Automotive industry to drive high demand for naphthenics
USA, Rockville MD, 14 Jul. 2022 (GLOBE NEWSWIRE) — This newly released study by Fact.MR, a market research and competitive intelligence provider, on the naphthenic base oil market forecasts market expansion at a CAGR of 3.9% at from 2022 to 2031. In 2022, the naphthenic base oil market is worth US$2.55 billion.
Growing demand for automotive lubricants, process oils, electrical oils, etc., which use naphthenic base oil as the basis for their formulation, is expected to significantly influence the market growth over the next few years. Advances in automobile manufacturing and the growing popularity of electric vehicles will further boost the consumption of naphthenic base oils. The increasing use of naphthenic base oils as a base for the formulation of several industrial oils will also drive the market potential through 2031.
Naphthenic base oil suppliers have focused on mergers and acquisitions to gain a competitive edge in the global landscape and expand their business scope.
- In September 2020, during the reorganization process of Nynas AB, one of the leading specialty naphthenic oil manufacturers, a major market share of 50% was purchased by Bitumina Industries Ltd., making it the largest shareholder from Nynas AB.
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Key insights from market research
- Currently, the naphthenic base oil market is worth US$2.55 billion.
- From 2022 to 2031, the demand for naphthenic base oil is expected to increase at a CAGR of 3.9%.
- By 2031, the naphthenic base oil market is expected to generate revenue worth US$3.6 billion.
- Growing demand for naphthenic base oil in the automotive industry and increasing usage in other end-use industries is expected to significantly drive the market growth.
- The process oil segment is expected to hold a dominant market share during the forecast period.
- India, Japan and China are expected to become very lucrative markets for naphthenic base oil manufacturers.
Naphthenic base oil suppliers are focused on adopting several strategies to increase their revenue generation potential. Market players are also focusing on collaborations, mergers and acquisitions to increase their market presence across all regions.
The naphthenic base oil market players are also expected to increase their investments in research and development activities to further increase their revenue potential and gain a competitive edge in the industry.
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The increase in demand for vehicles will boost automotive manufacturing and subsequently also increase the consumption of automotive lubricants such as gear oils, process oils, etc. This in turn will create new opportunities for naphthenic base oil suppliers in China through 2031.
“Presence of a robust automotive manufacturing sector to drive naphthenic base oil consumption”
Naphthenic base oil suppliers invest in research and development activities to create effective product portfolios to maximize and optimize the industrial processes where these oils are used.
Naphthenic base oil companies are also focused on launching new products to maximize revenue.
- In 2020, Nynas AB, a renowned Sweden-based specialty naphthenic oil manufacturer, announced the launch of NYTEX 8022, which will maximize performance in several process oil uses.
Key Segments Covered by the Naphthenic Base Oils Industry Research
- Naphthenic Base Oil Market by Viscosity Index:
- Naphthenic Base Oil 35-60 SUS
- 80-130 SUS Naphthenic Base Oil
- Naphthenic Base Oil 200-300 SUS
- 400-800 SUS Naphthenic Base Oil
- Naphthenic base oil greater than 800 SUS
- Naphthenic Base Oil Market by Applications:
- Process oils
- Electric oils
- Lubricants & Greases
- Metal working fluids
- Naphthenic Base Oil Market by Region:
- North America Naphthenic Base Oil Market
- Naphthenic base oil market in Latin America
- European naphthenic base oil market
- Naphthenic base oil market in East Asia
- Naphthenic Base Oil Market in South Asia and Oceania
- MEA Naphthenic Base Oil Market
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More valuable information in offer
Fact.MR, in its new offering, presents an unbiased analysis of the global naphthenic base oil market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2031.
The study discloses key market insights based on Viscosity Index (35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, Above 800 SUS) and Application (process oils, electrical oils, lubricants and greases), in six major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).
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Our team of chemistry and materials consultants guide organizations through every step of their business strategy by helping you understand how the latest influencers explain the operational and strategic transformation of the chemistry and materials industry. Our expertise in recognizing challenges and trends impacting the global chemicals and materials industry provides much-needed insight and support – encompassing a strategic perspective that helps you identify critical issues and design appropriate solutions .
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