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.
Access Research Report of 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
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
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
No comments:
Post a Comment