Base Oil Market Is Eyeing Growth In Bangladesh

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Zulker Naeen
Base oil market is eyeing growth in Bangladesh

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The market size of the base oil is expected to increase in Asia-Pacific, due to the economic growth in the nations such as South Korea, China, Bangladesh, and India.

The demand for base oil is the highest in the automotive industry, holds over 57 per cent of the total market, in terms of volume.

The growing use of the electric vehicle in developing countries is driving the demand for lubricants,  in turn, which is creating the demand for the lighter grade base oil to produce lower viscosity or thinner oils.

The demand from the industrial machinery and equipment application also accounts for a major share of the total lubricants market and is driven by the end-user sectors such as power, manufacturing, logistics, automotive manufacturing, and others.

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