The base oil market is projected to reach US$41.68 billion by 2020, at a CAGR of 0.95% from 2015 to 2020, according to MarketsandMarkets’ latest report, ‘Base Oil Market - Global Trends & Forecasts to 2020’.
Factors such as growth of various end user industries, along with an increase in the demand for finished lubricants from various industries, are expected to drive this market during the forecast period.
The automotive oil application segment is projected to lead the global base oil market till 2020 and is projected to grow at the highest CAGR between 2015 and 2020. An increase in the demand for finished lubricant products in the automotive industry is expected to contribute towards the growth of this segment.
In terms of value, Asia Pacific is projected to lead the global base oil market till 2020. In terms of volume, the base oil market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rising population, increasing income levels, coupled with strong growth in emerging nations such as India and China, are the major factors fuleling the growth of the Asia Pacific base oil market.
Some of the leading players in this market are Royal Dutch Shell plc, Chevron Corporation, Neste Oil, AVISTA OIL AG, Nynas AB, and PETRONAS, among others.
Adapted from press release by Rosalie Starling
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