Global Base Oil Industry Research Report 2023-2031:
Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Base Oil Global Market Report 2023” – Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031 report has been added to ResearchAndMarkets.com’s offering.
Base Oil Market is expected to grow at 1.5% by 2031
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The quality of base oils depends on various factors such as consistency, viscosity index, compatibility, oxidation stability, appearance, volatility and safety.
The types of base stocks used to manufacture base oils are mineral based which are derived from petroleum base stocks which include, paraffinic, naphthenic and aromatic; and synthetic which are produced using different chemical bases and components such as esters, PAG and PAO among others. Another type of base oils manufactured is known as synthetic blend which is a combination of synthetic and mineral base fluids. Among these, approximately 95% of lubricating base stocks is derived from petroleum.
Base oils are categorized based on their physical characteristic and refining process. Depending on these factors, base oil is segmented into groups which are Group I, Group II, Group III, Group IV and Group V. Base oils are segmented in these groups based on the percentage of saturates, sulfur, viscosity index and temperature.
Each group of oil has specific applications. Base oil is used for wide range of applications in the market. Based on types and its use, base oil market is segmented into applications which include automotive, process oils, industrial oils, metalworking fluids and hydraulic oils among others.
Increasing demand for automobiles in the emerging economies such as Asia Pacific, especially India and China has fueled the growth of automobiles industry. Therefore, growing automotive industry has led to rise in demand for finished lubricants, thereby creating high demand for base oils.
Rapid industrialization in the region such as Asia Pacific, especially in China, India and Japan has also led to high demand for base oils from various end-users in the market. Base oils are therefore projected to gain high demand from various end-user industries worldwide in the near future.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Base Oil market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Base Oil market?
- Which is the largest regional market for Base Oil market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Base Oil market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Base Oil market worldwide?
Company Profiles
- CNOOC Limited
- PetroCanada Lubricants Inc.
- Pertoleum & Chemical Corp. (SINOPEC)
- PETRONAS Lubricants International
- PT Pertamina (Persero)
- PetroChina Co. Ltd
- Exxon Mobil Corporation
- Abu Dhabi National Oil Company
- Chevron Corporation
- Shell plc
- Indian Oil Corporation Ltd
- BP p.l.c
- Saudi Arabian Oil Co.
- Sepahan Oil
- Bahrain Lube Base Oil Company
- LUKOIL
- SK Lubricants Co. Ltd.
- H&R OWS Chemie GmbH & Co. KG
- Bharat Petroleum Corporation Limited
- GS Caltex Corporation
- Neste
- Repsol
Market Segmentation
Product
- Group I
- Group II
- Group III
- Group IV
- Group V
Application
- Automotive Oils
- Process Oils
- Hydraulic Oils
- Metalworking Fluids
- Industrial Oils
- Others
For more information about this report visit https://www.researchandmarkets.com/r/9ssatp
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