Asia Pacific Base Oil Market Size

Statistics for the 2023 & 2024 Asia Pacific Base Oil market size, created by Mordor Intelligence™ Industry Reports. Asia Pacific Base Oil size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Asia Pacific Base Oil Industry

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Asia Pacific Base Oil Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Volume (2024) 16.88 Million tons
Market Volume (2029) 21.10 Million tons
CAGR (2024 - 2029) 4.56 %
Market Concentration High

Major Players

Asia Pacific Base Oil Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Asia-Pacific Base Oil Market Analysis

The Asia Pacific Base Oil Market size is estimated at 16.88 Million tons in 2024, and is expected to reach 21.10 Million tons by 2029, growing at a CAGR of 4.56% during the forecast period (2024-2029).

The market was negatively impacted by the COVID-19 pandemic in 2020, as due to containment measures, refineries witnessed limited production and disrupted supply chains to materialize the underlying demand in import-dependent countries. Currently, the market has recovered from the pandemic and is growing steadily.

The increasing demand for high-grade oils from the automotive sector, and increasing demand for lubricants from various industries are major factors driving the growth of the market studied.

However, the volatility in raw material (i.e., crude oil) prices stands to be a restraint in the growth of the studied market.

Nevertheless, the introduction of renewable base oil is likely to create lucrative growth opportunities for the global market.

China represents the largest market in the Asia-Pacific region and is expected to lead the studied market over the forecast period due to the high production and sales of vehicles in the region.

Asia-Pacific Base Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)