Growing demand for industrial lubricants, greases, hydraulic fluids, and metal working fluids made from raw stock fluids such as base oil is anticipated to remain a key driving factor for the market growth. The Global Base Oil Market is expected to reach USD 40.47 billion by 2024, according to a new report by Grand View Research, Inc. The shifting trend towards adoption of Group II and Group III base oil owing to the shutdown of Group I oil production facilities in Europe, and Asia Pacific is anticipated to fuel industry growth significantly. Rapid expansion in the automotive sector in emerging Asian countries such as China, India, Indonesia, and Thailand is expected to boost demand at a rapid pace. The increasing demand for automotive fluids is owing to excellent properties such as improved oxidative stability, increased viscosity index, high level of saturation and low sulfur content. Group II base oil accounted for over 20% of overall volume in 2015. They are manufactured b...