Base Oil Market Analysis, Global Size, Industry Trends, Price – Research Report Forecast 2023

"Base oil Market by Application, Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the base oil market was valued at $35,430 million in 2016, and is projected to reach at $38,031 million by 2023, growing at a CAGR of 1.0% from 2017 to 2023. Asia-Pacific dominates the base oil market, both in terms of volume and value, and is expected to maintain this trend throughout the forecast period. (base oil price history)

Overview of Research Report @ https://goo.gl/YJrNw2

The demand for high-grade lubricant oils in the automotive industry, and stringent environmental legislation leading to strict performance standards drive the growth of the market. However, the fluctuating costs of crude oil and regulations concerning emission norms are expected to hamper the market growth in the future. The global shift from Group I base oils to Group II & III present numerous growth opportunities to market players. (base oil market trend)

Key Findings of the Base oil Market:
• In terms of value, the automotive segment is expected to grow at a CAGR of 1.2% during the forecast period. (base oil market size)
• In Asia-Pacific, China is estimated to grow at a highest CAGR of 1.3%, in terms of value. (base oil specifications table)
• Industrial oil application in terms of volume occupied around one-third share of the global market in 2016. (base oil market report)
• The U.S. accounted for nearly one-sixth share of the base oil market in 2016, and is expected to grow at a significant CAGR of 0.8%, in terms of value.

Fill the form for an exclusive sample of this report @ https://goo.gl/eANnW4

The global economy profits from declining oil costs because of high financial multiplier in the emerging oil-importing economies. Therefore, base oil utilization in the automotive sector is expected to grow through both increasing purchasing power (new and second-hand automotive deals) and expanding vehicle usage. This growth is estimated to be particularly noticeable in the developing countries, and control the decline in Group I base oil demand.

In 2016, North America and Asia-Pacific collectively accounted for more than two-thirds of the entire global base oil market, in value terms. Asia-Pacific is expected to grow at the highest rate during the forecast period. High automotive lubricant demand and industrial growth from emerging countries, such as China, India, South Korea, and Australia, are estimated to drive the market growth.

Purchase Enquiry @ https://goo.gl/SRbhmp

The automotive oil segment accounted for almost half the share of the total base oil market in 2016, in terms of value, and is expected to maintain its dominance during the forecast period. However, application of base oils in industrial oils is expected to grow at a comparatively high rate due to stricter emission norms in EU and EPA regions.

The major companies profiled in the report include BP PLC, Chevron Corporation, Ergon Inc., Evonik Industries, Exxon Mobil Corporation, H&R lwerke Schindler GmbH, Nynas AB, Petronas, Royal Dutch Shell PLC, SK Lubricants Co. Ltd., and Total S.A.

View Full Details @ https://goo.gl/qQ92R9

Allied Market Research is the best destination for your research and analytical solutions; simply because our primary and secondary sources of information are adroit to give one stop solutions. We creatively combine primary and secondary research in correct proportion to have the best report which not only provides latest information but also helps you grow.

5933 NE Win Sivers Drive,
#205, Portland, OR 97220,
United States.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

This release was published on openPR.