Published By : 07 Apr 2016 | Published By : QYRESEARCH
The global market for base oil has witnessed a surge in demand in the recent times. The rapid rise of the automotive industry, worldwide, has resulted in the increasing demand for lubricants, which in turn has stimulated the demand for base oil over the past few years. The escalating industrialization in developing nation is also augmenting the demand for lubricants significantly across the world, adding to the growth of the global base oil market.
Another factor responsible for the rise of the worldwide market for base oil is the rigid emission standards that have brought a substantial change in the methods of lubricant formulation. However, the plummeting cost of crude oil, together with the gradual shift of refiners to the heavy, sour crude from its light, sweet version is projected to restrict the growth of the global base oil market in the coming years.
Automotive Industry Emerged as Leading End User of Base Oil
The automotive industry, being one of the major consumers of lubricants in the global arena, has emerged as the biggest end user of base oil. The immense rise of this industry is likely to drive the growth of the global base oil in the near future. Here is a snapshot of the latest trends that are influencing the worldwide base oil market.
British Petroleum Plc, China Petroleum Corp., Chevron Corp., Exxon Mobil Corp., MOGoil GmbH., GS Caltex Corp., PetroChina Co. Ltd., Royal Dutch Shell Plc, Philips 66 Co., SK Lubricants, and S-Oil Corp. are the major players functional in the global base oil market.