According to IMARC Group's latest research report, titled "Base Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," presents a comprehensive analysis of the industry, covering base oil market share, opportunity, overview, statistics size, share, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
The global base oil market size reached 32.3 Million Tons in 2022. Looking forward, IMARC Group expects the market to reach 37.5 Million Tons by 2028, exhibiting a growth rate (CAGR) of 2.2% during 2023-2028.
Base oil is a lubrication-grade oil produced by refining crude oil or through chemical synthesis. It is manufactured by extracting and processing high-viscosity material from vacuum gas oil or vacuum reside distillation cutting. It aids in enhancing the heat transfer process and reducing tension between moving parts and is used to prepare various lubricating oils, such as engine oils, transmission and industrial gear lubricants, and greases. Additionally, it is also utilized to manufacture lubricants for home appliances, including dishwashers, washers and dryers, refrigerators, mixers, and blenders. There has been a considerable increase in the demand for base oil across the industrial sector due to its excellent thermal stability and compatibility with synthetic elastomers.
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The growing demand for high-grade base oil in the automotive industry is driving the global market. Along with this, the rising demand for high-performance lubricants and processing oils in the manufacturing of tires and rubber is fuelling the demand for base oil. Moreover, the increasing support and incentives by the governments of several countries to enhance the industrial performance standard are creating a positive market outlook. Apart from this, the rising manufacturing and sales of electric vehicles (EVs) are providing a thrust to the demand. Furthermore, numerous leading players are focussing on enhancing the efficiency of automobiles, which is further projected to drive the base oil market. The market is driven by other factors, such as rapid industrialization and the rising development of manufacturing units.
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