Press release
Naphthenic Base Oil Market Report 2024-2033: Share, Trends, Demand, Overview
Naphthenic Base Oil Market
The naphthenic base oil market size is expected to see steady growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising health consciousness, innovation in functional ingredients, premiumization, regional and cultural influences, e-commerce and direct-to-consumer channels, rise of functional hydration.. Major trends in the forecast period include sustainable packaging, innovation in flavors and ingredients, plant-based and alternative ingredients, digital marketing, partnerships and collaborations..
Market Overview -
Naphthenic base oil, also known as Pale oil, is a type of group V base oil generated by hydro-treating sweet crude distillates at pressures greater than 2500 psi. Naphthenic base oil primarily produces metalworking fluids, greases, and industrial lubricants.
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Surge In Vehicle Sales To Drive Growth In Naphthenic Base Oil Market
Increasing vehicle sales are expected to propel the growth of the naphthenic base oil market going forward. A vehicle refers to an engine-powered automobile that transports people or items from one location to another, such as a bus, automobile, or truck. The naphthenic base oil is used in automotive lubricants such as lubricating greases, motor oil, and metal processing fluids. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Thus, increasing sales of vehicles are driving the growth of the naphthenic base oil market.
Competitive Landscape -
Major companies operating in the naphthenic base oil market report are Calumet Specialty Products Partners L.P., Apar Industries Ltd., Ergon International Inc., Nynas AB, PetroChina Company Limited, Lubline LLC, Eastern Petroleum Pvt. Ltd., Royal Dutch Shell plc, Lubricon Industries, Petroleo Brasileiro S.A. (Petrobras), Shell plc, Resolute Oil LLC, Argos International Marketing Pvt. Ltd., Saudi Arabian Oil Co. (Saudi Aramco), SAC Petrobras S.A., 3A Composites, Chevron Corporation, Kowa India Pvt.Ltd., LyondellBasell Industries, Saudi Basic Industries Corporation, Knightsbridge Plastics Inc., Paragon Medical Ltd., Rogers Corporation, GSH Industries Inc., Accumold LLC, MTD Micro Molding, Spectrum Plastics Group Inc., Isometric Micro Molding Inc., Precikam Inc., Microdyne Plastics Inc.
Technological Advancements Propel Growth In Naphthenic Base Oil Market
Technological advancements are a key trend gaining popularity in the naphthenic base oil market going forward. Major companies operating in the naphthenic base oil market are developing innovative technologies to strengthen their position in the market. For instance, in October 2022, Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils, launched NYTRO RR 900X, a fluid designed for circular transformers that uses the most potent and efficient re-refining technology. The company gives utilities and OEMs the chance to participate in the circular economy and help meet greenhouse gas reduction goals with the introduction of the NYTRO RR 900X. Making the most of the fluid's initial production impact, the Nynas re-refining process recovers precious molecules that are no longer useful in their current state. The well-known dielectric behavior of conventional naphthenic dielectric fluids is preserved in NYTRO RR 900X. Nynas' cutting-edge, optimized hydro-treating process has allowed the business to provide products with top-tier qualities that are on par with virgin oils.
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Key Segments -
The naphthenic base oil market covered in this report is segmented -
1) By Viscosity Index: 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, Above 800 SUS
2) By Application: Metal Working, Process Oil, Electrical Oil, Industrial Lubes And Grease, Rubber Oil, Other Applications
3) By End-User: Automotive Industry, Aerospace Industry, Marine Industry, Energy Industry, Oil and Gas Industry, Textile Industry, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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