Global Base Oil Demand is Estimated to Reach 39,614.7 Kilo Tons by 2020: Transparency Market Research
Transparency Market Research has released a new market report titled Base Oil Market by Product (Group I, Group II, Group III, and Others) and by Application (Automotive Oils, Process Oils, Industrial Oils, Metalworking Fluids, Hydraulic Oils, and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2020. According to this report, the global demand for base oil stood at 36,614.3 kilo tons in 2014 and is projected to reach 39,614.7 kilo tons by 2020, expanding at a CAGR of 1.4% between 2015 and 2020.
The report also takes into account the effect of slump in the crude oil prices since July 2014 on base oil prices. According to this study, the global base oil market was valued at USD 34,514.1 million in 2014 and is anticipated to reach USD 30,973.1 million by 2020, expanding at a CAGR of 0.3% between 2015 and 2020.
Browse the full Report of Base Oil Market: http://www.transparencymarketresearch.com/base-oils-lubes-market.html
Base oils are primarily utilized for the manufacture of lubricants. Depending upon their chemical composition, base oils are classified as either paraffinic or naphthenic. Base oils are generally obtained from secondary processing units in refineries. Post-production, these base oils are sent to blending plants where they are used for manufacturing finished lubricants. This report segments the global base oils market into its respective API groups as Group I, Group II, Group III, and others. The others segments comprises Group IV and Group V base oils. Each of these API groups has been sub-segmented into their respective grades in this report. The Group I base oils have been sub-segmented into SN150, BS150 (Bright Stock), SN500, and others. Group II base oils were sub-segmented as 150N, 500N, 600N, and others. The Group III base oils were further sub-segmented as 2cSt, 4cSt, 6cSt, and 8cSt.
In terms of geography, the global base oils market was segmented as North America, Asia Pacific, Europe, Central & South America, and the Middle East & Africa. Asia Pacific was the largest consumer of base oils globally and is expected to remain the dominant consumer of base oils globally in 2020 as well. Numerous fast developing economies such as India and China in the region would drive significant growth in the base oil market in Asia Pacific. Group I consumption is likely to remain prominent in Asia Pacific, MEA, and South America during the forecast period. Lack of stringent emission standards in these regions is likely to offset rapid substitution of Group I base oils with higher grades during the forecast period. On the contrary, both North America and Europe are likely to emerge as highly attractive markets for Group II and Group III base oils during the forecast period.
North America is set to emerge as one of the major production hubs for Group II base oils in the future. Owing to insufficient domestic demand, Group II producers in the region are likely to export their surplus production to Latin America and Europe. The Middle East is similarly set to emerge as one of the leading producers for Group III base oils during the forecast period. Owing to a relatively underdeveloped market for such high quality base oils in markets in the Middle East, refiners in this region are also likely to target Western European countries for exports. Owing to the regional imbalance of supply and demand for various groups of base oils, the portfolio of inter-regional trade is likely to become more complex during the forecast period. An oversupply of both Group II and Group III base oils might be observed globally in the mid-term future. This might culminate into a downward pressure on base oil prices, or force numerous old base oil plants with higher operating expenditures to close down. Furthermore, slump in the crude oil prices since July 2014 is negatively affecting base oil revenues across the globe. According to current estimates, oil prices and as a result, base oil prices would remain volatile and unpredictable particularly till 2017.
Browse the full Press Release of Base Oil Market: http://www.transparencymarketresearch.com/pressrelease/base-oil-demand-market.htm
The market for base oils is moderately concentrated in nature. However, large vertically-integrated oil and gas majors such as ExxonMobil Corporation and Royal Dutch Shell occupy significantly large shares in the supply market. Key participants in the global base oil market include ExxonMobil Corporation, Royal Dutch Shell, SK Lubricants, Chevron Corporation, S-Oil Corporation, SINOPEC Corporation, Neste Oil, BP plc, PetroChina Company Limited, Philips 66 Company, GS Caltex Corporation, and MOGoil GmbH. The base oils market is segmented as follows:
· Global Base Oil Market: Product Analysis
o Group I
o Group II
o Group III
· Global Base Oil Market: Application Analysis
o Automotive Oils
o Industrial Oils
o Process Oils
o Metalworking Fluids
o Hydraulic Oils
· Global Base Oil Market: Regional Analysis
o North America
o Asia Pacific
o Central & South America
o Middle East & Africa
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