LONDON, Nov. 25, 2015 /PRNewswire/ -- The base oil market is expected to witness a steady growth rate in the next five years. The smooth function of machinery and equipment requires lubricants. Hence, industrial growth is driving the overall lubricants market and this in turn is increasing the demand for base oil. The emerging markets such as China and India are stimulating the growth of the base oil market due to increasing industrial production.
The report analyzes the Asia-Pacific base oil market trends and forecasts till 2020. The market size estimations have been provided in terms of market volume (KT). The report also identifies major manufacturers of base oil and provides analysis for each player in terms of company overview, financials, products offered, and recent developments.
The Asia-Pacific base oil market is expected to witness a CAGR of 3.5% between 2015 and 2020 and will reach market volume of 25,226.5 KT in 2020. The Asia-Pacific base oil market has been segmented based on applications into automotive, industrial application, and others. The demand has increased from vehicle owners for high performance lubricants to substitute conventional lubricants. Hence, there a rise in the demand for synthetic lubricants and tus the demand of Group II and Group IV base oil is increasing
The high cost of certain base oil such as Group III and Group IV acts as a constraint for growth of the overall Asia-Pacific base oil market. In spite of the cost, the market for these types of base oil is expected to grow at higher rates than the other types. The demand for Group III and Group IV is driven due to its high performance.
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