Base Oil Market

As of 2022, the global base oil market size has been recorded to be around US$19.9 Bn.

During the projected period, the base oil market has been projected to see a growth rate of 5.9% in terms of value.

Asia Pacific is presently leading the market for base oils, globally.

The primary factor projected to drive the base oil market expansion is an increasing demand for high-performance lubricants, rising demand for the adoption of synthetic base oils, and increasing demand for technological advancements.

By group, the Group II category accounts for the largest market revenue share. Based on application, the automotive oils category leads the other application segments.