As per a recently published report, the global naphthenic base oil market depicts a highly consolidated competitive landscape, notes Transparency Market Research. A handful of large-scale vendors hold majority of the shares in this market, thus forming a great developmental divide between themselves and other small-scale players. Most manufacturers are pouring large amounts of money to carry out extensive research and development mainly for improving their products. Expanding product portfolios and forming partnerships with other firms are two most prominent strategies utilized by most players operating in the global naphthenic base oil market to strengthen their presence. Calumet Specialty Products Partners L.P., Ergon LLC, Royal Dutch Shell Plc., Nynas AB, and Chevron Corporation are the chief businesses operating in this market.
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The global naphthenic base oil market is segmented on the basis of viscosity index, application, and region. Under viscosity index, the market consists of five prominent segments viz. 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS. From these, the 35-60 SUS segment is expected to showcase a higher demand owing to low pour point and low temperatures, thus making the product type easier to handle.
Geography-wise, the global naphthenic base oil market is spread across Middle East and Africa, Asia Pacific, Europe, North America, and Latin America. Currently, a strong automotive industry in North America has made this region showcase an outstanding performance in terms of naphthenic oil uptake. In contrast to this region, expert analysis suggests remarkable growth to occur in Asia Pacific owing to increasing adoption of hybrid vehicles, wherein naphthenic oil is a prime necessity to operate the vehicle devices.
As per experts, the market statistics report a prophesied valuation of US$2605.7 in terms of revenue gained as compared to a valuation of US$1640.4 mn registered in 2016. This growth is expected to occur at a healthy CAGR of 5.3% during the forecast period from 2016-2025.
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Naphthenic base oil is highly popular for its properties such as less aromatic proportions, low wax formation, low paraffin content, low aniline point, and high solvency. These characteristics make this oil an ideal component in applications where high viscosity and high solvency capacity are required. Such requirements make the oil ideal for use in the form of sealants and adhesives, gear lubricants, expender polymers, and plasticizers, all of which are extensively employed in the automotive industry. In this way, the unique properties of the naphthenic base oil are supreme driving factors behind the stellar performance shown by the global naphthenic base oil market.
The automotive industry is growing with leaps and bounds, which directly has caused a rise in the uptake of naphthenic base oil for automotive operations carried out all over the globe. This rise is also responsible for impressive growth registered by the global naphthenic base oil market. Lastly, brisk industrialization, wherein the same oil is used for lubrication purposes, is a pivotal driving factor for the market.
However, several cheaper alternatives are eating away few opportunities where the global naphthenic base oil market could perform well, thus posing as a significant restraint. Nevertheless, newly experimented products could recue the initial raw material expenses, thus neutralizing such negative factors.
The information presented here is based on the findings of a report by Transparency Market Research, titled, “Naphthenic Base Oil Market (Viscosity Index – 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS; Application – Metal working, Process oil, Electrical oil, Industrial lubes & grease, and Rubber oil) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”.
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