NEW YORK, March 1 , 2016 /PRNewswire/ -- The global base oil market is projected to reach USD 41.68 billion by 2020, at a CAGR of 0.95% between 2015 and 2020. The main reason for the growth of the global base oil market is increasing demand for finished lubricants from various industries, along with increase in the number of various end user industries.
"Automotive oil segment is the leading application segment of the global base oil market"
Among applications, the automotive oil segment is projected to lead the global base oil market during the forecast period, 2015 to 2020. The automotive oil application segment is expected to grow at the highest CAGR during the forecast period. The growth of this application segment can be attributed to increased demand for finished lubricant products from the automotive industry.
"Asia-Pacific region is leading the global base oil market, in terms of consumption"
In terms of consumption, the Asia-Pacific region is the leader in the global base oil market and this dominance is expected to continue during the forecast period as well. The Asia-Pacific base oil market is projected to grow at the highest CAGR from 2015 to 2020. Continuously growing population and increasing income levels, coupled with strong economic growth in the emerging economies, such as India and China are the major factors fueling the growth of the base oil market in the Asia-Pacific region.
Profile break-up of primary participants in this report:
- By Company Type - Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation – C-level – 35%, Director-level – 25%, and Others – 40%
- By Region – North America - 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
This study estimates the size of the global base oil market during the forecast period, 2015 to 2020. As a part of quantitative analysis, the study segments the global base oil market at regional level, with the current market estimation and forecast till 2020. Major regions covered in this report include Asia-Pacific, North America, Europe, and RoW. By application, the global base oil market is classified into automotive oil, industrial oil, metalworking fluids, hydraulic oil, greases, and others.
Further, as a part of qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by the key market players, such as Royal Dutch Shell plc, Chevron Corporation, Neste Oil, AVISTA OIL AG, Nynas AB, and PETRONAS, among others.
With the given market data, MarketsandMarkets also offers customizations as per specific needs of the companies.
Reasons to buy this report:
This report covers following key aspects:
- What will be the market size by 2020 and what will be the growth rate
- What are the key market trends
- What is driving the global base oil market
- What are the challenges that impact growth of the global base oil market
- Who are the key players in the global base oil market
- The report covers global base oil market for key regions, such as Asia-Pacific, North America, Europe, and RoW
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