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Naphthenic Base Oil Market Size, Share & Trends Analysis 2024-2033
Naphthenic Base Oil Market Size
According to The Business Research Company's, The naphthenic base oil market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to change in consumer lifestyles, convenience and portability, innovation in flavors and ingredients, globalization of taste preferences, e-commerce growth, environmental sustainability..
The naphthenic base oil market size is expected to see steady growth in the next few years. It will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising health consciousness, innovation in functional ingredients, premiumization, regional and cultural influences, e-commerce and direct-to-consumer channels, rise of functional hydration.. Major trends in the forecast period include sustainable packaging, innovation in flavors and ingredients, plant-based and alternative ingredients, digital marketing, partnerships and collaborations..
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Market Drivers and Trends:
Increasing vehicle sales are expected to propel the growth of the naphthenic base oil market going forward. A vehicle refers to an engine-powered automobile that transports people or items from one location to another, such as a bus, automobile, or truck. The naphthenic base oil is used in automotive lubricants such as lubricating greases, motor oil, and metal processing fluids. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Thus, increasing sales of vehicles are driving the growth of the naphthenic base oil market.
Technological advancements are a key trend gaining popularity in the naphthenic base oil market going forward. Major companies operating in the naphthenic base oil market are developing innovative technologies to strengthen their position in the market. For instance, in October 2022, Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils, launched NYTRO RR 900X, a fluid designed for circular transformers that uses the most potent and efficient re-refining technology. The company gives utilities and OEMs the chance to participate in the circular economy and help meet greenhouse gas reduction goals with the introduction of the NYTRO RR 900X. Making the most of the fluid's initial production impact, the Nynas re-refining process recovers precious molecules that are no longer useful in their current state. The well-known dielectric behavior of conventional naphthenic dielectric fluids is preserved in NYTRO RR 900X. Nynas' cutting-edge, optimized hydro-treating process has allowed the business to provide products with top-tier qualities that are on par with virgin oils.
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Major Key Players of the Market:
Calumet Specialty Products Partners L.P.; Apar Industries Ltd.; Ergon International Inc.; Nynas AB; PetroChina Company Limited; Lubline LLC; Eastern Petroleum Pvt. Ltd.; Royal Dutch Shell plc; Lubricon Industries; Petroleo Brasileiro S.A. (Petrobras); Shell plc; Resolute Oil LLC; Argos International Marketing Pvt. Ltd.; Saudi Arabian Oil Co. (Saudi Aramco); SAC Petrobras S.A.; 3A Composites; Chevron Corporation; Kowa India Pvt.Ltd.; LyondellBasell Industries; Saudi Basic Industries Corporation; Knightsbridge Plastics Inc.; Paragon Medical Ltd.; Rogers Corporation; GSH Industries Inc.; Accumold LLC; MTD Micro Molding; Spectrum Plastics Group Inc.; Isometric Micro Molding Inc.; Precikam Inc.; Microdyne Plastics Inc.
Naphthenic Base Oil Market 2024 Key Insights:
• The naphthenic base oil market size will grow to $2.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Surge In Vehicle Sales To Drive Growth In Naphthenic Base Oil Market
• Technological Advancements Propel Growth In Naphthenic Base Oil Market
• Asia-Pacific was the largest region in the naphthenic base oil market in 2023
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