Global Base Oil Market worth USD XX Billion By 2024

envision
envision
The report "Global Base Oil Market”: Segmentation By Type (API Type And Product Type), By End-User (Commercial And Transportation), By Geography (Asia Pacific, North America, Europe, Middle East And Africa, South America) - Forecast and Estimation (2018-2024).The Base oil market was marked at $XX Billion in 2017 and is expected to reach $XX Billion by 2024 at a CAGR of X%. Base oils are usually used for manufacturing of the products including lubricating greases, motor oils, and metal processing fluids. Download a free sample report at https://www.envisioninteligence.com/industry-report/base-oil-market/ On the basis of API type, the global base oil market is segmented into group 1, group2, group3, group4 and group5. Among these segments, group1 segment contributes the largest market owing to its simpler refining process and cost competitiveness and group 4 segment is anticipated to grow at the highest CAGR during the forecast period. The global base oil market report suggests that on the basis of application, the automotive oil application segment is projected to have the major market during the forecast period owing to its usage in various industrial and automotive applications as they offer excellent performance when combined with additives. According to envision intelligence global base oil market analysis, Asia Pacific region occupies the largest size in terms of volume during the market forecast owing to the increasing demand for finished lubricant products in the automotive industry is anticipated to contribute the growth in this region. BP and Bridas are going to combine PAE & Axion energy to form new integrated energy company on September 2017 and Hilcorp Energy Co. and Carlyle Group acquired Conoco Phillips on April 2017 are the major trends of the global base oil market. The base oil market in developing countries such as India, China remains steady with inventories at optimum levels with an excess of imported grades. During the month of January 2016, approximately 193,786 MT have been procured at Indian Ports of all the grades, which is 5% down as compared to December 2015. Major imports to India are from Korea, Singapore, USA, UAE, Iran, Taiwan, France, UK, Netherlands, Japan, Italy, Belgium, etc. Indian State Oil PSU's IOC/HPCL/BPCL basic prices across the board remain unchanged and UAE possesses nearly 10 percent of the world’s total reserves, and there is no doubt that base oil will continue to provide the income for both economic growth and the expansion of social services for several more decades at least. Base oil production was recorded at low levels in the past two years. Units in China were shut for maintenance and domestic producers were discouraged by lower-than-expected margins but levels and production are expected to rise in the coming years. Indian Oil Corporation Ltd, GS Caltex, Exxon Mobil Corporation, China Petroleum Corporation and some others are the major key players in the global base oil market. For more updates on market follow us on LinkedIn, Facebook, Twitter.