The global base oil market is projected to reach US$41.68 billion by 2020, at a CAGR of 0.95% between 2015 and 2020, according to a new report from MarketsandMarkets entitled ‘Base Oil Market – Global Trends & Forecasts to 2020’.
The main reason for the growth of the global base oil market is increasing demand for finished lubricants from various industries, along with an increase in the number of various end user industries. The automotive oil segment is projected to lead the global base oil market during the forecast period, 2015 to 2020, and expected to grow at the highest CAGR. The growth of this application segment can be attributed to increased demand for finished lubricant products from the automotive industry.
In terms of consumption, the Asia Pacific region is the leader in the global base oil market, and this dominance is expected to continue throughout the forecast period. The Asia Pacific base oil market is projected to grow at the highest CAGR from 2015 to 2020. A continuously growing population and rising income levels, coupled with strong economic growth in emerging economies such as India and China, are the major factors fuelling the growth of the base oil market in this region.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/04032016/global-base-oil-market-growth-to-2020-2665/