Base Oil Market Research Report and Forecast up to 2024 Base Oil Market by Product - Global Industry Analy

Base Oil Market by Product - Global Industry
Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2020
Even though there are several factors working in favor of the global base oil market,
analysts predict that the value of this market is estimated to drop during the course
of the forecast period. The recent slump in prices of crude oil is mainly responsible
for the negative performance of the base oil market, especially in terms of revenue.
The research report segments the global base oil market on the basis of product,
application, and region in order to provide a detailed understanding of the structure
and elements of the overall market. By product, the base oil market is categorized
into Group I, Group II, Group III, and others. By application, the market is broken
down into industrial oils, hydraulic oils, automotive oils, process oils, metalworking
fluids, and others. Geographically, the base oil market comprises Europe, North
America, South and Central America, Asia Pacific, and the Middle East and Africa. An
in-depth evaluation of these segments and sub-segments gives readers a clear
picture of the leading, profitable, and lucrative segments of the base oil market and
those that have scope for improvement.
View Report @ http://www.transparencymarketresearch.com/base-oils-
lubes-market.html
Overview of the Base Oil Market
The research report indicates that the demand for base oil is estimated to reach
39,614.7 kilo tons in 2020, developing at a 1.40% CAGR from 2015 to 2020. In
terms of value, the global base oil market was pegged at US$34,514.1 Mn and it is
projected to drop to US$30,973.1 Mn by 2020.
The rapid growth in the automotive industry has resulted in the rising demand for
finished lubricants, which in turn has boosted the demand for base oil. Large-scale
industrialization in emerging economies has led to the demand for lubricants in
several end users. This, too, has propelled the base oil market in recent years.
Another factor responsible for the development of the base oil market is rigid
emission standards that have brought about a change in lubricant formulation
methods. In contrast, plunging prices of crude oil and gradual shift by refiners from
light, sweet crude to the heavy, sour version is likely to hamper the base oil market.
The automotive industry is one of the most significant consumers of lubricants,
making it a major end-use segment of the base oil market. A strong presence of
leading auto manufacturers makes Europe a crucial market for base oil. Among the