Global Naphthenic Base Oil Market size was valued at USD 2.8 Billion in 2023 and is expected to reach USD 5.6 Billion by 2032, at a CAGR of 5.1% during the forecast period 2023 – 2032.
Naphthenic Base Oil Market: Overview
Naphthenic base oil is a mineral oil produced by the refining of crude oil. It has a significant proportion of naphthenic hydrocarbons with cyclic or cycloparaffinic structures. The aforementioned hydrocarbons provide the base oil favorable qualities such as great additive dissolution, low temperatures mobility, and thermal stability.
Naphthenic Base Oil is in abundant supply because of its advantageous qualities such as superior solvency, low pour point, and high oxidation stability, which make it appropriate for a wide range of applications in fluids, plastic, fluids for metalworking, and other sectors.
Furthermore, there is an increased emphasis on sustainability and environmental legislation, which is promoting the use of eco-friendly and biodegradable base oils such as naphthenic oils. Moreover, scientific improvements and innovations in refining processes are resulting in the creation of higher-grade naphthenic base oils with better performance characteristics.
In addition, significant firms are forming strategic alliances, merging, and acquiring to boost their market position and extend their product portfolios. In conclusion, these trends point to a promising future for the worldwide naphthenic base oil market, with ongoing growth and innovation expected in the coming years.
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By grade, the 35-60 SUS segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Naphthenic base oils with viscosities ranging from 35 to 60 SUS are recommended for their adaptability in a variety of applications, such as lubricants, fluids for metalworking, and rubber processing.
Their balanced qualities provide outstanding solvency, thermal stability, and low-temperature fluidity, resulting in increased demand across a wide range of industrial industries.
By application, the transformer oil segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Transformer oil is a popular use for naphthenic base oil because of its good electrical insulating qualities, high thermal stability, and compliance with transformer components.
As the worldwide need for transformers grows, correspondingly rises the demand for naphthenic base oil, thus becomes an important market driver.
The Asia-Pacific region dominates the naphthenic base oil market owing to fast industrialization, rising demand for lubricants in the automotive and industrial sectors, and the existence of key manufacturing centers, which create development prospects and extend market presence.
Nynas, one of the world’s largest naphthenic base oil producers, has a considerable market share in transformer oils and naphthenic specialty products used in tire, lubricant, and grease manufacturing.
With production sites in Europe and South America, as well as headquarters in 30 countries, the firm has a global logistics network and plays an important role in the shift to a circular economy and sustainable production. Nynas has demonstrated quick and sustained growth achievement in the Turkish market.
CMI has comprehensively analyzed the Global Naphthenic Base Oil market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Naphthenic Base Oil industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Naphthenic Base Oil Market:
- Nynas AB
- Ergon Inc.
- Chevron Corporation
- Calumet Specialty Products Partners L.P.
- Apar Industries Limited
- Royal Dutch Shell plc
- PetroChina Company Limited
- Exxon Mobil Corporation
- Hindustan Petroleum Corporation Limited
- Gazprom Neft PJSC
- Lukoil Company
- Neste Corporation
- Gulf Oil Corporation Limited
- Sinopec Corporation
- Petroliam Nasional Berhad
- HollyFrontier Corporation
- Indian Oil Corporation Limited
- Repsol S.A.
- TotalEnergies SE
- SK Lubricants Co. Ltd.
- Others
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