Nov 11, 2020, 01:51 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 11, 2020, 01:51 /Comserve / -- Global Base Oil Market is valued approximately USD 27.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.0 % over the forecast period 2020-2027.
Global Base Oil Market is valued approximately USD 27.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.0 % over the forecast period 2020-2027. Base oil is the refined petroleum mineral or synthetic material used to manufacture lubricating greases, motor oil and metal processing fluids. The quality of a lubricant can depend upon the type of base oil used for the refining and/or production method with a boiling point range between 550 and 1050 F, consisting of hydrocarbons with 18 to 40 carbon atoms. It has various properties such as viscosity, seal compatibility, oxidation, pour point, thermal stability, and additive solubility. Rapid industrialization and growing demand for oils in the automotive industry are the few factors responsible for growth of the market over the forecast period. According to the International Energy Agency (IEA), the daily demand for crude oil worldwide is expected to reach almost 100.6 million barrels to 2019 from 96.2 million barrels in 2016. As per Statisrta, the global market value of lubricant oil was USD 156.3 billion in 2017 and is anticipated to rise to USD 188 billion in 2024.
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Also the market players are relying on various strategies including product launch, innovation, partnerships and others will drive the growth of the market. For instance: in May 2018, Chevron U.S.A. Inc., (Chevron Corporation) and Novvi, LLC entered into an agreement to form Chevron Products Company for the development of renewable base oil technologies. Later on 05th August 2020, Chevron Products company luanched its first 100% renewable base oil product from Novvi’s Deer Park, Houston Facility. This product launch will expand the company’s product portfolio and thus offer sustainable and quality renewable base oils globally. However, fluctuating price of crude oil will hamper the growth of global Base Oil market during the forecast period.
The regional analysis of global Base Oil market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is the leading/significant region across the world in terms of market share owing to the Increasing GDP led by the rising industrial activities in the Asia Pacific region has increased the demand for base oil in this region.
Major market player included in this report are:
Evonik Industries AG
Exxon Mobil Corporation
H&R Ölwerke Schindler GmbH
Petronas Pvt. Ltd.
Royal Dutch Shell PLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Base Oil Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:Hina Miyazu
Shibuya Data Count
Tel: + 81 3 45720790
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