Base Oil Market to Grow Strongly, Reaching $42.27 Billion by 2028

The global base oil market is set to experience robust growth, driven by the automotive sector and advancements in renewable lubricants.

In a new article by The Business Research Company, it has been revealed that the global base oil market is expected to grow from $33.8 billion in 2024 to $42.27 billion by 2028, with a compound annual growth rate (CAGR) of 5.7%. This growth is primarily fueled by the increasing demand from the automotive industry, innovations in renewable and bio-based lubricants, and the rise of high-performance lubricants.

Key trends shaping the market include the shift towards group II and III base oils, the impact of digitalization, and collaborations within the industry. Asia-Pacific is leading the market, and the growing automotive sector, particularly advanced engine technologies, will continue to drive demand for high-quality base oils.

The report also highlights the role of major players like Chevron, Exxon Mobil, Shell, and BP, who are contributing to market innovations and driving competition.