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.
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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
View All Reports of Same 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
Global Base Oil Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
- Automotive Oils
- Process Oils
- Hydraulic Oils
- Metalworking Fluids
- Industrial Oils
Global Base Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
- North America
- Southeast Asia
- Central & South America
- Saudi Arabia
- South Africa
Browse Press Release of this Report: http://www.grandviewresearch.com/press-release/global-base-oil-market
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