According
to the findings of the research report, in terms of volume, the
demand for base oil in the global market was 36168.4 kilo tons in
2013 and is expected to be 41441.3 kilo tons by the end of 2020. On
the basis of revenues, in 2013, the global base oil market was worth
US$40599.6 million and is projected to reach US$46724.3 million by
the end of 2020, exhibiting 2.1% CAGR between the years 2014 and
2020.
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The
increased growth of automotive industry and rapid industrialization
are boosting the demand for finished lubricants in the global base
oil market. Moreover, the rigid emission regulations in developing
economies are also fueling the demand for lubricants by different end
use industries. However, the constant shifts to sour and heavy crude
oil by refiners are expected to hamper the production of base oil
during the forecast period.The global base oils market has been
segmented on the basis of its products into group I, group II, and
group III. The group I is sub-segmented into BS150, SN150, SN500, and
others. The group II has been further sub-segmented into 600N, 500N,
150N, and others. Furthermore, the group III has been sub-segmented
into 6cSt, 4cSt, and others. In the recent few years, in terms of
consumption and production, group I segment dominated the global base
oils market however, it is losing the market share at a fast pace.
Group II and Group III bear high-quality, due to which they cater to
the emission norms.
The
research report has segmented the global base oil market on the basis
of its application into hydraulic oils, industrial oils, process
oils, metalworking fluids, automotive oils, and others. In 2013, the
automotive oils segment dominated the global base oil market,
accounting for 45.0% of the total consumption. In the present
scenario, the automotive oils segment prefers using high-quality
Group II and Group III base oils, instead of Group I for the purpose
of formulation of lubricants. Similarly, industrial oils also prefer
using Group II base oils rather than Group I base oils.The global
base oils market has been geographically segmented into Central and
South America, North America, Middle East and Africa, Asia Pacific,
and Europe. In 2013, Asia Pacific led the global base oils market,
accounting for 39.7% of the overall share and is expected to continue
with its dominance through the forecast period. The dominance of Asia
Pacific can be attributed to the fast developing countries such as
China and India. The consumption of Group I is expected to remain
dominant in Middle East and Africa, Asia Pacific, and South America
in the forecast period.
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The
research report has provided with detailed analysis of the players
operating in the global base oil market. Some of the prominent
players include Chevron Corporation, SINOPEC Corporation, SK
Lubricants, MOGoil GmbH, Philips 66 Company, PetroChina Company
Limited, BP plc, ExxonMobil Corporation, S-Oil Corporation, Royal
Dutch Shell Plc, and GS Caltex Corporation.
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