Global Base Oil Market: Key Highlights
Global Base Oil Market: Key Market Dynamics
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Global Base Oil Market: Regional Overview
The Asia-Pacific is anticipated to experience steady growth in the base oil market during the forecasted period. This is attributed to increasing demand for efficiency and needs to reduce GHG emissions. Additionally, the automotive industry is also experiencing steady growth in the region. According to OICA, automotive sales in the Asia-Pacific were 47,410,253 in 2018. Thus, the need for higher fuel economy, energy efficiency, more severe operating condition and longer drain interval by the automotive industry may propel product growth.
Europe is expected to grow at substantial growth in the base oil market during the forecasted period owing to its enduring automotive sector. According to the European Commission, the turnover generated by the automotive sector represents over 7 % of EU GDP in 2018. In order to strengthen the competitiveness of the EU automotive industry and presence, the government is providing funding for research and development. For instance, according to the European Automobile Manufacturers Association (ACEA), the government has increased the spending by 6.75 to reach USD 64.9 billion annually.
Global Base Oil Market: Key Players Overview
Exxon Mobil Corporation is energy providers and chemical manufacturers. The company operates through downstream, upstream, and chemical business segments. In 2018, the company invested USD 1 billion for research and development. In June 2019, the company expanded its Singapore refinery to upgrade its production of EHC Group II base stocks. This expansion will help to strengthen the global supply of high-quality base stock to meet growing demand.
Nynas AB is a company offering niche market products and naphthenic specialty products and bitumen are its specialty products. The company operated through naphthenic and bitumen business segments. In June 2019, the company launched NYNAS S 3B base oil to its product portfolio. It is highly refined base oil which meet the requirements of FDA of food packaging industry.
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