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Naphthenic Base Oil Market Growth, Trends, and Forecast, 2021-2031
Transparency Market Research delivers key insights on the global naphthenic base oil market. In terms of revenue, the global naphthenic base oil market is estimated to expand at a CAGR of 3.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global naphthenic base oil market.
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The global naphthenic base oil market is broadly affected by several factors, including rise in usage of naphthenic base oil in process oil, electrical oil, lubricants, and greases. Growth of the automotive industry is propelling the global naphthenic base oil market.
Naphthenic Base Oil Market: Dynamics
Almost every lubricant consists of a base oil. Rise in demand for automotive lubricants, metalworking fluids, and process oils made from naphthenic base oil is expected to the drive the naphthenic base oil market in the near future. Process oil, lubricants, and greases applications are major contributors to the naphthenic base oil market.
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Naphthenic base oil majorly used in lubricant, electrical, process oil, and tire industry. Increase in use in metalworking fluid, gear oil, adhesive & sealants, printing inks, battery separator, transformer oil, insulating oil, insoluble sulfur, and extender oil in tire & antifoams is fueling the expansion of the naphthenic base oil market.
Manufacturers of metalworking fluids experience more stable emulsion if they use naphthenic base oil rather than paraffin oil, as it is more stable than those made with paraffin oil. Manufacturers using Group I base oil are facing supply shortage, as the global output of Group I oil is in sharp decline.
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According to a research study, the third global wave of group I refinery closure is likely to hit Asia, Middle East & Africa, and Africa during the forecast period. Formulators in these regions need to switch to suitable alternatives such as group V, i.e. naphthenic base oils.
Naphthenic Base Oil Market: Prominent Regions
Based on region, the global naphthenic base oil market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global naphthenic base oil market in 2020. The region is expected to maintain its dominance during the forecast period. This can be ascribed to the increase in production of industrial lubricants and automotive lubricants in China, Japan, and India.
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The naphthenic base oil market in Middle East & Africa is anticipated to expand at a significant pace during the forecast period. Larger size of end-use industries in Latin America and Europe is expected to augment the naphthenic base oil market in these regions during the forecast period. Rise in demand for naphthenic base oil in various applications is also likely to boost the naphthenic base oil market in these regions over the next few years.
Naphthenic Base Oil Market: Key Players
The global naphthenic base oil market is fragmented with the presence of a large number of players. Key players operating in the global naphthenic base oil market are Ergon International Inc., Shell Plc, Nynas AB, Calumet Speciality Products Partners LP, Petrobras, Apar Industries Ltd, PetroChina Pvt Ltd, Argos International, Lubline, Eastern Petroleum Pvt Ltd., Saudi Arabian Oil Company, and Resolute Oil LLC.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants.
The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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