A new Fact.MR analysis projects base oil market to grow at approximately 2% CAGR during the forecast period from year 2020 to 2030. According to the report, broader growth of the automotive sector will be crucial for the prospects of the base oil market players during the assessment period. The study further opines that growing focus on reducing toxic pollutants and shift toward electric vehicles can induce a decline in demand. To remain ‘ahead’ of your competitors, request a sample https://www.factmr.com/connectus/sample? flag=S&rep_id=5357
“Recovery in the automobile sector is crucial for base oil industry, so market players are eagerly looking out for a strong recovery,” says a Fact.MR analyst. Market Segmentation Global Base Oil Market Analysis and Forecast, by Grade, 20202030
Group I
Group II
Group III
Group IV (PAO)
Group V (exc. Naphthenics)
Re-refined
Global Base Oil Market Analysis and Forecast, by Application, 2020-2030
Automotive Fluids
Process Oils
Industrial Oils
Metalworking Fluids
Hydraulic Oils
Key Takeaways from Base Oil Market Report o Base oil market is anticipated to witness growth of nearly 2% CAGR during the forecast period from year 2020 to 2030 o Application-wise, automotive fluid is expected to dominate the market o Asia Pacific market is anticipated to lead all other regions
Grade-wise, group III base oil will generate highest revenue
Asia Pacific base oil market is anticipated to exhibit highest growth followed by Europe
Commercialization of advanced Gas-to-Liquid (GTL) technology creating novel opportunities
The capacity expansion of group II base oils, especially in Europe and Asia Pacific market will grow strongly through 2030
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Increase in Lubricants Production Steering Market Growth Due to high solvency, proper viscosity, and other properties, base oils are widely used in lubricants manufacturing. Lubricants being the main type of automotive fluids are highly required by the automotive industry. As automobile industry continues on a steady recovery, the demand for lubricants is also growing, which in turn is likely to drive demand for base oil during the forecast period. According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity of dissolving deposits and oxidizing products during the use phase of the lubricants.
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COVID-19 Impact The COVID-19 pandemic has heavily impacted the base oil market due to several factors such as closing down of manufacturing units during lockdown periods, non-operational supply chain, scarcity of raw materials, financial constraints, unavailability of labors, job recession, and others. Automotive sector being the major end-use industry has resulted in declined market growth as consumers focus has shifted towards more emergency services instead of automotive products.
More Valuable Insights on Base Oil Market In its latest report, Fact.MR has provided an unbiased detailed analysis on the global base oil market, comprising data on historical statistics (20152019) and forecast of demand for the period between 2020 and 2030. The report discusses critical insights on the base oil market in terms of grade (group I, group II, group III, group IV (PAO), group V (exc. Naphthenics), rerefined), application (automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic oils), across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa). For More Insights: https://www.globenewswire.com/en/newsrelease/2018/12/21/1677566/0/en/Avocado-Extract-Sales-Soar-asFood-Beverages-Industry-Embraces-Natural-Ingredients-to-MeetConsumer-Expectations-Fact-MR.html About Us: Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner. Contact: US Sales Office: 11140 Rockville Pike Suite 400
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