Even though there are several factors working in favor of the global base oil market, analysts predict that the value of this market is estimated to drop during the course of the forecast period. The recent slump in prices of crude oil is mainly responsible for the negative performance of the base oil market, especially in terms of revenue.
The research report segments the global base oil market on the basis of product, application, and region in order to provide a detailed understanding of the structure and elements of the overall market. By product, the base oil market is categorized into Group I, Group II, Group III, and others. By application, the market is broken down into industrial oils, hydraulic oils, automotive oils, process oils, metalworking fluids, and others. Geographically, the base oil market comprises Europe, North America, South and Central America, Asia Pacific, and the Middle East and Africa. An in-depth evaluation of these segments and sub-segments gives readers a clear picture of the leading, profitable, and lucrative segments of the base oil market and those that have scope for improvement.
Overview of the Base Oil Market
The research report indicates that the demand for base oil is estimated to reach 39,614.7 kilo tons in 2020, developing at a 1.40% CAGR from 2015 to 2020. In terms of value, the global base oil market was pegged at US$34,514.1 Mn and it is projected to drop to US$30,973.1 Mn by 2020.
The rapid growth in the automotive industry has resulted in the rising demand for finished lubricants, which in turn has boosted the demand for base oil. Large-scale industrialization in emerging economies has led to the demand for lubricants in several end users. This, too, has propelled the base oil market in recent years. Another factor responsible for the development of the base oil market is rigid emission standards that have brought about a change in lubricant formulation methods. In contrast, plunging prices of crude oil and gradual shift by refiners from light, sweet crude to the heavy, sour version is likely to hamper the base oil market.
The automotive industry is one of the most significant consumers of lubricants, making it a major end-use segment of the base oil market. A strong presence of leading auto manufacturers makes Europe a crucial market for base oil. Among the major product categories of base oil, the demand for Group I is estimated to drop by 2020, owing to growing preference for Group II and III base oils.
Companies Mentioned in the Report
The most notable companies featured in the research report are S-Oil Corporation, Chevron Corporation, MOGoil GmbH, GS Caltex Corporation, Philips 66 Company, Royal Dutch Shell Plc, Exxon Mobil Corporation, PetroChina Company Limited, British Petroleum p.l.c, China Petroleum Corporation (Sinopec Group), and SK Lubricants. Each of the players are evaluated in the report based on company overview, financial conditions, product portfolio, business strategy, and recent developments.
Global Base Oil Market: Product Analysis
Global Base Oil Market: Application Analysis
Global Base Oil Market: Regional Analysis
This report gives you access to decisive data such as:
Key highlights of this report
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