Naphthenic Base Oil Market to expand at a CAGR of 3.9% from 2022 to 2031
Naphthenic base oil market registered a growth of US$ 2.55 billion in 2022 and is poised to generate USD 3.6 billion in 2031.
In its latest report, Fact.MR presents an elaborate analysis of various factors influencing the global naphthenic base oil market, including drivers, opportunities, restraints, and trends. It delves deeper into major observations, concerning prominent expansion parameters that prevail across key segments, including products and regions.
NEW YORK, May 16, 2022 /PRNewswire/ -- The global naphthenic base oil market produced US$ 2.55 billion in 2022 and can reach US$ 3.6 billion in 2031.
Process oils are expected to record humongous growth over the forecast period. This is further assisted by the use of naphthenic base oil in lubricants for the automotive industry.
Rising industrialization and the use of naphthenic base oil as a lubricating component in almost all machineries will drive the market.
Naphthenic base oil has features, such as high solubility, low aromatic content, and low temperature fluidity, which add momentum to the industry growth till 2028.
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Report Attributes |
Details |
Base Year Value (2022A) |
US$ 2.55 Bn |
Projected Year Value (2031F) |
US$ 3.6 Bn |
Global Growth Rate (2022-2031) |
CAGR 3.9% |
The use of naphthenic base oil in industrial machinery will boost the adoption of machining fluids. This is estimated to propel the market to greater heights.
Invariable demand for synthetic oils from end-use sectors, the demand for naphthenic base oil from electric vehicles, and the surging use of pale oils in gear assembly are the drivers of the naphthenic base oil market.
A market restraint lies in low-cost alternative fluids. The automotive industry is experiencing proliferating growth, on account of the rise in the number of EVs. This is an ensured growth indicator of the naphthenic base oil market. The intrinsic use of automotive lubricants as gear oils, process fluids, and lubricating oils are boding well for the naphthenic base oil market.
Key Takeaways
- Multiple industrial activities in East Asia and South Asia are expected to propel the naphthenic base oil market in the forecast period. Good automotive industry growth and well-heeled funding in a positive industrial climate & amid positive governmental policies are driving the naphthenic base oil market in these regions.
- China, India, and Japan are the attractive markets for naphthenic base oil from 2022 to 2031 (forecast period).
- Growing automotive industry in the European region will promote the market in the near future.
- With EVs and hybrid vehicles coming to the fore in European markets, Germany is a thriving region in the naphthenic base oil market.
Drivers
- Process oils will give rise to a growing market in industrial machinery.
- Increasing use of process oils to augment the production of green tire compounds and reduced carbon emissions would drive the market for naphthenic base oil.
Restraints
- The 2020 pandemic led to a drop in the global naphthenic base oil market sales, with the imposition of lockdowns that resulted in pausing trade activities.
- The absence of skilled workforce and shortage of raw materials led to severe interruptions in the market output, thus negatively impacting the market.
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Competitive Landscape
Naphthenic base oil market vendors are raising funds to invest in R&D activities. This will create focus on effective industrial projects, wherein these oils are put to use.
For instance,
- In 2020, Nynas AB, a well-known manufacturer of specialty naphthenic base oil market, based in Sweden, revealed the use of NYTEX 8022 that will optimize various oil-use processes.
Key Companies Profiled by Fact. MR
- Calumet Specialty Products Partners L.P.
- Petrobras
- Apar Industries Ltd.
- Ergon International Inc.
- Shell Plc
- Nynas AB
- Argos International
- Eastern Petroleum Pvt. Ltd.
- Saudi Arabian Oil Co.
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More Valuable Insights on Naphthenic Base Oil Market
In the latest study, Fact.MR reveals the key factors that are expected to boost the market growth during the forecast period. The survey also provides an in-depth analysis of opportunities and drivers that are projected to propel the sales of naphthenic base oil, as follows:
- By Viscosity Index:
- 35-60 SUS Naphthenic Base Oil
- 80-130 SUS Naphthenic Base Oil
- 200-300 SUS Naphthenic Base Oil
- 400-800 SUS Naphthenic Base Oil
- Above 800 SUS Naphthenic Base Oil
- By Applications:
- Process Oils
- Electrical Oils
- Lubricants & Greases
- Metalworking Fluids
- Greases
- Others
- By Regions:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia & Oceania Market
- MEA Market
Key Questions in the Naphthenic Base Oil Market Report
- What is the global naphthenic base oil market size?
- What is the expected valuation of the naphthenic base oil market for 2031?
- What is the projected CAGR for the naphthenic base oil market?
- Which key naphthenic base oil market suppliers are profiled in this analysis?
- Which naphthenic base oil market application will dominate the market?
- Which countries in the Asian region should naphthenic base oil market manufacturers focus on?
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About Fact.MR
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