industry standards.
Chevron uses its extensive distribution network to expand its market reach and offers a range of conventional and synthetic base oils. Chevron also integrates eco-friendly practices into its production processes. In the dynamic base oil industry, both companies rely on product innovation, pricing strategies, and robust distribution channels to maintain their competitive advantages.
Base Oil Market Companies
Major players operating in the base oil industry are:
- Abu Dhabi National Oil Company
- Arabo Impex
- Aramco
- Chevron
- Exxon Mobil
- GS Caltex
- Nynas
- Petro?Canada Lubricants
- Petronas
- Repsol
- Shell plc
How big is the global base oil market?
The global market size for base oil was valued at USD 34.8 billion in 2023 and is projected to reach USD 55.1 billion by 2032, driven by a CAGR of over 5.3% from 2024 to 2032.
What was the market share of Group I base oils in 2023?
Base oil industry from Group I base oils generated USD 12.5 billion in revenue in 2023 but are gradually losing market share due to their lower performance compared to more refined alternatives.
How much revenue did the U.S. base oil market generate in 2023?
U.S. market generated USD 8.7 billion in revenue in 2023, driven by strong demand from the automotive and industrial sectors.
Who are the major players in the base oil industry?
Major players in the industry include Abu Dhabi National Oil Company, Arabo Impex, Aramco, Chevron, Exxon Mobil, GS Caltex, Nynas, and Petro?Canada Lubricants.