Base Oil Market to Reach Valuation of ~USD 42 Billion by 2030

Transparency Market Research

• Growing automobile sales is leading to more production and increase in demand for base oil; increasing disposable income is supporting sales in a major way
• Urbanization, increasing population will drive demand for transportation, propelling market on to a high growth trajectory
• Asia Pacific to be a profitable regional market

ALBANY, New York, June 22, 2020 /PRNewswire/ -- Moderate growth would be charted by the global base oil market over the forecast period of 2020 to 2030. The compound annual growth rate anticipated for the market over this period will be about 2%. This is set to lead the market to a worth of approximately USD 42 billion by the end of this period from about USD 34 billion in the year 2019.

Transparency Market Research elaborates, "Multiple factors of growth such as increase in population and growing demand for automobiles – a result of improving disposable incomes and massive industrialization – is leading to growth in the global base oil market over the forecast period."

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Key Findings of Global Base Oil Market Study:

• Group I segment has held a sizeable share of the market previously but will lose some of it to grade II and III over the forecast period
• In the applications category, automotive fluids segment will witness significant growth, accounting for a notable share in the market
• Asia Pacific (APAC) region will be a fertile ground for growth

For a detailed analysis of global base oil market by grade, application, and region, visit https://www.transparencymarketresearch.com/pressrelease/base-oils-lube ...

Key Drivers of Growth in Global Base Oil Market:

Transparency Market Research has identified a host of trends and drivers that are helping the global base oil chart positive growth over the forecast period. A glimpse into some of the most prominent growth factors is delineated below:

• Increase in population is creating demands on automotive industry, paving way for growth in base oil market
• Growth in E-commerce, retail, manufacturing would create demand for robust logistics, creating demand in base oil market
• Improvement in disposable incomes is generating demand for automotives, driving the market base oil on a high growth trajectory
• Innovation is marking the landscape, paving way for development of better and greener products

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