DUBLIN–(BUSINESS WIRE)–Report “Asia-Pacific Base Oil Market 2022-2028” has been added to from ResearchAndMarkets.com offer.
According to this report, the Asia-Pacific base oil market is expected to grow with a revenue CAGR of 3.85% and a volume CAGR of 4.38% during the forecast period 2022-2028. The region market is studied in countries like India, China, Japan, ASEAN countries, South Korea, Australia & New Zealand and Rest of Asia Pacific .
In Asia-Pacific, growth in automobile production and sales in China, Japan and India has led to increased adoption and deployment of motor oil, engine oil, greases and additives. other automotive lubricants acquired from base oil. The market is expected to grow with the increase in the launch of advanced and innovative base oil products by the dominating players such as GS Caltex Corporation, PT Pertamina, and S-Oil Corporation in the region. Such factors in the Asia-Pacific region may fuel the growth of the market over the forecast period.
Rapid industrialization, increasing refined oil exports and economic growth are some of the factors that are increasing the demand for crude oil from China. These factors are expected to increase the deployment of various base oil products. According to the International Energy Agency, oil demand in China is expected to increase from 1.8 million barrels per day in 2022 to 2.2 million barrels per day in 2023. In addition, an expansion in oil production base oil is expected to have an impact on market growth. For example, in 2022, Sinopec Maoming Petrochemical Company, located in Guangdong province, announced that it will start producing poly alpha olefin with 12,000 tons per year.
Growing demand for high quality automotive oils
Wide range of applications for different end users
Strict environmental regulations leading to strict performance standards
Crude Oil Price Volatility
Decrease in demand for Group I base oil
Growing popularity of renewable base oil
Growing demand in the Asia-Pacific region
Main topics covered:
1. Asia-Pacific Base Oil Market – Summary
2. Industry Outlook
3. Asia Pacific Base Oil Market Outlook – By Group (In terms of Value: USD Million and Volume: Kilotonne)
4. Asia Pacific Base Oil Market Outlook – By Application (In terms of Value: USD Million and Volume: Kilotonne)
4.1. Automotive oil
4.2. industrial oil
4.4. Hydraulic oil
4.5. Metal working fluids
4.6. Other Apps
5. Asia Pacific Base Oil Market – Country Outlook (In terms of Value: USD Million and Volume: Kilotonne)
5.4. South Korea
5.5. ASEAN countries
5.6. Australia and New Zealand
5.7. Rest of Asia-Pacific
6. Competitive Landscape
7. Research Methodology and Scope
GS Caltex Corporation
Avista Oil SA
Pt Pertamina (Persero)
Phillips 66 Company
For more information about this report visit https://www.researchandmarkets.com/r/ksjqqb