Growing Automotive and Industrial Sector in developing Economies Propelling the Base Oil Market
According to a new report published by Reports Monitor titled, “Global Base Oil Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Base Oil Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Base oil also known as lubrication grade oil which is produced by refining the crude oil or through chemical synthesis. These chemicals can be either paraffinic or napthenic in nature depending on the chemical structure of the molecules.
The major factors driving the growth of market are: growing automotive industries in the developing economies supported with technological advancement in the automotive system. Rapid development in the industrial and manufacturing sector also contributes in the development of base oil market. However, the fluctuation in the crude oil price and gradual transition towards the heavy and sour crude oil may result in hampering the market growth.
This report provides a detailed analysis of Base Oil Market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and porter’s analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources and with bottom-up and top-down approaches.
The base oil market is majorly segmented on the basis of product and applications. Depending upon the product, market is bifurcated into: Group One, Group Two, Group Three and Others, while based on the applications, market is segmented into: automotive oil, industrial oil, process oil, hydraulic oils and others.
The regional analysis of base oil market is analyzed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Colossal growth in the automotive and industrial sector in the developing economies such as Japan, China and India has contributed in the growth of Asia Pacific market. Rising population with increasing income in the economies such as China and India has also contributed in propelling the market growth.
The major key players operating in the market are: Royal Dutch Shell plc, Chevron Corporation, Neste Oil, AVISTA OIL AG, Nynas AB, and PETRONAS, Repsol, Evonik Industries, Lotos Oil SP. Z O.O, Ergon Inc, Calumet Specialty Products Partners Lp, Exxon Mobil Corporation, Total S.A., H&R Ölwerke Schindler GmbH.
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