iCrowd Newswire
23 Nov 2021, 17:33 GMT+10
The Automotive Fluids market is estimated to display a sluggish 2% CAGR for the assessment period between 2020 and 2030. The impact of the coronavirus outbreak will moderately affect the global base oils market owing to lockdown restrictions on production facilities and disruptions in raw material supply chains. Recovery of industry is likely to be slow in the post-crisis period, with the uncertainty over the pandemic duration and severity.
"Base oils are a key ingredient in a wide range of lubricant formulations influencing varied specifications including pour point, viscosity, thermal stability, oxidation, additive solubility, and seal compatibility. Automotive and industrial applications will remain primary drivers for the industry for the foreseeable future," says the Fact.MR analyst.
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Automotive Fluids Market - Important Takeaways
Steering Fluid Market - Driving Factors
Brake Fluid Market - Leading Constraints
Anticipated Market Impact by Coronavirus Outbreak
The coronavirus outbreak has had a moderately adverse effect on the global base oil market. Disruptions in supply chains for raw materials owing to lockdown restrictions have become a concern. Also, a shortage of workforce, and reduced demand from end user industries during the crisis period will hurt market developments.
Furthermore, the cash flow constraints, restricted activity in production facilities and job losses have adversely affected market developments. The industry will witness gradual recovery in the months to come with hampered activity in the automotive and other industrial sectors.
Explore the global base oils market with 38 figures, 116 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5357/base-oil-market
Competition Landscape
Prominent manufacturers in the base oil market include but are not limited to Hindustan Petroleum Corporation Ltd., British Petroleum, GS Caltex Corp., Royal Dutch Shell, Motiva Enterprises LLC, Bahrain Lube Base Oil Co., Sepahan Oil, Lukoil, Abu Dhabi National Oil Company, and Saudi Aramco among others.
Top market players are focused on strategic collaborations in the industry in addition to efforts towards the optimization of operations including the expansion or divestment of assets, which will drive long-term developments.
For instance, in Dec 2020, Whitecap Resources Inc. has joined hands with TORC Oil & Gas Ltd. to create a company for sustainable light oil offerings, with a free fund flow profile for a value of approximately US$ 900 Mn.
Tupras, the Turkey-based oil refining company has announced plans to suspend production operations for its refinery facility in Izmir, for the early part of 2021, which will cut production by 250,000 tons per month.
Arrow Exploration Corp. in collaboration with Petrolco S.A. have announced the plans to restart oil production activities at its Rio Cravo Este-1 (RCE-1) well, to leverage the increased prices of Brent crude oil.
More on the Report
The FACT.MR's market research report provides detailed actionable insights on the global base oil market. The market is scrutinized according to grade (Group I, Group II, Group III, Group IV, Group V, Naphthenic, Re-refined), and application (automotive fluids, process oils, industrial oils, metalworking fluids, hydraulic oils, and others), across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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Tags: Base Oil Market Segmentation
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