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The Global Base Oil Market was valued at USD 36.55 billion in 2019 and is estimated to garner USD 41.65 billion by 2030, expanding at a CAGR of 1.1% during the forecast period, from 2020 to 2030. The volumetric turn-over of the global base oil market was 41,907.3 kilotons in 2019 and is expected to reach 48,879.3 kilotons by 2030, at a CAGR of 1.3% during the forecast period, from 2020 to 2030.
Base oil is a refined petroleum product obtained from heavy hydrocarbons by refining crude oil at extreme temperature ranges. It is extensively employed in a wide range of applications such as manufacturing automotive oil, industrial oil, metalworking fluids and lubricating greases, and other lubricant base stock. The quality standards of base oil majorly depend on parameters such as viscosity, oxidation, vitality, consistency, compatibility, pour point, seal additive, solubility, and thermal stability.