Naphthenic Base Oil - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Naphthenic Base Oil Market is accounted for $1,913.24 million in 2019 and is expected to reach $3,412.22 million by 2027 growing at a CAGR of 7.5% during the forecast period. Increasing adoption of hybrid and electric vehicle, growing demand for high solvency products in several end-use industries, and rising R&D initiative by the government are some of the factors propelling the growth of the market. However, the availability of cheaper substitutes is hampering the growth of the market.
The naphthenic base oil is those which are processed from sweet crude oil distillates. These features enable a low point of pour on lighter viscosities and a high degree of solvency where stronger viscosities are needed. Naphthenic base oils also provide better low-temperature performance than paraffinic oils, which makes them ideal for formulating hydraulic fluids and automatic transmission fluids.
Based on the application, the process oil segment is anticipated to hold considerable market share during the forecast period due to the increasing demand for greener tire formulation that provides lower rolling resistance, lower fuel consumption, and lower carbon dioxide emissions. By geography, North America is expected to grow at a significant market share during the forecast period owing to the growth in the consumption of this oil, increase in adoption of hybrid vehicles in concern to environmental hazards and presence of the prominent key players in the region.
Some of the key players profiled in the Naphthenic Base Oil Market include W.S. Dodge Oil Co. Inc., UniSource Energy, Inc., SAC Petrobras S.A., Royal Dutch Shell Plc (Shell), Lubline LLC, PetroChina Company Limited, Nynas AB, Michang Oil industrial Co., Ltd., Lubricon Industries, Gulf Petrochem FZC, Ergon Inc., Calumet Specialty Products Partners, L.P, Apar Industries Ltd., and Resolute Oil, LLC.
Viscosity Indexs Covered:
• 35-60 SUS
• 80-130 SUS
• 200-300 SUS
• 400-800 SUS
• Above 1200 SUS
• Rubber Oil
• Process Oil
• Metal Working
• Industrial Lubes & Grease
• Electrical Oil
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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