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Commodities

Base Oil Market Reaches New Heights as Electric Vehicles Drive Demand

Guavy AI Editorial Team
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Oil
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The global base oil market is expected to reach USD 64.96 billion by 2031, expanding at a CAGR of 3.07% during the forecast period.

This growth is driven by increasing demand for specialized fluids used in electric vehicles (EVs), thermal management systems, and advanced industrial applications.

Group II base oils currently dominate the market, but there is a shift toward higher-performance base stocks such as Group III, Group III+, and Group IV, which offer improved properties required for demanding automotive and thermal applications.

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