Based on application, the base oil industry has been segmented into automotive oil, industrial oil, hydraulic oil, grease, metalworking fluid, and others. The other applications include agriculture, additives, and detergents/dispersants. The automotive oil application segment is projected to lead the market during the forecast period in terms of both value and volume. The growth of this segment can be attributed to the growth of the automotive sector in developing countries, such as India and China. In Asia Pacific, the population growth is increasing the demand for automobiles, thus propelling the market for base oil in the automotive oil application segment.