Asia-Pacific Base Oil Market by Type, by Application - Trends & Forecast to 2020
November 25 2015 - 6:23PM
PR Newswire (US)
LONDON, Nov. 25, 2015 /PRNewswire/ -- The base oil market
is expected to witness a steady growth rate in the next five years.
The smooth function of machinery and equipment requires lubricants.
Hence, industrial growth is driving the overall lubricants market
and this in turn is increasing the demand for base oil. The
emerging markets such as China and
India are stimulating the growth
of the base oil market due to increasing industrial production.
The report analyzes the Asia-Pacific base oil market trends and
forecasts till 2020. The market size estimations have been provided
in terms of market volume (KT). The report also identifies major
manufacturers of base oil and provides analysis for each player in
terms of company overview, financials, products offered, and recent
developments.
The Asia-Pacific base oil market
is expected to witness a CAGR of 3.5% between 2015 and 2020 and
will reach market volume of 25,226.5 KT in 2020. The Asia-Pacific base oil market has been
segmented based on applications into automotive, industrial
application, and others. The demand has increased from vehicle
owners for high performance lubricants to substitute conventional
lubricants. Hence, there a rise in the demand for synthetic
lubricants and tus the demand of Group II and Group IV base oil is
increasing
The high cost of certain base oil such as Group III and Group IV
acts as a constraint for growth of the overall Asia-Pacific base oil market. In spite of the
cost, the market for these types of base oil is expected to grow at
higher rates than the other types. The demand for Group III and
Group IV is driven due to its high performance.
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