Base Oil Market Is Dominating in Asia-Pacific Industry and Players Like Exxon Mobil, Chevron, Petroliam Nasional Berhad (Petronas), GS Caltex, Neste, S-Oil and More
Asia-Pacific Base Oil Industry, By Type (Group I, Group II, Group III, Group IV, Group V), By Application (Automotive, Industrial, Others)By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa
Pune, India -- (SBWire) -- 03/22/2018 --The Asia-Pacific Base Oil Market accounted for consumption of 22288.80 KT in 2016 and is projected to grow at a CAGR of 3.4% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Market Definition: Asia-Pacific Base Oil Market
Base Oil is the name given to lubrication grade oils initially produced from refining crude oil or through chemical synthesis. Base oil is typically defined as oil with a boiling point range between 550 and 1050 F, consisting of hydrocarbons with 18 to 40 carbon atoms.There is a growing demand for base oil inautomotive and industrial activates, which is expected to be one of the major drivers of the market over the next seven years.
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Major Market Drivers:
- Growing automotive industry
- Highindustrial growth
- Shift toward group iii base oil is causing shrinkage in the overall demand of base oil
- High price of high grade base oil
Market Segmentation: Asia-Pacific Base Oil Market
The base oil market is segmented on the basis of typegroup I, group II, group III, group IVand group V.
On the basis of application, the market is segmented automotive, industrial and others.
On the basis of geography, the base oil market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
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Competitive Landscape: Asia-Pacific Base Oil Market
The Asia-Pacific base oil market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors: Asia-Pacific Base Oil Market
Some of the major players in base oil market Exxon Mobil Corporation, Chevron Corporation, Petroliam Nasional Berhad (Petronas), GS Caltex Corporation, Neste, Royal Dutch Shell PLC., China Petrochemical Corporation, S-Oil Corporation, Indian Oil Corporation Ltd., China National Petroleum Corporation and many more.
Research Methodology: Asia-Pacific Base Oil Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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