From 2022 to 2031, naphthenic base oil consumption is anticipated to grow at a CAGR of 3.9%. The value of naphthenic base oil market, which is currently valued at US$ 2.55 billion, is expected to increase to US$ 3.6 billion by the end of 2031.
The demand for naphthenic base oil, which is used as a base for a variety of products including electrical oils, process oils, and automotive lubricants, is expected to increase significantly in the future years. The growth of electric vehicles and improvements in automobile manufacturing will increase demand for naphthenic base oils. Through 2031, increased utilization of naphthenic base oils as a foundation for the creation of numerous industrial oils will also benefit market potential.
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Key Pioneers
- Calumet Specialty Products Partners L.P.
- Petrobras
- Apar Industries Ltd.
- Ergon International Inc.
- Shell Plc
- Nynas AB
- PetroChina Company Limited
- Resolute Oil LLC
- Argos International
- Lubline
- Eastern Petroleum Pvt. Ltd.
- Saudi Arabian Oil Co.
Key Statistics Supporting the Surge
- The market for naphthenic base oil is currently worth US$2.55 billion.
- Demand for naphthenic base oil is expected to grow between 2022 and 2031 at a CAGR of 3.9%.
- The naphthenic base oil market is anticipated to generate US$3.6 billion in sales by 2031.
- Market expansion is anticipated to be significantly fueled by increased demand for naphthenic base oil in the automotive industry and rising application across other end-use industries.
- Over the projection period, the process oils category is expected to maintain a commanding market dominance.
- Manufacturers of naphthenic base oils are expected to find these three areas to be extremely lucrative.
- The naphthenic base oil market is anticipated to grow throughout the projected period as a result of several industrial developments in East and South Asia.
- The naphthenic base oil market in these areas is being driven by strong automotive sector expansion, well-heeled finance, a favourable business environment, and favourable governmental policies.
- From 2022 to 2031 (the projected period), China, India, and Japan are the lucrative markets for naphthenic base oil.
- The market will soon be boosted by the expanding automobile sector in Europe.
- Germany is a thriving location in the naphthenic base oil industry as EVs and hybrid vehicles gain popularity in European markets.
Winning Strategy
Suppliers of naphthenic base oils are concentrating on implementing several ways to increase their capacity for generating income. To expand their market presence across geographies, industry participants are also concentrating on partnerships, mergers, and acquisitions.
In order to further expand their sales income potential and acquire a competitive edge in the market, players in the naphthenic base oil market are also anticipated to increase their spending in research and development efforts.
Naphthenic base oil companies are also focusing on launching new products to maximize revenue.
- In 2020, Nynas AB, a renowned manufacturer of specialty naphthenic oils based in Sweden, announced the launch of NYTEX 8022, which will maximize performance in several process oil uses.
Industry Research
- 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 Application :
- Process Oils
- Electrical Oils
- Lubricants & Greases
- Metalworking Fluids
- Greases
- Others
- by Region :
- North America Naphthenic Base Oil Market
- Latin America Naphthenic Base Oil Market
- Europe Naphthenic Base Oil Market
- East Asia Naphthenic Base Oil Market
- South Asia & Oceania Naphthenic Base Oil Market
- MEA Naphthenic Base Oil 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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