A new Fact.MR analysis projects base oil market to grow at approximately 2% CAGR during the forecast period from year 2020 to 2030. According to the report, broader growth of the automotive sector will be crucial for the prospects of the base oil market players during the assessment period. The study further opines that growing focus on reducing toxic pollutants and shift toward electric vehicles can induce a decline in demand.
For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=5357
Key Takeaways from Base Oil Market Report
- Base oil market is anticipated to witness growth of nearly 2% CAGR during the forecast period from year 2020 to 2030
- Application-wise, automotive fluid is expected to dominate the market
- Asia Pacific market is anticipated to lead all other regions
- Grade-wise, group III base oil will generate highest revenue
- Asia Pacific base oil market is anticipated to exhibit highest growth followed by Europe
- Commercialization of advanced Gas-to-Liquid (GTL) technology creating novel opportunities
- The capacity expansion of group II base oils, especially in Europe and Asia Pacific market will grow strongly through 2030
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=5357
Increase in Lubricants Production Steering Market Growth
Due to high solvency, proper viscosity, and other properties, base oils are widely used in lubricants manufacturing. Lubricants being the main type of automotive fluids are highly required by the automotive industry. As automobile industry continues on a steady recovery, the demand for lubricants is also growing, which in turn is likely to drive demand for base oil during the forecast period.
According to Fact.MR, naphthenic base oils are going to witness significant growth after group V base oils due to their high capacity of dissolving deposits and oxidizing products during the use phase of the lubricants.
For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/5357
The COVID-19 pandemic has heavily impacted the base oil market due to several factors such as closing down of manufacturing units during lock-down periods, non-operational supply chain, scarcity of raw materials, financial constraints, unavailability of labors, job recession, and others. Automotive sector being the major end-use industry has resulted in declined market growth as consumers focus has shifted towards more emergency services instead of automotive products.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/24/2005664/0/en/Sodium-Cyanide-Sales-to-Surpass-Revenues-Worth-US-3-Bn-by-2027-Mining-and-Metallurgy-Applications-Uphold-Major-Sales-Concludes-a-Fact-MR-Study.html
Explore Fact.MR’s Comprehensive Coverage on Chemical & Materials Landscape
Synthetic Quartz Market Forecast, Trend Analysis & Competition Tracking – Global Review 2021 to 2031 – https://www.factmr.com/report/1243/synthetic-quartz-market
Isophorone Market Forecast, Trend Analysis & Competition Tracking – Global Review 2021 to 2031 –https://www.factmr.com/report/966/isophorone-market
Methane Sulfonyl Chloride Market Forecast, Trend Analysis & Competition Tracking – Global Review 2021 to 2031 – https://www.factmr.com/report/967/methane-sulfonyl-chloride-market
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Michigan Journal USA journalist was involved in the writing and production of this article.