With a CAGR of 5.0%, the base oil market would be worth USD 36.7 billion by 2025.

According to a new market research report, the “Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) – Global Forecast To 2025″, The global Base Oil Market is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. The growing demand for high-grade oils in the automotive industry and the increasing GDP in the Asia Pacific driven by increasing industrial activities are the key factors fueling the growth of the base oil market across the globe.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=203695851Automotive oil application segment to lead the base oil market during the forecast period

Based on application, the automotive oil segment led the base oil industry in 2018. This segment is also expected to witness significant growth during the forecast period owing to the rise of the automotive sector in developing countries, such as India and China. Population growth in the Asia Pacific region is increasing the demand for automobiles, which is, in turn, driving the market for automotive oils.

Asia Pacific base oil market projected to witness the highest CAGR

Among regions, the Asia Pacific base oil market is projected to register the highest CAGR from 2019 to 2024. India, China, Indonesia, and Japan are key countries contributing to the increased demand for lubricants, and in effect base oil, in this region. Increasing GDP led by the rising industrial activities in Asia Pacific has increased the demand for base oil in the region. The growth of transportation, power generation, mining, and other sectors is also responsible for the rise in demand for base oil in the Asia Pacific region.

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