ALBANY, New York, June 22, 2020 /PRNewswire/ -- Moderate growth would be charted by the global base oil market over the forecast period of 2020 to 2030. The compound annual growth rate anticipated for the market over this period will be about 2%. This is set to lead the market to a worth of approximately USD 42 billion by the end of this period from about USD 34 billion in the year 2019.
Transparency Market Research elaborates, "Multiple factors of growth such as increase in population and growing demand for automobiles – a result of improving disposable incomes and massive industrialization – is leading to growth in the global base oil market over the forecast period."
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Key Findings of Global Base Oil Market Study:
- Group I segment has held a sizeable share of the market previously but will lose some of it to grade II and III over the forecast period
- In the applications category, automotive fluids segment will witness significant growth, accounting for a notable share in the market
- Asia Pacific (APAC) region will be a fertile ground for growth
For a detailed analysis of global base oil market by grade, application, and region, visit https://www.transparencymarketresearch.com/pressrelease/base-oils-lubes-market.htm
Key Drivers of Growth in Global Base Oil Market:
Transparency Market Research has identified a host of trends and drivers that are helping the global base oil chart positive growth over the forecast period. A glimpse into some of the most prominent growth factors is delineated below:
- Increase in population is creating demands on automotive industry, paving way for growth in base oil market
- Growth in E-commerce, retail, manufacturing would create demand for robust logistics, creating demand in base oil market
- Improvement in disposable incomes is generating demand for automotives, driving the market base oil on a high growth trajectory
- Innovation is marking the landscape, paving way for development of better and greener products
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Regional Analysis of Global Base Oil Market:
- The Asia Pacific region is a lucrative market, which dominated the landscape in 2019; the region is set to witness a robust CAGR over the forecast period
- Improvement in disposable incomes is leading to higher demand for self-owned vehicles, driving up demand for base oil in the market
- North America to be another prominent market over the forecast period; it will benefit from stringent government norms on emission
- The region will also capitalize upon increasing preference of consumers for high quality base-oil
Analyze global base oil market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Base Oil Market:
The global base oil market is competitive and includes a large number of players in its vendor landscape. This leads to its fragmented nature. Some of the most notable players that operate in this market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SAC Petrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC, and UniSource Energy, Inc., among others. It is significant to note here that technological advancement and innovation is what these players have a keen eye on. Other organic and inorganic strategies are also observed being resorted to by top players, striving to capture a higher share of the market.
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Global Base Oil Market: Segmentation
Base Oil Market, by Grade
- Group I
- SN 150
- BS 150
- SN 250
- SN 500
- Group II
- N 150
- N 500
- N 600
- Group III
- 2 cSt
- 4 cSt
- 6 cSt
- 8 cSt
- Group IV (PAO)
- Group V (Excl. Naphthenic)
- 35–60 SUS
- 80–130 SUS
- 200–300 SUS
- 400–800 SUS
- Above 1,200 SUS
Base Oil Market, by Application
- Automotive Fluids
- Gear Oils
- Transmission Fluids
- Power Steering Fluids
- Brake Fluids
- Process Oils
- Rubber Process Oils
- Textile Process Oils
- Industrial Oils
- Transformer Oils
- Turbine Oils
- Food-grade Oils
- Metalworking Fluids
- Neat Oils
- Hydraulic Oils
- Others (including White Oil and Prevention Oil)
Base Oil Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Resorcinol Formaldehyde Latex Market - Increase in usage of resorcinol formaldehyde latex in tires for various automotive applications is anticipated to boost the resorcinol formaldehyde latex market to during the forecast period. Various high tenacity fibers such as nylon, aramid, polyester have been developed to achieve higher strength reinforcements in tire applications.
Highly Reactive Polyisobutylene (HR-PIB) Market - In terms of value, the global highly reactive polyisobutylene (HR-PIB) market is anticipated to expand at a CAGR of 5% from 2020 to 2030 and reach value of ~US$ 550 Mn by 2030. In terms of demand, Asia Pacific led the global HR-PIB market in 2019 and the same trend is anticipated to continue between 2020 and 2030.
Oil Filled Distribution Transformers Market - In terms of phase, the oil filled distribution transformers market can be bifurcated into single phase and three phase. Three phase oil filled distribution transformers are used more for industrial and commercial purposes. This trend is likely to continue throughout the forecast period owing to the expansion in industries around the world. Single phase oil filled distribution transformers are primarily used for residential purposes.
Wax Market - The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.
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