Base Oil Market Global Overview 2020 to 2030
The Global Base Oil Market sizevalued to USD 36.55 billion in 2019 is predicted to garner USD 41.65 billion by2030, with a CAGR of 1.1% from 2020-2030.
The Global Base Oil Market held a volumetricturn-over of 41,907.3 kilotons in 2019 that is expected to level-up to 48,879.3kilotons by 2030, witnessing a CAGR of 1.3% from 2020-2030.
Base oil is a refined petroleum product obtained fromheavy hydrocarbons by the means of refining crude oil at extreme temperatureranges. It holds wide applications in manufacturing automotive oil, industrialoil, metalworking fluids, and lubricating greases and other lubricant basestock. The quality standards of base oil majorly depend on criteria such asviscosity, oxidation, vitality, consistency, compatibility, pour point, sealadditive, solubility and thermal stability.
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MarketDynamics and Trends:
Theglobal base oil market size, demonstrates a substantial growth, owing toever-increasing demand of base oil from various industry verticals,specifically from the automotive segment, rise in demand to manufacturesustainable products to reduce carbon foot prints and help in environmentalconservation. Besides, the upsurge in demand for manufacturinghigh-performance, low fuel-consumption, energy-efficient products under theCorporate Average Fuel Economy (CAFE) norms regarding environment conservation;is anticipated in driving the growth of the global base oil market in comingfuture.
Furthermore,factors such as constantly multiplying population, rapid industrialization,increasing urbanization, infrastructural advancements, technologicaldevelopments, changing lifestyles and increase in per-capita income, are tosupplement the base oil market growth in future.
Market Segmentations andScope of the Study:
Theglobal base oil market share analysis is based on type, application, andgeography.
Basedon type, the market is segmented into Group I, Group II, Group III, Group IV,and Group V. Based on application, the market is divided into Automotive Oil,Industrial Oil, Metalworking Fluids, Greases, and Others. Geographic breakdownand analysis of each of the previously mentioned segments include regionscomprising North America, Europe, Asia-Pacific, and RoW.
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Geographical Analysis:
NorthAmerica is expected to account for notable market share over the forecastperiod owing to presence of developed infrastructures, increase intechnological advancements coupled with increase in automotive industry.Besides, stringent regulatory standards regarding environment conservationleading to formulation of energy efficient fuels with lower GHG emissions, isexpected to fuel-up the growth of global base oil market in this region.
AsiaPacific region is expected to dominate the global base oil market from in termsof both value and volume, owing to augmenting industrialization, proliferatingautomotive industry, demand for finished lubricants in-order to improve theoperational efficiency, and increasing use of synthetic base oil as asubstitute to traditional oils, for reducing carbon footprints.
Competitive Landscape:
Thebase oil market, which is highly competitive, consists of various marketplayers. Some of the major market players include BP PLC, Ergon Inc., ChevronCorporation, Evonik Industries AG, H&R Ölwerke Schindler GmbH, Exxon MobilCorporation, Nynas AB, Royal Dutch Shell PLC, Petronas Pvt. Ltd., Total S.A.,and SK Lubricants Co. Ltd. among others.
Thecutting-edge product launches, facility expansions, take-overs, andcollaborations among the market players, is taking the global base oil marketto new-heights.
Key Benefits:
Thebase oil market report provides a quantitative analysis of the current marketand estimations through 2020-2030 that assists in identifying the prevailingmarket opportunities to capitalize on.
Thestudy comprises a deep dive analysis of the base oil market trend includingcurrent and future trends for depicting the prevalent investment pockets in themarket.
Thereport provides detailed information related to key drivers, restraints,opportunities and their impact on the base oil market.
Thereport incorporates a competitive analysis of the market players along withtheir market share in the global base oil market.
Thestudy elaborates SWOT analysis and Porters Five Forces model for the base oilmarket.
Valuechain analysis in the base oil market study provides a clear picture of thestakeholders’ roles.
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