According to a research report titled “Naphthenic Base Oil Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”, added to the comprehensive repository of Market Research Report Search Engine (MRRSE), the global market will grow at a CAGR of 5.3% through 2025. The growth of the naphthenic base oil market will be influenced by a range of macroeconomic and microeconomic factors. Developments in the automotive and manufacturing industry are also likely to provide an impetus to the growth of the market during the forecast period.
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According to the report, the global naphthenic base oil market is likely to reach a valuation of US$ 2.6 Bn by the end of 2025. Demand for naphthenic base oil will be driven by its applications in the manufacture of gear oil, adhesives & sealants, plasticizers, and other oil expender polymers. Growth in the electric and hybrid vehicles is also likely to provide an impetus to the naphthenic base oil market during the assessment period.
In a bid to give readers detailed information on the naphthenic base oil market, the report has segmented the market on the basis of viscosity index, application, and region. Among all the segments in the viscosity index, the 35-60 SUS segment is likely to remain dominant, owing to its low temperatures and low pour points. On the basis of application, process oil remains one of the most lucrative segments, accounting for over 30% revenue share of the market. Process oil is used for a range of applications in the automotive sector, including rolling resistance and lower fuel emissions. As there is a concerted effort to reduce carbon emissions by the automotive industry, demand for process oil is likely to grow during the assessment period, which is likely to provide an impetus to the growth of the market.
North America is the largest market for naphthenic base oil globally, and the trend is likely to continue during the assessment period as well. The demand for naphthenic base oil in the region is driven by declining production of Group I and growth in the demand for high solvency formulations. Government support and initiatives are also likely to provide an impetus to the growth of the market in North America during the assessment period.
The report is also a source of detailed competitive landscape, and offers lucid insights on the manufacturers active in this market. Business and product strategies of some of the leading companies has been discussed in detail in the report. Some of the companies profiled in the market include Royal Dutch Shell Plc., Ergon LLC, Calumet Specialty Products Partners L.P., Nynas AB, and Chevron Corporation.
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