Base Oil Market Share

Regionally, the global base oil market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific industry is predicted to hold largest revenue share by 2036, owing to increasing demand for lubricants amongst the manufacturers of automobile engines backed by growing automotive industry, and other industrial activities in the region. Furthermore, expansion of power generation, mining, and transportation activities in the region, is expected to boost the market growth. The market in the North America region is estimated to hold the leading share in the market throughout the forecast period, owing to the easy availability of crude oil, in countries, such as, Canada, along with the growing automotive industry in the region. Canada is the fourth largest producer and exporter of crude oil, with production of more than 4.5 million barrel per day in 2019.