Global Base Oil Market | Share, Size, Trends, Growth and Analysis to 2024 by Hexa Reports

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Base Oil Market Analysis, Share and Size, Emerging Trends,

Overview and Outlook, Growth And Segment Forecasts To

2024

The global base oil market is expected to reach USD 40.47 billion by 2024, according to a new report by

Grand View Research, Inc. Growing demand for industrial lubricants, greases, hydraulic fluids, and metal

working fluids made from raw stock fluids such as base oil is anticipated to remain a key driving factor

for the market growth.

The shifting trend towards adoption of Group II and Group III base oil owing to the shutdown of Group I

oil production facilities in Europe, and Asia Pacific is anticipated to fuel industry growth significantly.

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Rapid expansion in the automotive sector in emerging Asian countries such as China, India, Indonesia,

and Thailand is expected to boost demand at a rapid pace. The increasing demand for automotive fluids

is owing to excellent properties such as improved oxidative stability, increased viscosity index, high level

of saturation and low sulfur content.

Group II base oil accounted for over 20% of overall volume in 2015. They are manufactured by the

hydro-cracking process, and it has high saturated and low sulfur than compared to Group I products.

Further key findings from the report suggest:

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The global base oil market demand was over 37.64 million tons in 2015, and is anticipated to exceed 45

million tons by 2024, growing at an estimated CAGR of 2.4% from 2016 to 2024

Automotive oils were the largest application segment and accounted for over 40% of total market

volume in 2015. The growth of lubricants industry on account of increasing automotive production in

Asia Pacific is expected to drive this segment over the forecast period.

Increasing demand for metalworking processes such as...