PUNE, India, February 16, 2016 /PRNewswire/ —
The report “Base Oil Market by Type (Group I, Group II, Group III, Group IV, Group V), by Application (Automotive Oil, Industrial Oil, Metalworking Fluids, Greases, Hydraulic Oil, & Others), by Geography – Global Trends & Forecasts to 2020”, published by MarketsandMarkets, The market is projected to reach USD 41.68 Billion by 2020, at a CAGR of 0.95% from 2015 to 2020.
Browse 128 market data Tables and 123 Figures spread through 315 Pages and in-depth TOC on “Base Oil Market”
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Factors such as growth of various end user industries, along with increase in the demand for finished lubricants from various industries, are expected to drive this market during the forecast period, 2015 to 2020.
Among types, Group I segment is projected to lead the global base oil market till 2020
Among types, the Group I segment is projected to lead the global base oil market by 2020. The major reason behind the extensive use of Group I across industries is its simpler refining process and cost competitiveness among all types of base oil. The Group IV segment of the global base oil market is projected to grow at the highest CAGR during the forecast period. The usage of Group IV base oils has been growing in various industrial and automotive applications as they offer excellent performance when combined with additives.
Among applications, the automotive oil segment is leading the global base oil market
The automotive oil application segment is projected to lead the global Base Oil Market till 2020 and is projected to grow at the highest CAGR between 2015 and 2020. Increase in the demand for finished lubricant products in the automotive industry is expected to contribute towards the growth of this segment.
Asia-Pacific is leading the global base oil market
In terms of value, Asia-Pacific is projected to lead the global base oil market till 2020. In terms of volume, the base oil market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period, 2015 to 2020. The rising population, increasing income levels, coupled with strong growth in emerging nations such as India and China, are the major factors fueling the growth of the Asia-Pacific base oil market during the forecast period.
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An in-depth market share analysis, in terms of revenue, of the top companies is also included in the report. These numbers are arrived at, based on the key facts, annual financial information from SEC filings, annual reports, and interviews with industry experts, key opinion leaders, such as CEOs, directors, and marketing executives. Some of the leading players in this market are Royal Dutch Shell plc, Chevron Corporation, Neste Oil, AVISTA OIL AG, Nynas AB, and PETRONAS, among others.
This research report categorizes the global base oil market on the basis of type, application, and region. It forecasts volume and revenue as well as analyzes trends in each of the submarkets.
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