Press release
Global Base Oil Market 2016: by Application - Automotive Oil, Industrial Oil, Metalworking Fluids, Hydraulic Oil
Base Oil Market
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Increasing usage of automotive oil for various lubricating applications in the automotive industry is among the factors expected to fuel the growth of this segment. Base oils help in reducing volatility of emulsions, thus leading to their stability. Stable emulsions are considered to be efficient for lubricating applications. Base oils offer various properties, such as increased viscosity index, improved oxidative stability, low sulphur content, high level of saturation, and reduced volatility, among others. Due to these properties of base oils, there has been overall improvement in the performance of engine oils, and lubricating greases. Moreover, the increasing demand for base oils in the automotive oil applications is one of the major factors fueling the growth of the overall market, globally.
The report segments the base oil market on the basis of grade, application, and geography. On the basis of grade, the market is segmented into group I, group II, group III, group IV and group V. According to the application, the market is classified into the Automotive Oil, industrial Oil, metalworking Fluids, Hydraulic Oil, Greases and others. Geographic breakdown and deep analysis of each of the aforesaid segments is included for North America, Europe, Asia-Pacific, and LAMEA.
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Comprehensive competitive analysis and profiles of major market players such as S-Oil Corporation, Chevron Corporation, MOGoil GmbH, GS Caltex Corporation, Philips 66 Company, Royal Dutch Shell Plc, Exxon Mobil Corporation, PetroChina Company Limited, British Petroleum p.l.c, China Petroleum Corporation (Sinopec Group), and SK Lubricants are provided in this report.
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Base Oil Market
The Global Base Oil Market size valued to USD 36.55 billion in 2019 is predicted to garner USD 41.65 billion by 2030, with a CAGR of 1.1% from 2020-2030.
The Global Base Oil Market held a volumetric turn-over of 41,907.3 kilotons in 2019 that is expected to level-up to 48,879.3 kilotons by 2030, witnessing a CAGR of 1.3% from 2020-2030.
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