Base Oil Market Segmentation:
Application Segment Analysis
The automotive oils segment is predicted to gain the largest market share of 52.3% during the projected period by 2034, due to the steady demand for these lubricants from internal combustion engine vehicles in emerging markets, in spite of rising EV penetration. The U.S. Energy Information Administration predicts that more than 1.6 billion light-duty vehicles will be operational by 2040, with a major fraction of these land-based vehicles continuing to use conventional engine oils. However, the increase in the number of vehicles in Asia-Pacific economies is also encouraging the use of automotive oil for upkeep and performance improvement.
End use Segment Analysis
The automotive industry segment is anticipated to constitute the most significant growth by 2034, with 49.1% market share, mainly due to the continuous need for engine oils, transmission fluids, and greases in passenger and commercial vehicles across the globe. In spite of EV adoption, the huge existing fleet of ICE vehicles in Asia-Pacific, Africa, and Latin America continues to generate demand for high-quality lubricants to enhance maintenance, fuel efficiency, and emissions compliance measures. Moreover, the establishment of vehicle production centers in India, China, and the ASEAN nations further boosts base oil consumption in this market.
Our in-depth analysis of the global market includes the following segments:
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