Demand for Highly Soluble Lubricants, Greases for Use in Fuel-efficient Vehicles to Support Growth of Global Naphthenic Base Oil Market, TMR Insights

Due to their superior solubility and capacity to produce stable emulsions, naphthenic base oil hold a prominent position in the metalworking fluids industry

Asia Pacific will witness significant increase with the rise in the adoption of hybrid vehicles necessitating the use of naphthenic oil

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Transparency Market Research

Aug 11, 2021, 07:30 ET

ALBANY, N.Y., Aug. 11, 2021 /PRNewswire/ -- The advantageous physical characteristics of naphthenic base oil render it suitable for numerous compositions such as oil expender polymers, adhesives & sealants, gear oil, plasticizers, and process oil. These finished products are then consumed in a number of applications, including industrial and automotive. Thus, the global naphthenic base oil market has been steadily growing in recent times, and this trend is expected to continue during the forecast period from 2019 to 2027.

As more number of hybrid and electric cars are being used as a means of reducing carbon emissions, it is beneficial to the global naphthenic base oil market. Fuel-efficient cars require lubricants and greases with high solubility, thus demanding high solubility properties. The rising demand for electric and hybrid vehicles drives the need for process oil and electrical oil, which strengthens the demand for naphthenic base oil. In addition, significant research activities for improved product performance and introduction of new products are propelling the naphthenic base oil market.

The global naphthenic base oil market is expected to grow at a CAGR of 5.5% during the forecast period. The market is projected to reach US$ 2.9 Bn by 2027.

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Key Findings of Market Report

Requirement for High Solvency Products in End-use Industries to Increase Use of Naphthenic Base Oil

The 35-60 SUS category of naphthenic base oil is anticipated to witness substantial increase in the demand during the forecast period, due to remarkable characteristics such as low temperatures and low pour point. Owing to the growing demand for high solvency goods in many end-use sectors such as metal working and automotive, over 1200 SUS , 200-300 SUS, and the 400-800 SUS categories of naphthenic base oil are projected to rise significantly during the forecast period.

Expansion of Automobile Sector in North America to Drive Naphthenic Base Oil Market

As a result of the continued expansion of the automobile sector, North America is now a large consumer of naphthenic base oil. The naphthenic base oil market in North America is gaining traction as Group I production capability declines and the demand for high-solvency automotive formulations rises. The properties of naphthenic oil make it highly suitable for use in applications such as electrical insulating oils. This factor is likely to benefit the North America naphthenic base oil market in the near future.

The rising use of naphthenic base oil in the Asia Pacific region is being fueled by the growth of the automotive industry in countries such as India, China, and other nations of Southeast Asia. Furthermore, the increasing use of hybrid cars for environmental reasons is expected to trigger the growth of the regional market.

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Naphthenic Base Oil Market: Growth Drivers

The global naphthenic base oil market is highly competitive. A limited number of large-scale vendors control the majority of market share. Majority of firms spend a noteworthy sum on extensive research and development activities, mostly to improve their products.
As oil expender polymers, adhesives and sealants, gear oil, plasticizers, and process oils, naphthenic base oils have favorable properties that make them extensively used in these applications. In addition, due to their higher solubility and ability to generate stable dispersions, naphthenic base oils are also wisely used in the metalworking fluids industry.

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Naphthenic Base Oil Market: Key Competitors

Some of the key market players are

Chevron Corporation
Nynas AB
Royal Dutch Shell Plc.
Ergon LLC
Calumet Specialty Products Partners L.P.

Naphthenic Base Oil Market: Segmentation

Viscosity Index

35-60 SUS
80-130 SUS
200-300 SUS
400-800 SUS
Above 1200 SUS

Application

Metal Working
Process Oil
Electrical Oil
Industrial Lubes and Grease
Rubber Oil

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Base Oil Market - 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.

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