The #baseoil Market, valued at USD 34.9 billion in 2022, is projected to reach USD 41.7 billion by 2030, growing at a 1.8% CAGR. Base oil, derived from vacuum gasoil (VGO) or residue, is essential for lubricating oils used in machinery and engines. Rising lubricant demand, especially in automotive engines, is driving market growth globally.

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