Consumption of naphthenic base oils is projected to increase at a CAGR of 3.9% from 2022 to 2031. At present, the global naphthenic base oil market stands at US$ 2.55 billion, and is slated to reach a market valuation of US$ 3.6 billion by the end of 2031.
Process oils are anticipated to account for a major market share across the forecast period. Increasing demand for automotive lubricants from the growing automotive industry is expected to boost shipments of naphthenic base oils over the years to come.
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Key Takeaways
- Multiple industrial activities in East Asia and South Asia are expected to propel the naphthenic base oil market in the forecast period. Good automotive industry growth and well-heeled funding in a positive industrial climate & amid positive governmental policies are driving the naphthenic base oil market in these regions.
- China, India, and Japan are the attractive markets for naphthenic base oil from 2022 to 2031 (forecast period).
- Growing automotive industry in the European region will promote the market in the near future.
- With EVs and hybrid vehicles coming to the fore in European markets, Germany is a thriving region in the naphthenic base oil market.
Drivers
- Process oils will give rise to a growing market in industrial machinery.
- Increasing use of process oils to augment the production of green tire compounds and reduced carbon emissions would drive the market for naphthenic base oil.
Restraints
- The 2020 pandemic led to a drop in the global naphthenic base oil market sales, with the imposition of lockdowns that resulted in pausing trade activities.
- The absence of skilled workforce and shortage of raw materials led to severe interruptions in the market output, thus negatively impacting the market.
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More Valuable Insights on Naphthenic Base Oil Market
In the latest study, Fact.MR reveals the key factors that are expected to boost the market growth during the forecast period. The survey also provides an in-depth analysis of opportunities and drivers that are projected to propel the sales of naphthenic base oil, as follows:
- 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
- By Applications:
- Process Oils
- Electrical Oils
- Lubricants & Greases
- Metalworking Fluids
- Greases
- Others
- By Regions:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia & Oceania Market
- MEA Market
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Key Questions in the Naphthenic Base Oil Market Report
- What is the global naphthenic base oil market size?
- What is the expected valuation of the naphthenic base oil market for 2031?
- What is the projected CAGR for the naphthenic base oil market?
- Which key naphthenic base oil market suppliers are profiled in this analysis?
- Which naphthenic base oil market application will dominate the market?
- Which countries in the Asian region should naphthenic base oil market manufacturers focus on?
