ALBANY, New York, June 22, 2020
ALBANY, New York, June 22, 2020 /PRNewswire/ -- Moderate growth would be charted by the global base oil market over the forecast period of 2020 to 2030. The compound annual growth rate anticipated for the market over this period will be about 2%. This is set to lead the market to a worth of approximately USD 42 billion by the end of this period from about USD 34 billion in the year 2019.
Transparency Market Research elaborates, "Multiple factors of growth such as increase in population and growing demand for automobiles – a result of improving disposable incomes and massive industrialization – is leading to growth in the global base oil market over the forecast period."
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Key Findings of Global Base Oil Market Study:
For a detailed analysis of global base oil market by grade, application, and region, visit https://www.transparencymarketresearch.com/pressrelease/base-oils-lubes-market.htm
Key Drivers of Growth in Global Base Oil Market:
Transparency Market Research has identified a host of trends and drivers that are helping the global base oil chart positive growth over the forecast period. A glimpse into some of the most prominent growth factors is delineated below:
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Regional Analysis of Global Base Oil Market:
Analyze global base oil market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Base Oil Market:
The global base oil market is competitive and includes a large number of players in its vendor landscape. This leads to its fragmented nature. Some of the most notable players that operate in this market are PetroChina Company Limited, Royal Dutch Shell Plc, Nynas AB, S-OIL CORPORATION, Refinery (India) Limited, Repsol, Calumet Specialty Products Partners, L.P, SAC Petrobras S.A., Apar Industries Ltd., Gulf Petrochem FZC, Resolute Oil, LLC, and UniSource Energy, Inc., among others. It is significant to note here that technological advancement and innovation is what these players have a keen eye on. Other organic and inorganic strategies are also observed being resorted to by top players, striving to capture a higher share of the market.
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Global Base Oil Market: Segmentation
Base Oil Market, by Grade
Base Oil Market, by Application
Base Oil Market, by Region
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Wax Market - The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.
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