Base Oil Market Size, Share, Growth Analysis, By Type (Mineral Oil, Synthetic Oil), By Group (Group I, Group II), By Application (Automotive Oil, Industrial Oil), By Region -Industry Forecast 2024-2031.

Global Base Oil Market size was valued at USD 32.40 billion in 2022 and is poised to grow from USD 34.05 billion in 2023 to USD 50.70 billion by 2031, growing at a CAGR of 5.10% during the forecast period (2024-2031).

Base oil is obtained by refining crude oil and it is useful in manufacturing of various products such as lubricating greases, motor oil and metal processing oils. With the increasing demand for high viscosity lubricant from different industries the demand for base oil is also gradually increasing. Base oils are frequently used in the manufacturing of lubricants. Various chemical such as additives are added to base oil so as to increase their quality according to needs. Base oils are created either through the refinement of crude oil or through chemical synthesis. After being extracted from refineries they are given to lubricant factories for use in creating finished lubricants. The benefits of base oils should result in significant growth opportunities over the future years. With growing industrialization in developing countries like India and China, base oil manufacturers are expanding their production units in these nations.

US Base Oil Market is poised to grow at a sustainable CAGR for the next forecast year.