Market Overview

That base oil market is expected to register a CAGR of around 4.71% to reach $39,683.45 million by 2028.

Base oil forms the main component of all lubricants or greases used worldwide. However, some base oils are derived from vegetable oils and artificial synthetic oil sources.

According to various studies, more than 70% of the total lubricant requirement is covered annually through the use of mineral oil-based fluids. Lower cost was the main factor driving global demand for mineral-based lubricants. However, the use of these lubricants is fraught with problems of oxidation and acid generation and promotes the formation of sludge, especially in high temperature applications. As a result, synthetic oil-based lubricants such as PAO (polyalphaolefin) are gradually replacing mineral oil-based lubricants.

PAO (polyalphaolefin) based lubricants are used extensively in automotive applications and hydraulic, gear and bearing oils operating in extreme cold or hot climates. They are also used as base fluids in some wide temperature range greases.

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market segmentation

The global base oil market has been segmented into Group I, Group II, Group III, Group IV and Group V. Furthermore, the Group II base oil segment is expected to grow the fastest during the forecast period. Changes in automotive engine design require more versatile lubrication systems. Additionally, the introduction of stringent emission control standards such as Bharat Stage IV (BS-IV) in India and China 6 in China are expected to fuel demand for Group II base oils due to their versatility and superior performance characteristics. The Group IV base oil segment is expected to grow significantly due to the increased adoption of synthetic oils in the automotive industry.

The global base oil market has been segmented into motor oils, gear oils, metalworking fluids, general industrial oils, greases, process oils and…