Base Oil Market to Eyewitness Robust Expansion by 2029 – MENAFN.COM

  • Date: 07-Jun-2021
  • Source: MENAFN
  • Sector:Oil & Gas
  • Country:Gulf
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Base Oil Market to Eyewitness Robust Expansion by 2029 – MENAFN.COM

(MENAFN - America News Hour)Research Nester published a report titled ''Global Base Oil Market: Global Demand Analysis & Opportunity Outlook 2029'' which delivers detailed overview of the global base oil market in terms of market segmentation by type, application, end-user industry, and by region. Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market. The global base oil market is estimated to attain a significant CAGR over the forecast period, i. e., 2021-2029. The market is segmented by type into group I, II, III, IV, and group V, out of which, the group II segment is projected to hold the major share during the forecast period. This share can be attributed to the high quality and lower prices of group II base oils, as compared to group III. On the basis of end-user industry, the market is segmented into automotive, aviation, manufacturing, construction, and others. Out of these, the automotive segment is anticipated to hold the largest share over the forecast period, on the back of the increasing need for engine oil for vehicles,