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Base Oil Market 2018 – Identify Opportunities and Challenges 2024

Growing demand for industrial lubricants, greases, hydraulic fluids, and metal working fluids made from raw stock fluids such as base oil is anticipated to remain a key driving factor for the market growth. The Global Base Oil Market is expected to reach USD 40.47 billion by 2024, according to a new report by Grand View Research, Inc.


The shifting trend towards adoption of Group II and Group III base oil owing to the shutdown of Group I oil production facilities in Europe, and Asia Pacific is anticipated to fuel industry growth significantly.

Rapid expansion in the automotive sector in emerging Asian countries such as China, India, Indonesia, and Thailand is expected to boost demand at a rapid pace. The increasing demand for automotive fluids is owing to excellent properties such as improved oxidative stability, increased viscosity index, high level of saturation and low sulfur content.

Group II base oil accounted for over 20% of overall volume in 2015. They are manufactured by the hydro-cracking process, and it has high saturated and low sulfur than compared to Group I products.

Automotive oils were the largest application segment and accounted for over 40% of total market volume in 2015. The growth of lubricants industry on account of increasing automotive production in Asia Pacific is expected to drive this segment over the forecast period.

To Know More About Base Oil Market Please Visit Us @ https://www.grandviewresearch.com/industry-analysis/base-oil-market

Increasing demand for metalworking processes such as cutting, welding and forming across various applications such as automotive, foundry, ships, aircrafts, milling and industrial machinery is expected to drive metal working fluids demand.

Top Players of Base Oil Market:

Major companies identified in the market include ExxonMobil, Chevron Corp., British Petroleum PLC, Royal Dutch Shell, Sepahan Oil Company, LukOil, Saudi Aramco, S-Oil Corp., Indian Oil Corp. Ltd., Total, Motul, Repsol, Gulf Oil UAE, Petrobras and Tupras.

Market Segmentation of Base Oil Market:

The Global Base Oil Market segmented on the basis of Product, Application and Region.

By Product:

    Group I
    Group II
    Group III

By Application:

    Automotive Oils
    Process Oils
    Hydraulic Oils
    Metalworking Fluids
    Industrial Oils

By Region:

    North America
    Europe
    Asia Pacific
    Central & South America
    Middle East & Africa

Inquire about Base Oil Market with Our Experts @ https://www.grandviewresearch.com/inquiry/3118
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