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
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.
No comments:
Post a Comment