The global base oil market was valued at ~US$ 34 Bn in 2019 and is anticipated to expand at a CAGR of ~2% during the forecast period. Among grades, the Group I segment accounted for a major share of the global base oil market in 2019. However, the demand for Group I base oil is likely to decline during the forecast period, owing to their replacement by Group II and Group III base oils. Group II base oils are capable of substituting Group I base oils in several industrial applications at minimal additional costs. Among applications, the automotive fluids segment held a significant share of the global base oil market in 2019. Asia Pacific is estimated to offer immense growth potential to the base oil market in the next few years.