Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The report points out that the growth in automobile industry has resulted to increased demand for finished lubricants. Stringent emission standards across the globe have led to change in lubricant formulation methods. Further, rapid industrialization in emerging economies has propelled the demand for lubricants from various end user segments. All these factors are expected to push the growth of the global base oil market. However, the report notes that the plummeting crude oil prices along with gradual shift to heavy, sour crude oil by refiners will negatively impact the overall base oil market. The market witnesses a significant opportunity to grow with the introduction of gas-to-liquid technology that will increase the supply of highly pure and efficient base oils at competitive prices in future.
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On the basis of product type, the report segments the global base oil market into Group I, Group II, Group III, and others. The report estimates the demand for Group I base oils to fall significantly by 2020 due to the increasing preference for superior quality Group II and Group III base oils in industrial and automotive sectors in Europe and North America. However, in regions such as Asia Pacific, the Middle East, and South America, the demand for certain grades of Group I oil such as Bright Stock will be high. With more rigid emission control standards, the demand for Group III base oil will be higher, especially in the automotive sector for manufacturing finished lubricants.
In terms of applications, the report categorizes the global base oil market into process oils, industrial oils, metalworking fluids, automotive oils, hydraulic oils, and others. In 2014, automotive oils dominated the overall base oil market and is forecasted to lead the market in the next couple of years.
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The report studies the global base oil market across Europe, North America, Central and South America, Asia Pacific, and Middle East and Africa. With the presence of majority of global auto manufacturers in Europe, the region contributes significantly towards the demand for automotive oils.
The report profiles some of the key players in the global base oil market such as Sinopec Corporation, Phillips 66 Company, Royal Dutch Shell plc, ExxonMobil Corporation, S-Oil Corporation, SK Lubricants Co. Ltd., Chevron Corporation, BP plc, GS Caltex Corporation, MOGoil GmbH, and PetroChina Company Limited.
The research study has been segmented as below:
Global Base Oil Market: Product Analysis
- Group I
Global Base Oil Market: Application Analysis
- Automotive Oils
- Industrial Oils
- Process Oils
- Metalworking Fluids
- Hydraulic Oils
Global Base Oil Market: Regional Analysis
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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Source:Transparency Market Research