The global base oil market is expected to reach USD 40.47
billion by 2024, according to a new report by Grand View Research, Inc. Growing
demand for industrial lubricants, greases, hydraulic fluids, and metal working
fluids made from raw stock fluids such as base oil is anticipated to remain a
key driving factor for the market growth.
The shifting trend towards adoption of Group II and Group
III base oil owing to the shutdown of Group I oil production facilities in
Europe, and Asia Pacific is anticipated to fuel industry growth significantly.
Rapid expansion in the automotive sector in emerging Asian
countries such as China, India, Indonesia, and Thailand is expected to boost
demand at a rapid pace. The increasing demand for automotive fluids is owing to
excellent properties such as improved oxidative stability, increased viscosity
index, high level of saturation and low sulfur content.
Group II base oil accounted for over 20% of overall volume
in 2015. They are manufactured by the hydro-cracking process, and it has high
saturated and low sulfur than compared to Group I products.
Browse full research report on Base Oil Market: http://www.grandviewresearch.com/industry-analysis/base-oil-market
Further key findings from the report suggest:
- The
global base oil market demand was over 37.64 million tons in 2015, and is
anticipated to exceed 45 million tons by 2024, growing at an estimated
CAGR of 2.4% from 2016 to 2024
- Automotive
oils were the largest application segment and accounted for over 40% of
total market volume in 2015. The growth of lubricants industry on account
of increasing automotive production in Asia Pacific is expected to drive
this segment over the forecast period.
- Increasing
demand for metalworking processes such as cutting, welding and forming
across various applications such as automotive, foundry, ships, aircrafts,
milling and industrial machinery is expected to drive metal working fluids
demand
- Asia
Pacific was the largest market, accounting for over one-third of the total
market volume in 2015.The positive outlook towards automotive and
industrial manufacturing sectors of emerging economies such as China,
Vietnam, India and South Korea is anticipated to promote the usage of
industrial and automotive lubricants
- BP and
Russian Rosneft have announced to sign an agreement to create a new joint
venture company, Yermak Neftegaz LLC, to conduct exploration activities in
the Yenisey-Khatanga and West Siberian basins
- The
market is highly fragmented among multinational players and small domestic
players. Major companies identified in the market include ExxonMobil,
Chevron Corp., British Petroleum PLC, Royal Dutch Shell, Sepahan Oil
Company, LukOil, Saudi Aramco, S-Oil Corp., Indian Oil Corp. Ltd., Total,
Motul, Repsol, Gulf Oil UAE, Petrobras and Tupras
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the base oil market on the
basis of product, application and region:
Global Base Oil Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2024)
- Group
I
- Group II
- Group
III
- Others
Global Base Oil Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2024)
- Automotive
Oils
- Process
Oils
- Hydraulic
Oils
- Metalworking
Fluids
- Industrial
Oils
- Others
Global Base Oil Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2024)
- North
America
- U.S.
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Turkey
- Asia
Pacific
- China
- India
- Japan
- Southeast
Asia
- Central
& South America
- Brazil
- Argentina
- Venezuela
- Middle
East & Africa
- Saudi
Arabia
- UAE
- Jordan
- South
Africa
- Egypt
- Nigeria
- Kenya
Access press release of this research report by Grand
View Research: http://www.grandviewresearch.com/press-release/global-base-oil-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information:
www.grandviewresearch.com
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