The report “Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) – Global Forecast To 2025“, Global Base Oil Market is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The growing demand for high-grade oils in the automotive industry and the increasing GDP in the Asia Pacific driven by increasing industrial activities are the key factors fueling the growth of the base oil market across the globe.
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• 340 Market data Tables
• 55 Figures
• 301 Pages and in-depth TOC on “Base Oil Market – Global Forecast to 2025″
Some of the prominent key players are:
· Chevron Corporation (US)
· Exxon Mobil Corporation (US)
· S-OIL Corporation (South Korea)
· Motiva Enterprises LLC (US)
· SK innovation Co., Ltd. (South Korea)
· Royal Dutch Shell plc (Netherlands)
Group II segment to lead the base oil industry from 2019 to 2024.
Based on group, the base oil market has been segmented into Group I, Group II, Group III, Group IV, and Group V. The Group II segment accounted for the major share of the market in 2018. Group II base oil can be employed in a multitude of applications, such as marine and gas engines, in trunk piston engine oils, and other applications in the base oil industry. The high consumption of Group II base oil is mainly attributed to its higher performance and affordability in comparison to the other groups of base oil. Thus, the Group II segment is likely to lead the market during the forecast period.
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