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: https://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: https://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
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.
For more information: www.grandviewresearch.com
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