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.
In depth research report on Base
Oil Market:
http://www.grandviewresearch.com/industry-analysis/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
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
o
U.S.
·
Europe
o
Germany
o
France
o
UK
o
Italy
o
Russia
o
Turkey
·
Asia Pacific
o
China
o
India
o
Japan
o
Southeast Asia
·
Central &
South America
o
Brazil
o
Argentina
o
Venezuela
·
Middle East
& Africa
o
Saudi Arabia
o
UAE
o
Jordan
o
South Africa
o
Egypt
o
Nigeria
o
Kenya
Browse more
research reports of this category:
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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
http://www.grandviewresearch.com/
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