(MENAFN – GlobeNewsWire – Nasdaq) Covina, CA, December 25, 2020 (GLOBE NEWSWIRE) – Increased demand for Group I and Group II essential oils in the automotive industry is expected to remain a key driver of market growth. Basic oils are a key component of any beer that will help them achieve various specifications such as viscosity, pour point, oxidation, thermal stability, seal compatibility, and additive flexibility.
The global oil market filtration technologies market accounted for US $ 27.5 billion in 2019 and is expected to record a CAGR of 5.8%.
The report Global Base Oil Market, By Group (Group I, Group II, Group III, Group IV, Group V), By Demand (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid) and by region ( North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Bias, Analysis and Outlook to 2029 » .
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Key events:
- In May 2018, Chevron Corporation entered into an agreement with Novvi, LLC (US) through one of the divisions of its subsidiary Chevron USA Inc. for the development and commercialization of renewable base oil technologies.
- In August 2019, ExxonMobil Chemical Company, a subsidiary of Exxon Mobil Corporation, selected Synergy Additives Company SA of CV (Mexico) as the issuer of their Group IV / V underlying stocks (synthetic base stocks) in the Mexican regions , Central America, and the Caribbean. The development helped improve the company’s geographical presence.
- In February 2017, Saudi Aramco launched its core oil marketing business to supply API I, II, and III base stocks. The Group I oils are offered under the DURA brand name, Group II under the PRIMA name, and Group III under the ULTRA brand name. In addition to streamlining their core oil strategy, this development helped establish the company as an active supplier in the oil market.
Analyst view:
Increased demand for high quality wool in the car industry
There is always a huge demand for manufactured wool as there is a huge demand for advanced engine technology. In order for such an engine to perform its functions ie, high speed and rigid position, the choice of base oil plays an important role. Engine oils are made up of 70-90 percent base oil and 10-30 percent additives. Therefore, the growing demand for high-end engine oil is expected to boost the oil market.
Advanced market opportunities from BRIC countries
BRIC countries (Brazil, Russia, India, and China) are expected to be lucrative markets for lubrication during the forecast period. World Bank estimates that BRIC countries are around 41% of the world’s population, and this population is expected to grow further.
Browse 60 market data tables * and 35 figures * through 140 slides and a deep TOC on Global Base Oil Market, by Group (Group I, Group II, Group III, Group IV, Group V), by Application ( Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid) and by region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Tilt, Minor Survey and Estimate to 2029
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Key market insights from the report:
The global oil market filtration technologies market accounted for US $ 27.5 billion in 2019 and is expected to record a CAGR of 5.8%. The market report is broken down by organization, application and area.
- According to the group, group II is gaining market control due to its application in a number of applications such as marine and gas engine applications, in trunk piston engine oil, and other applications in the industrial industry. essential oil.
- Based on the application, the automotive oil application sector is expected to lead the market. The growth of this piece can be attributed to an increase in the car sector in the developing sectors. In addition, the increase in population in Asia Pacific regions is driving the demand for the automotive industry, thus leading the market for the automotive oil application segment of the base oil.
- By region, Asia Pacific controls the global base oil market with China and India as the main consumer. This is largely due to an increase in GDP driven by the rising industrial activities which have increased demand for essential oil.
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Competitive Landscape:
Prominent players operating in the global base oil market include, ExxonMobil Corporation British Petroleum, Royal Dutch Shell, Chevron Corporation, Saudi Aramco, USA Total, Sepahan Oil Company, Bahrain Lube Base Oil Co. , Lukoil, Indian Oil Corporation.
The market provides detailed information on business base, productivity, strengths, manufacturers, and recent trends that help companies to expand their businesses and drive financial growth. Additionally, the report highlights dynamic features including segments, sub-segments, regional market segments, competition, key advanced players, and market forecasts. In addition, the market includes recent collaborations, unions, acquisitions, and partnerships with regulatory frameworks across different sectors that influence the market direction. Recent technological advances and innovations that have impacted the global market are included in the report.
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Some important points answered in this market report are given below:
- Explains an overview of the product package, including product development, design, and positioning
- Explains details of key operational strategies with a focus on R&D strategies, corporate structure, zoning strategies, production capabilities, and financial performance of different companies.
- Analysis of market revenues over the expected period.
- Exploring various market perspectives with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Examine the segments expected to control the market.
- A study of the expected regional survey that will record the highest growth over the expected period
Key topics covered
- Investigate what can be delivered
- Assumption research
- Scope of the Study
- Opportunity Map Analysis
- Prospective market
- Market share (%) and BPS analysis, by region
- Competitive Landscape
- Heat Map Analysis
- Market presence and specificity analysis
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