Base Oil Market Players Look to Capitalize on Commercialization of GTL Technology: Fact.MR

A new Fact.MR analysis projects base oil market to grow at approximately 2% CAGR during the forecast period from year 2020 to 2030. According to the report, broader growth of the automotive sector will be crucial for the prospects of the base oil market players during the assessment period. The study further opines that growing focus on reducing toxic pollutants and shift toward electric vehicles can induce a decline in demand.

Key Takeaways from Base Oil Market Report

Base oil market is anticipated to witness growth of nearly 2% CAGR during the forecast period from year 2020 to 2030
Application-wise, automotive fluid is expected to dominate the market
Asia Pacific market is anticipated to lead all other regions
Grade-wise, group III base oil will generate highest revenue
Asia Pacific base oil market is anticipated to exhibit highest growth followed by Europe
Commercialization of advanced Gas-to-Liquid (GTL) technology creating novel opportunities
The capacity expansion of group II base oils, especially in Europe and Asia Pacific market will grow strongly through 2030

“Recovery in the automobile sector is crucial for base oil industry, so market players are eagerly looking out for a strong recovery,” says a Fact.MR analyst.

Request a Sample Report -https://www.factmr.com/connectus/sample?flag=S&rep_id=5357

Increase in Lubricants Production Steering Market Growth

Due to high solvency, proper viscosity, and other properties, base oils are widely used in lubricants manufacturing. Lubricants being the main type of automotive fluids are highly required by the automotive industry. As automobile industry continues on a steady recovery, the demand for lubricants is also growing, which in turn is likely to drive demand for base oil during the forecast period.

According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity of dissolving deposits and oxidizing products during the use phase of the lubricants.

To Know the nuances of our approach, Request Report Methodology - https://www.factmr.com/connectus/sample?flag=RM&rep_id=5357

COVID-19 Impact

The COVID-19 pandemic has heavily impacted the base oil market due to several factors such as closing down of manufacturing units during lock-down periods, non-operational supply chain, scarcity of raw materials, financial constraints, unavailability of labors, job recession, and others. Automotive sector being the major end-use industry has resulted in declined market growth as consumers focus has shifted towards more emergency services instead of automotive products.

More Valuable Insights on Base Oil Market

In its latest report, Fact.MR has provided an unbiased detailed analysis on the global base oil market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2020 and 2030. The report discusses critical insights on the base oil market in terms of grade (group I, group II, group III, group IV (PAO), group V (exc. Naphthenics), re-refined), application (automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic oils), across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).

>>> To Get more insights on base oil market, visit- https://www.factmr.com/report/5357/base-oil-market

About the Chemicals & Materials Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals & materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemicals & materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

Contact Us

MARKETACCESS DMCC
Unit No: AU-01-H
Gold Tower (AU)
Plot No: JLT-PH1-I3A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
Email: sales@factmr.com
Web: https://www.factmr.com/

About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

This release was published on openPR.