Naphthenic Base Oil Market Outlook 2031
- The global naphthenic base oil market was valued over US$ 2.3 Bn in 2020
- It is estimated to expand at a CAGR of 3.9% from 2021 to 2031
- The global naphthenic base oil market is expected to cross the value of US$ 3.6 Bn by the end of 2031
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Analysts’ Viewpoint on Naphthenic Base Oil Market
The increase in use of naphthenic base oil in the automotive industry is creating revenue opportunities for manufacturers. The naphthenic base oil is widely used in process oil, lubricants, adhesive, sealants, insulating oils, insoluble sulfur, greases applications, battery separators, printing inks, and tire industries. Moreover, there is a major presence of manufacturers operating in the global naphthenic base oil market. These players are focusing on increasing their investments in R&D activities to improve the product quality to meet rising consumer requirements. In addition, rise in popularity of hybrid and electric vehicles is contributing to the market growth.
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Strategic Approach of Manufacturers Creating Tremendous Opportunities During COVID-19
The global naphthenic base oil market has been negatively affected by the rapid spread of coronavirus across the globe. Halting of businesses, strict lockdowns, ban on travel and transportation, and disrupted supply chains have hampered the growth of the global naphthenic base oil market. By taking strategic approach, businesses are recovering from losses and market contributors are focusing on innovative solutions to stay afloat in the market. Naphthenic base oil is increasingly used in automotive lubricants. It is a refined distillate of sweet crude oil. Naphthenic base oil or pale oil can be obtained through a hydro-treating process at a very high temperature. Naphthenic base oil produced from a multistage hydro-treatment possess is widely used in applications where high viscosity and high degree of solvency is required as it has low paraffin content and low aniline point.
Moreover, rise in applications of naphthenic base oil in the form of a metalworking fluid in industries such as automotive, general machining, energy, aeronautics, medical, and bearing manufacturer is expected to drive the global market in the upcoming years.
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Growth of Automotive Industry to Drive Naphthenic Base Oil Market
In the near future, it is expected that the demand for naphthenic base oil would rise, owing to the expansion of the automotive industry. Naphthenic base oil is a major component of the automotive lubricants. Lubricating oil has various applications such as manufacturing of metalworking fluids, greases, and industrial lubricants. The global naphthenic base oil market is driven by factors such as rise in sales of automotive vehicles, disposable income, demand for improved metalworking fluid, gear oil, etc.
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In addition, increase in applications of naphthenic base oil in automotive lubricants is driving the growth of the naphthenic base oil market. Naphthenic base oil can also be used in metalworking fluid due to its better solubility and ability to form stable emulsions. Technological advancements in automobiles, emergence of advanced engines, and rising sales of two-wheelers and electric vehicles are projected to drive the demand for automotive lubricants. The growing applications of naphthenic base oil in lubricants for truck engines is also contributing to naphthenic base oil market growth.
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Asia Pacific to Gain Profitable Opportunities Due to Increase in Demand for Naphthenic Base Oil
The rising demand for naphthenic base oil in various end-use applications in Asia Pacific is driving the market for naphthenic base oil market. Asia Pacific is expected to account for the largest share of the global naphthenic base oil market. This is due to the rise in production of industrial lubricants and automotive lubricants in China, Japan, and India. Rapidly expanding automobile industry, rising disposable income, surging sales of electric vehicles, and increasing population of major economies are some of the key factors responsible for the Asia Pacific naphthenic base oil market growth. Furthermore, rise in demand for automobiles to meet the transportation needs of consumers is also responsible for the growing need of automotive lubricants, which, in turn, is driving the naphthenic base oil market in Asia Pacific.
The naphthenic base oil market in Middle East & Africa is expected to expand at a rapid pace during the forecast period. The significant number of end-use industries in Latin America and Europe is expected to accelerate the naphthenic base oil market in these regions during the forecast period.
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