Base Oil Market projected to reach USD 55.1 billion by 2032 due to various factors

From GlobeNewswire: 2024-12-05 06:49:00

The Base Oil Market was valued at USD 34.8 billion in 2023 and is projected to reach USD 55.1 billion by 2032. The growth is driven by a shift towards synthetic and bio-based oils due to environmental regulations. Applications in sectors like EVs and renewable energy are also contributing to market expansion.

Different group types such as group I, II, III, IV, and V base oils are available in the market. Group II and III oils are gaining popularity for their superior performance. Synthetic oils are in demand for advanced machinery, while bio-based oils are growing due to environmental concerns.

In the U.S., the base oil market generated USD 8.7 billion in revenue in 2023, with a focus on higher-grade oils for improved performance. Companies like Exxon Mobil and Shell are key players in the industry. The market research report covers industry trends and forecasts revenue and volume from 2021 to 2032.

Global Market Insights provides comprehensive research reports and consulting services for various industries. Their reports offer strategic insights and market data to aid decision-making. They focus on key sectors like chemicals, technology, and renewable energy to provide valuable market intelligence.



Read more at GlobeNewswire: Base Oil Market to cross USD 55.1 billion by 2032, Says