Naphthenic Base Oil Market
Naphthenic Base Oil Market (Viscosity Index: 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and Above 1200 SUS; Application: Metal Working, Process Oil, Electrical Oil, Industrial Lubes & Grease, Rubber Oil, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Global Naphthenic Base Oil Market: Snapshot
The global naphthenic base oil market is rising moderately in the recent years and going forward it is likely to progress this way. The growth of the naphthenic base oil market is primarily attributed to the favorable physical properties of naphthenic base oil that makes it ideal for several formulations such as for gear oil, process oil, plasticizers, adhesives & sealants, and oil expender polymers. These end products are further used in various end-use industries such as automotive and industrial applications.
The rising adoption of electric and hybrid vehicles to reduce carbon emissions, which is stoking demand for electrical oil and process oil is indirectly benefitting the global naphthenic base oil market. Further, substantial research initiatives for enhanced product performance and to introduce new products is also boosting the growth of naphthenic base oil market.
As per a report by Transparency Market Research (TMR), the global naphthenic base oil market is projected to become worth US$ 2,936.2 Mn by 2027 end increasing from US$ 1,813.5 Mn in 2018 at a CAGR of 5.5% during the forecast period from 2019 to 2027.
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35-60 SUS Viscosity Index Segment to Continue to Report Remarkable Growth
The report studies the global naphthenic base oil market on the basis of a few parameter, viz. viscosity index, application, and geography. On the basis of viscosity index, the market is classified into 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS. The demand for 35-60 SUS segment is anticipated to rise significantly over the forecast period as it displays notable features such as low pour point and low temperatures. The 400- 800 SUS, 200-300 SUS, and above 1200 SUS segments are also expected to exhibit substantial growth over the forecast period on the back of rising demand or high solvency products in several end-use industries such as automotive and metal working.
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In terms of application, the key segments of the global naphthenic base oil market include metal working, process oil, electrical oil, industrial lubes & grease, rubber oil, and others. Vis-à-vis revenue, process oil currently holds the leading more than 30% share in the global naphthenic base oil market. The growth of this segment is mainly because of increasing demand for greener tire formulation that provide lower rolling resistance, lower fuel consumption, and lower carbon dioxide emissions. Naphthenic process oil provides better grip to tires, which helps to boost vehicle safety on the roads.
The electrical oil segment is also anticipated to exhibit significant growth due to the rising adoption of hybrid vehicles such as solar-powered vehicles and electric vehicles. On the other hand, industrial lubes & grease segment is expected to display moderate growth due to the availability of substitutes such as Group II and Group III base oils.
Government Investments in Energy and Power Sector Makes North America Key Market
In terms of geography, the global naphthenic base oil market can be segregated into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. At present, North America accounts for the leading consumption of naphthenic base oil due to the continual growth of the automotive industry. Declining Group I production capacity and rising demand for high solvency formulations for the automotive sector is boosting the naphthenic base oil market in North America.
In addition, substantial investments by several governments in the region in the energy and power sector which is driving the demand for electrical oil is indirectly benefitting the naphthenic base oil market in the region.
Expansion of the automotive sector in China, India, and other countries in Southeast Asia and rising adoption of hybrid vehicles for environmental reasons is boosting the growth of naphthenic base oil market in Asia Pacific.
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Key Players in the Global Naphthenic Base Oil Market
Some of the key players operating in the global naphthenic base oil market are
- Nynas AB
- Royal Dutch Shell Plc
- Calumet Specialty Products Partners L.P.
- Ergon LLC
- Chevron Corporation.
Naphthenic Base Oil Market – Scope of the Report
Transparency Market Research’s recent report on the global naphthenic base oil market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global naphthenic base oil market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global naphthenic base oil market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.
This study also discusses the underlying trends and the impact of various factors on the global naphthenic base oil market along with their influence on evolution of the market
This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global naphthenic base oil market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market
Key Questions Answered in Global Naphthenic Base Oil Market Report
- How much value does the global naphthenic base oil market is expected to reach by the end of the forecast period?
- Which segment currently account for the maximum share of the global naphthenic base oil market?
- What are the key factors expected to drive the global naphthenic base oil market?
- Which region is likely to be a lucrative market for naphthenic base oil during the forecast period?
- What are the essential strategies adopted by key players operating in the global naphthenic base oil market to expand their geographical presence?
- What are major advancements in the global naphthenic base oil market?
This report answers these questions about the global naphthenic base oil market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business
Global Naphthenic Base Oil Market: Research Methodology
This TMR report on the global naphthenic base oil market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global naphthenic base oil market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global naphthenic base oil market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global naphthenic base oil market, by using both bottom-up and top-down approaches
This detailed assessment of the global naphthenic base oil market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global naphthenic base oil market is set to expand are based on carefully vetted primary and secondary sources.
Global Naphthenic Base Oil Market: Segmentation
This report on the global naphthenic base oil market provides segmentation of the market based on viscosity index, application, and region