In 2022, Group II base oils had by far the highest market value among all base oil groups, at nearly 16.7 billion U.S. dollars. This is expected to continuously increase to reach 24.8 billion U.S. dollars in 2032. The market value of all other base oil groups are forecast to increase in the coming years. Accordingly, a positive compound annual growth rate for the global base oil market is expected between 2023 and 2032, with Group III having the highest CAGR, at 4.34 percent.
Market value of base oil worldwide from 2020 to 2022 with a forecast from 2023 to 2032, by group
(in million U.S. dollars)
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Inkwood Research. (May 17, 2023). Market value of base oil worldwide from 2020 to 2022 with a forecast from 2023 to 2032, by group (in million U.S. dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1389335/global-base-oil-market-value-by-group/
Inkwood Research. "Market value of base oil worldwide from 2020 to 2022 with a forecast from 2023 to 2032, by group (in million U.S. dollars)." Chart. May 17, 2023. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1389335/global-base-oil-market-value-by-group/
Inkwood Research. (2023). Market value of base oil worldwide from 2020 to 2022 with a forecast from 2023 to 2032, by group (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1389335/global-base-oil-market-value-by-group/
Inkwood Research. "Market Value of Base Oil Worldwide from 2020 to 2022 with a Forecast from 2023 to 2032, by Group (in Million U.S. Dollars)." Statista, Statista Inc., 17 May 2023, https://www.statista.com/statistics/1389335/global-base-oil-market-value-by-group/
Inkwood Research, Market value of base oil worldwide from 2020 to 2022 with a forecast from 2023 to 2032, by group (in million U.S. dollars) Statista, https://www.statista.com/statistics/1389335/global-base-oil-market-value-by-group/ (last visited November 22, 2024)
Market value of base oil worldwide from 2020 to 2022 with a forecast from 2023 to 2032, by group (in million U.S. dollars) [Graph], Inkwood Research, May 17, 2023. [Online]. Available: https://www.statista.com/statistics/1389335/global-base-oil-market-value-by-group/
