Press release
Soaring Demand Set to Propel Naphthenic Base Oil Market to $3.18 Billion by 2029
Naphthenic Base Oil Market
What Is the Expected CAGR for the Naphthenic Base Oil Market Through 2025?
The market size of naphthenic base oil has seen a consistent expansion in recent years. The market is predicted to increase from $2.43 billion in 2024 to $2.54 billion in 2025, marking a compound annual growth rate (CAGR) of 4.6%. This expansion during the historical period can be credited to shifts in consumer lifestyles, the ease of convenience and portability, innovation in flavor and ingredient profiles, the internationalization of taste preferences, growth in e-commerce, and considerations for environmental sustainability.
What's the Projected Size of the Global Naphthenic Base Oil Market by 2029?
The market for naphthenic base oil is anticipated to witness substantial growth in the coming years, with its size estimated to reach $3.18 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.8%. The increased awareness towards health, inventive functional ingredients, premiumization, regional and cultural impacts, e-commerce, and direct-to-consumer channels contribute to the growth during the predicted period. Moreover, the key trends likely to be noticed during this period include sustainable packaging, innovation in tastes and components, plant-based and alternative ingredients, digital marketing strategies, and partnerships and associations.
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Top Growth Drivers in the Naphthenic Base Oil Industry: What's Accelerating the Market?
The expansion of the naphthenic base oil market is anticipated to be driven by rising vehicle sales. The term vehicle denotes an automobile powered by an engine, used for conveyance of goods or people from one place to another - this could be a car, truck, or bus. Naphthenic base oil plays a pivotal role in vehicle lubricants, including lubricating greases, motor oil, and metal processing fluids. For instance, the Board of Governors of the Federal Reserve System, which is a US governmental agency, reported in August 2023 that there was an increase in total vehicle production in the United States to 11.77 million units in July, a significant rise from 10.91 million units produced in June. Therefore, the increasing vehicle sales are fueling the naphthenic base oil market's growth.
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What Trends Will Shape the Naphthenic Base Oil Market Through 2029 and Beyond?
The naphthenic base oil market is witnessing technological upgrades. In October 2022, Sweden-based Nynas AB launched NYTRO RR 900X, a re-refined dielectric fluid for circular transformers. The fluid preserves conventional dielectric properties while supporting greenhouse gas reduction through efficient molecule recovery.
What Are the Main Segments in the Naphthenic Base Oil Market?
The naphthenic base oil market covered in this report is segmented -
1) By Viscosity Index: 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, Above 800 SUS
2) By Application: Metal Working, Process Oil, Electrical Oil, Industrial Lubes And Grease, Rubber Oil, Other Applications
3) By End-User: Automotive Industry, Aerospace Industry, Marine Industry, Energy Industry, Oil and Gas Industry, Textile Industry, Other End Users
Subsegments:
1) By 35-60 SUS: Low Viscosity Oils, Medium Viscosity Oils
2) By 80-130 SUS: Low Viscosity Oils, Medium Viscosity Oils, High Viscosity Oils
3) By 200-300 SUS: Medium Viscosity Oils, High Viscosity Oils
4) By 400-800 SUS: High Viscosity Oils, Very High Viscosity Oils
5) By Above 800 SUS: Very High Viscosity Oils, Specialty Oils
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Which Top Companies are Driving Growth in the Naphthenic Base Oil Market?
Major companies operating in the naphthenic base oil market include Calumet Specialty Products Partners L.P., Apar Industries Ltd., Ergon International Inc., Nynas AB, PetroChina Company Limited, Lubline LLC, Eastern Petroleum Pvt. Ltd., 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, Kowa India Pvt.Ltd., LyondellBasell Industries, Saudi Basic Industries Corporation, Gandhar Oil Refinery India Limited, H&R Ölwerke Schindler GmbH, Chevron Corporation, Repsol S.A., AVISTA OIL AG, Indo Petro Chemicals, Panama Petrochem Ltd., HollyFrontier Corporation, Pentagon Lubricants, Witmans Industries Pvt. Ltd., Synforce Lubricants
Which Regions Will Dominate the Naphthenic Base Oil Market Through 2029?
Asia-Pacific was the largest region in the naphthenic base oil market in 2024. It is expected to be the fastest-growing region in the global naphthenic base oil market during the forecast period. The regions covered in the naphthenic base oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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