“Rising popularity of electric vehicles and increasing sales of overall vehicles will majorly drive demand for naphthenic base oil over the coming years,” says a Fact.MR analyst
United States, Rockville MD, July 14, 2022 (GLOBE NEWSWIRE) -- This recently published research study by Fact.MR, a market research and competitive intelligence provider, on the naphthenic base oil market predicts market expansion at a CAGR of 3.9% from 2022 to 2031. In 2022, the naphthenic base oil market stands at a value of US$ 2.55 billion.
Increasing demand for automotive lubricants, process oils, electrical oils, etc., which utilize naphthenic base oil as a base for their formulation, is anticipated to majorly influence market growth over the coming years. Advancements in automotive manufacturing and rising popularity of electric vehicles will further boost consumption of naphthenic base oils. Increasing use of naphthenic base oils as a base for the formulation of multiple industrial oils will also favor market potential through 2031.
Naphthenic base oil suppliers have been focusing on mergers and acquisitions to gain a competitive edge in the global landscape and expand their business scope.
In September 2020, during the reorganization process of Nynas AB, a leading specialty naphthenic oil manufacturer, a major market share of 50% was bought by Bitumina Industries Ltd., making it the largest shareholder in Nynas AB.
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Key Takeaways from Market Study
At present, the naphthenic base oil market accounts for US$ 2.55 billion.
From 2022 to 2031, demand for naphthenic base oil is anticipated to increase at a CAGR of 3.9%.
By 2031, the naphthenic base oil market is expected to rake in revenue worth US$ 3.6 billion.
Increasing demand for naphthenic base oil in the automotive industry and rising use across other end-use industries are expected to significantly drive market growth.
The process oils segment is anticipated to hold a dominant market share over the forecast period.
India, Japan, and China are predicted to emerge as highly lucrative markets for naphthenic base oil manufacturers.
Naphthenic base oil suppliers are focusing on adopting multiple strategies to boost their revenue generation potential. Market players are also focusing on collaborations, mergers, and acquisitions to increase their market presence across regions.
Naphthenic base oil market players are also expected to increase investments in research and development activities to further boost their sales revenue potential and gain a competitive edge in the industry.
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Increasing demand for vehicles will drive automotive manufacturing and subsequently also increase consumption of automotive lubricants such as gear oils, process oils, etc. This will in turn create new opportunities for naphthenic base oil suppliers in China through 2031.
“Presence of Robust Automotive Manufacturing Sector to Boost Naphthenic Base Oil Consumption”
Competitive Landscape :
Naphthenic base oil suppliers are investing in research and development activities to create an effective product portfolios to maximize and optimize industrial processes where these oils are used.
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.
Key Segments Covered in Naphthenic Base Oil Industry Research
Naphthenic Base Oil Market 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
Naphthenic Base Oil Market by Application :
Lubricants & Greases
Naphthenic Base Oil Market 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
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global naphthenic base oil market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2031.
The study divulges essential insights on the market on the basis of viscosity index (35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, above 800 SUS) and application (process oils, electrical oils, lubricants & greases), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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