Base Oil Market Expansion Driven by Automobile and Industry Based Demand and Oil Prices Fluctuations
Base oils are at present acquired through two methods: by refining crude oil or through synthesis of relatively pure compounds. Base oils used for formulating lubricants are vegetable-based, mineral, or synthetic. They are classified according to their chemical structure into naphthenic or paraffinic base oils. The global base oil market is anticipated to reach 39,614.7 kilo tons by 2020 at a sluggish CAGR of 1.4% from 2015. The base oil classification system has been established by The American Petroleum Institute...
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