North America to Witness Faster Expansion in Global Naphthenic Base Oil Market, Driven by Growth in Automotive Industry Until 2025
Global naphthenic base oil market is projected to become worth US$2,605.7 mn by 2025 end increasing from US$1,640.4 mn in 2016 at a CAGR of 5.3% during the forecast period from 2016 to 2025.
Albany, NY -- (SBWire) -- 12/27/2017 --In recent years, naphthenic base oil has been gaining popularity due to its notable properties of high solvency, low wax, low pour point, and low aromatic content. According to a recent analysis, the global naphthenic base oil market is rising moderately and going forward it is likely to progress this way. Market Research Hub (MRH) has freshly publicized this study to its massive collection of research reports, which is titled as "Naphthenic Base Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025" and provides a comprehensive view of the market. The study includes drivers and restraints for the naphthenic base oil market along with their impact on demand during the forecast period. In addition, the report analyzes opportunities in the naphthenic base oil market on the global and regional level.
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According to the research key findings, the global naphthenic base oil market is projected to become worth US$2,605.7 mn by 2025 end increasing from US$1,640.4 mn in 2016 at a CAGR of 5.3% during the forecast period from 2016 to 2025.
Naphthenic base oil is hydro-treated group V base oil obtained through distillation of sweet crude. It has been analyzed that the growth of naphthenic base oil market is primarily attributed to the favorable physical properties of naphthenic oil that makes it ideal for several formulations such as for gear oil, adhesives & sealants, process oil, plasticizers, and oil expender polymers.
The rising demand for hybrid and electric vehicles to reduce emissions is expected to increase the demand for process oil and electrical oil significantly in the upcoming years. Naphthenic process oil provides superior grip to tires, which helps to increase vehicle safety on the roads.
Most players in this market are resorting to the inorganic growth route by engaging in profitable partnerships and consistent efforts for expanding their product portfolio. This is having a positive impact on the market growth of naphthenic base oil.
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Global Naphthenic Base Oil Market: Segmental Analysis & Regional Outlook
Regional segmentation includes the current and forecast demand for naphthenic base oil in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Among these, North America accounts for the leading consumption of naphthenic base oil due to the continual growth of the automotive industry. In addition, substantial investments by several governments in the region in the energy and power sector which is driving the demand for electrical oil is indirectly benefitting the naphthenic base oil market in the region. The research study also observed that rising adoption of hybrid vehicles for environmental reasons is boosting the growth of naphthenic base oil market in Asia Pacific.
Moving further, the market has been studied on the basis of viscosity index and application. In terms of application, the key segments of the global market include metal working, electrical oil, industrial lubes & grease, rubber oil, process oil, and other. Based on viscosity index, the market is classified into 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS. The demand for 35-60 SUS segment is anticipated to rise significantly during the forecast period as it displays notable features such as low pour point and low temperatures.
At last, competitive landscape section highlights Key players operating in the market, including Nynas AB, Royal Dutch Shell Plc., Calumet Specialty Products Partners, L.P, Ergon LLC., and Chevron Corporation.
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