Industrial, Manufacturing & Heavy Industry Market News

Base oil market expected to hit US$ 34.74 billion by 2023

Industrial Market Research

The Global Base Oil market is expected to grow at a CAGR of 1.27% from 2018 to reach USD 34.74 billion by the year 2023.

GLOBAL BASE OIL MARKET Make an Inquiry about this news was valued at USD 31.8 billion in the year 2016. 

Asia-Pacific region holds the highest market share in 2016 and is considered as the fastest growing market in the forecasted period. At a country level, developed markets like China & India with highest population base holds the notable market share in 2016 and are projected to grow strongly in the coming years.

Chevron Corporation (US), Royal Dutch Shell plc (The Netherlands), BP PLC (UK), Exxon Mobil Corporation (US) are some of the key players in the Base Oil market with Chevron Corporation holding substantial market share because of its better global presence both at production and at an operational level. Rising research and development expenses to cater changing demand of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

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Drivers:

  1. The growth of automotive industry in APAC
  2.  Rapid urbanization

Restraints:

  1.   Volatile prices of crude oil

Opportunities:

  1.   American Base Oil industry moves into Group III use

Challenges:

  1.  Often changing engine specifications

Between Automotive Oil, Industrial Oil and Process Oil; Automotive Oil segment is gaining popularity and because of its easy availability this segment is expected to hold the highest market share during the forecast period.

On the other hand Process, Oil for this market is expected to grow at the highest CAGR of XXX during the year 2017-2022.

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Key Benefits for Stakeholders

Base Oil Manufacturers, Distributors and Retailers

Research and Consulting organization

Technology Standards Organizations, Forums, Alliances and Associations

End-use industries

Regulatory bodies, policy actors, and consumers.

By Application

Industrial Oils

Automotive Oils

Process Oils

Hydraulic Oils

Others

By Product

Group I

Group II

Group III

By Region

North America

Europe

Asia-Pacific

LAMEA

Key Market Players

       1 Chevron Corporation (US)

       2 Royal Dutch Shell plc (The Netherlands)

       3 BP p.l.c. (UK)

       4 Exxon Mobil Corporation (US)

       5 Petroliam Nasional Berhad (Malaysia)

       6 Evonik Industries (Germany)

       7 Repsol (Spain)

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News From

Genesis Market InsightsGenesis Market Insights
Category: Market Research Publishers and RetailersCompany about: Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across the globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in-house data validation tools, ...
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