Naphthenic Base Oil Market
Naphthenic Base Oil Market Analysis By Viscosity Index (35-60 SUS, 80-130 SUS, 400-800 SUS & Above 800 SUS Naphthenic Base Oil) By Application (Process Oils, Electrical Oils & Lubricants & Greases) By Region – Global Market Report 2022 to 2031
Analysis of Naphthenic Base Oil market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Naphthenic Base Oil Market Overview (2022 to 2031)
The global naphthenic base oil market size was valued at US$ 2.55 Billion in 2022, and is estimated to reach US$ 3.60 Billion by 2031, with a projected compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2031.
Process oils are anticipated to account for a major part of naphthenic base oil market share across the forecast period. Increasing demand for automotive lubricants from the growing automotive industry is expected to boost shipments of naphthenic base oils over the years to come.
| Report Attributes | Details |
|---|---|
| Naphthenic Base Oil Market Size (2022) | US$ 2.55 Billion |
| Projected Year Value (2031F) | US$ 3.6 Billion |
| Global Naphthenic Base Oil Market Growth Rate (2022 to 2031) | 3.9% CAGR |
| Key Companies Profiled | Calumet Specialty Products Partners L.P.; Petrobras; Apar Industries Ltd.; Ergon International Inc.; Shell Plc; Nynas AB; PetroChina Company Limited; Resolute Oil LLC; Argos International; Lubline; Eastern Petroleum Pvt. Ltd.; Saudi Arabian Oil Co. |
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Naphthenic Base Oil Consumption Analysis (2017 to 2021) in Comparison to Market Growth Forecasts (2022 to 2031)
Industrialization has been a prominent trend across the world and this has led to a substantial increase in demand for lubricating fluids that ensure the smooth operation of multiple industrial components and activities.
Increasing awareness about benefits of naphthenic base oil and the rising scope of application in multiple end-use industries will drive the naphthenic base oil market growth through 2031.
Naphthenic oil properties such as high solubility, low aromatic content, and low-temperature pour points are also expected to favor the naphthenic base oil market potential over the coming years. Increasing metalworking operations will propel the consumption of metalworking fluids. Naphthenic oil is classified as a group V base oil because it doesn’t satisfy API’s qualification for other groups.
Rising demand for synthetic fluids in multiple end-use industries, increasing demand for automotive lubricants, rising use of electrical oils due to the increasing number of electric vehicles, and increasing use of pale oil in the formulation of gear oils are other factors that influence naphthenic base oil market potential.
However, the availability of low-cost alternatives is anticipated to have a hampering effect on the global naphthenic base oil industry. From 2022 to 2031, naphthenic base oil shipments are projected to rise at a CAGR of 3.9%.
Which Industry is Driving High Demand for Naphthenic Base Oils?
“Increasing Demand for Automotive Lubricants to Drive Market Growth”
The automotive industry is undergoing major changes as demand for electric vehicles increases and conventional automotive manufacturing is being revolutionized. Rising demand for automotive lubricants such as lubricating fluids, gear oils, process oils are expected to drive demand for pale oils as they are majorly used to formulate the aforementioned products.
Increasing metalworking operations in the automotive industry is also expected to propel the consumption of metalworking fluids across the forecast period. Increasing sales of electric and hybrid vehicles are also expected to favor naphthenic base oil market potential through 2031.
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Which Regional Market Leads the Naphthenic Base Oil Market?
“Asian Region Exhibits Highly Lucrative Revenue Opportunities”
Presence of high industrial activity in East Asia and South Asia regions is expected to majorly propel naphthenic base oil demand across the forecast period. Growing automotive industry, increasing investments in the industrial manufacturing sector, rising disposable income, and rising support from the government to bolster the industrial sector are major factors that influence naphthenic base oil consumption in these regions.
China, India, and Japan are anticipated to be the most rewarding markets for naphthenic base oils throughout the forecast period of 2022 to 2031.
Rising industrial activity in the European region is also expected to boost naphthenic base oil market potential over the coming years. The presence of a developed automotive industry in this region will drive demand for automotive lubricants.
Increasing popularity of electric vehicles and hybrid vehicles in this region will also drive the consumption of process oils, gear oils, and electrical oils. Germany is projected to emerge as a lucrative market in Europe for naphthenic base oils.
The market for pale oils in Latin America and the Middle East & Africa is also anticipated to account for a notable market share and is expected to provide a lucrative setting for naphthenic base oil manufacturers.
Country-wise Insights
Why Should Naphthenic Base Oil Suppliers Keep an Eye Out for China?
“Presence of Robust Automotive Manufacturing Sector to Boost Naphthenic Base Oil Consumption”
China is the leading nation in automotive manufacturing and is known across the world for its robust industrial sector. Naphthenic-base oils are especially good lubricants for multiple industrial applications and hence they are expected to see high demand in China across the forecast period.
Increasing demand for vehicles will drive automotive manufacturing and subsequently also increase consumption of automotive lubricants such as gear oils, process oils, etc. This will in turn create new opportunities for naphthenic base oil suppliers in China through 2031.
Supportive government initiatives and rising investments in the industrial manufacturing sector will also further boost shipments of naphthenic base oils in China in the coming years.
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Category-wise Insights
Will Demand for Electrical Oils Increase Over the Decade?
“Rising Popularity of Electric Vehicles to Boost Demand for Electric Oil Variants”
The automotive industry has been revolutionized as it shifted from creating IC engine-powered vehicles to electric vehicles. This led to some major changes in demand for multiple raw materials used in automotive manufacturing.
Electrical oils have been seeing an increase in demand in recent years as sales of electric vehicles rise. This segment is anticipated to see faster growth than other segments as the adoption of electric vehicles increases on a global scale.
Why is Consumption of Process Oils So High?
“Increasing Use of Process Oils in Tire Formulations”
Process oils account for a dominant market share and are anticipated to maintain this stance over the entire forecast period as well.
Increasing use of process oils to create greener tire compounds that offer properties like low rolling resistance and help in reducing carbon emissions is expected to majorly boost growth via this segment in the global naphthenic base oil industry landscape.
Did Demand for Naphthenic Base Oils See a Drop in 2020?
The pandemic of 2020 led to a downfall in the global naphthenic base oil market potential as multiple industry verticals ceased operations during the pandemic owing to the imposition of strict lockdowns. The lack of skilled workforce and raw materials further led to disruptions in the production of naphthenic base oils and hence the market experienced a negative growth trend.
Demand for pale oils is projected to expand at a steady pace in the post-pandemic era owing to the lifting of lockdown restrictions and resumption of industrial activities.
Rising demand from the automotive industry will be a major trend to watch out for in this post-pandemic world as naphthenic base oil suppliers deploy strategies to recover losses that were incurred in 2020 under restrictions.
Competitive Landscape :
Naphthenic base oil suppliers are investing in research and development activities to create an effective product portfolios to maximize and optimize industrial processes where these oils are used.
Naphthenic base oil companies are also focusing on launching new products to maximize revenue.
- In 2020, Nynas AB, a renowned manufacturer of specialty naphthenic oils based in Sweden, announced the launch of NYTEX 8022, which will maximize performance in several process oil uses.
Key Segments Covered in Naphthenic Base Oil Industry Research
-
By Viscosity Index :
- 35-60 SUS
- 80-130 SUS
- 200-300 SUS
- 400-800 SUS
- Above 800 SUS
-
By Application :
- Process Oils
- Electrical Oils
- Lubricants & Greases
- Metalworking Fluids
- Greases
- Others
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 7. Global Market Volume (Units) Analysis 2017 to 2021 and Forecast, 2022 to 2031
- 8. Global Market - Pricing Analysis
- 9. Global Market Value Analysis 2017 to 2021 and Forecast, 2022 to 2031
- 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2031, by Viscosity Index
- 10.1. 35-60 SUS
- 10.2. 80-130 SUS
- 10.3. 200-300 SUS
- 10.4. 400-800 SUS
- 10.5. Above 800 SUS
- 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2031, by Application
- 11.1. Process Oils
- 11.2. Electrical Oils
- 11.3. Lubricants & Greases (Metalworking Fluids, Greases, Others)
- 12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2031, by Region
- 12.1. North America
- 12.2. Latin America
- 12.3. Europe
- 12.4. East Asia
- 12.5. South Asia
- 12.6. Oceania
- 12.7. Middle East and Africa (MEA)
- 13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 16. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 17. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 18. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 19. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 20. Key and Emerging Countries Market Analysis 2017 to 2021 and Forecast 2022 to 2031
- 21. Market Structure Analysis
- 22. Competition Analysis
- 22.1. Calumet Specialty Products Partners L.P.
- 22.2. Petrobras
- 22.3. Apar Industries Ltd.
- 22.4. Ergon International Inc.
- 22.5. Shell Plc
- 22.6. Nynas AB
- 22.7. PetroChina Company Limited
- 22.8. Resolute Oil LLC
- 22.9. Argos International
- 22.10. Lubline
- 22.11. Eastern Petroleum Pvt. Ltd.
- 22.12. Saudi Arabian Oil Co.
- 23. Assumptions and Acronyms Used
- 24. Research Methodology
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List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 08: Latin America Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 11: Europe Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 14: South Asia Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 17: East Asia Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 20: Oceania Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2017 to 2021 and Forecast 2022 to 2031, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Viscosity Index
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2017 to 2031, By Application
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List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2017 to 2021
Figure 02: Global Market Volume Forecast (in 000' Units), 2022 to 2031
Figure 03: Pricing Analysis (US$) Per Viscosity Index, By Region, 2021
Figure 04: Pricing Analysis (US$) Per Viscosity Index, By Region, 2021
Figure 05: Global Market Value Analysis (US$ Mn), 2017 to 2021
Figure 06: Global Market Value Forecast (US$ Mn), 2022 to 2031
Figure 07: Global Market Absolute $ Opportunity, 2022 to 2031
Figure 08: Global Market Share Analysis (%), By Viscosity Index, 2022 to 2031
Figure 09: Global Market Y-o-Y Analysis (%), By Viscosity Index, 2022 to 2031
Figure 10: Global Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 11: Global Market Share Analysis (%), By Application, 2022 to 2031
Figure 12: Global Market Y-o-Y Analysis (%), By Application, 2022 to 2031
Figure 13: Global Market Attractiveness Analysis by Application, 2022 to 2031
Figure 14: Global Market Share Analysis (%), By Region, 2022 to 2031
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2022 to 2031
Figure 16: Global Market Attractiveness Analysis by Region, 2022 to 2031
Figure 17: North America Market Value Share, By Viscosity Index, 2022 (E)
Figure 18: North America Market Value Share, By Application, 2022 (E)
Figure 19: North America Market Value Share, By Country, 2022 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2017 to 2021
Figure 21: North America Market Value Forecast (US$ Mn), 2022 to 2031
Figure 22: North America Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 23: North America Market Attractiveness Analysis by Application, 2022 to 2031
Figure 24: North America Market Attractiveness Analysis by Country, 2022 to 2031
Figure 25: Latin America Market Value Share, By Viscosity Index, 2022 (E)
Figure 26: Latin America Market Value Share, By Application, 2022 (E)
Figure 27: Latin America Market Value Share, By Country, 2022 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2017 to 2021
Figure 29: Latin America Market Value Forecast (US$ Mn), 2022 to 2031
Figure 30: Latin America Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 31: Latin America Market Attractiveness Analysis by Application, 2022 to 2031
Figure 32: Latin America Market Attractiveness Analysis by Country, 2022 to 2031
Figure 33: Europe Market Value Share, By Viscosity Index, 2022 (E)
Figure 34: Europe Market Value Share, By Application, 2022 (E)
Figure 35: Europe Market Value Share, By Country, 2022 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2017 to 2021
Figure 37: Europe Market Value Forecast (US$ Mn), 2022 to 2031
Figure 38: Europe Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 39: Europe Market Attractiveness Analysis by Application, 2022 to 2031
Figure 40: Europe Market Attractiveness Analysis by Country, 2022 to 2031
Figure 41: South Asia Market Value Share, By Viscosity Index, 2022 (E)
Figure 42: South Asia Market Value Share, By Application, 2022 (E)
Figure 43: South Asia Market Value Share, By Country, 2022 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2017 to 2021
Figure 45: South Asia Market Value Forecast (US$ Mn), 2022 to 2031
Figure 46: South Asia Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 47: South Asia Market Attractiveness Analysis by Application, 2022 to 2031
Figure 48: South Asia Market Attractiveness Analysis by Country, 2022 to 2031
Figure 49: East Asia Market Value Share, By Viscosity Index, 2022 (E)
Figure 50: East Asia Market Value Share, By Application, 2022 (E)
Figure 51: East Asia Market Value Share, By Country, 2022 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2017 to 2021
Figure 53: East Asia Market Value Forecast (US$ Mn), 2022 to 2031
Figure 54: East Asia Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 55: East Asia Market Attractiveness Analysis by Application, 2022 to 2031
Figure 56: East Asia Market Attractiveness Analysis by Country, 2022 to 2031
Figure 57: Oceania Market Value Share, By Viscosity Index, 2022 (E)
Figure 58: Oceania Market Value Share, By Application, 2022 (E)
Figure 59: Oceania Market Value Share, By Country, 2022 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2017 to 2021
Figure 61: Oceania Market Value Forecast (US$ Mn), 2022 to 2031
Figure 62: Oceania Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 63: Oceania Market Attractiveness Analysis by Application, 2022 to 2031
Figure 64: Oceania Market Attractiveness Analysis by Country, 2022 to 2031
Figure 65: Middle East and Africa Market Value Share, By Viscosity Index, 2022 (E)
Figure 66: Middle East and Africa Market Value Share, By Application, 2022 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2022 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2017 to 2021
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2022 to 2031
Figure 70: Middle East and Africa Market Attractiveness Analysis by Viscosity Index, 2022 to 2031
Figure 71: Middle East and Africa Market Attractiveness Analysis by Application, 2022 to 2031
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2022 to 2031
Figure 73: U. S. Market Value Analysis (US$ Mn), 2022 & 2031
Figure 74: U. S. Market Value Share, By Viscosity Index, 2022 (E)
Figure 75: U. S. Market Value Share, By Application, 2022 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2022 & 2031
Figure 77: Canada Market Value Share, By Viscosity Index, 2022 (E)
Figure 78: Canada Market Value Share, By Application, 2022 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2022 & 2031
Figure 80: Mexico Market Value Share, By Viscosity Index, 2022 (E)
Figure 81: Mexico Market Value Share, By Application, 2022 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2022 & 2031
Figure 83: Brazil Market Value Share, By Viscosity Index, 2022 (E)
Figure 84: Brazil Market Value Share, By Application, 2022 (E)
Figure 85: U. K. Market Value Analysis (US$ Mn), 2022 & 2031
Figure 86: U. K. Market Value Share, By Viscosity Index, 2022 (E)
Figure 87: U. K. Market Value Share, By Application, 2022 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2022 & 2031
Figure 89: Germany Market Value Share, By Viscosity Index, 2022 (E)
Figure 90: Germany Market Value Share, By Application, 2022 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2022 & 2031
Figure 92: France Market Value Share, By Viscosity Index, 2022 (E)
Figure 93: France Market Value Share, By Application, 2022 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2022 & 2031
Figure 95: Italy Market Value Share, By Viscosity Index, 2022 (E)
Figure 96: Italy Market Value Share, By Application, 2022 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2022 & 2031
Figure 98: Spain Market Value Share, By Viscosity Index, 2022 (E)
Figure 99: Spain Market Value Share, By Application, 2022 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2022 & 2031
Figure 101: Russia Market Value Share, By Viscosity Index, 2022 (E)
Figure 102: Russia Market Value Share, By Application, 2022 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2022 & 2031
Figure 104: China Market Value Share, By Viscosity Index, 2022 (E)
Figure 105: China Market Value Share, By Application, 2022 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2022 & 2031
Figure 107: Japan Market Value Share, By Viscosity Index, 2022 (E)
Figure 108: Japan Market Value Share, By Application, 2022 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2022 & 2031
Figure 110: South Korea Market Value Share, By Viscosity Index, 2022 (E)
Figure 111: South Korea Market Value Share, By Application, 2022 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2022 & 2031
Figure 113: India Market Value Share, By Viscosity Index, 2022 (E)
Figure 114: India Market Value Share, By Application, 2022 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2022 & 2031
Figure 116: ASEAN Market Value Share, By Viscosity Index, 2022 (E)
Figure 117: ASEAN Market Value Share, By Application, 2022 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2022 & 2031
Figure 119: Australia Market Value Share, By Viscosity Index, 2022 (E)
Figure 120: Australia Market Value Share, By Application, 2022 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2022 & 2031
Figure 122: New Zealand Market Value Share, By Viscosity Index, 2022 (E)
Figure 123: New Zealand Market Value Share, By Application, 2022 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2022 & 2031
Figure 125: GCC Countries Market Value Share, By Viscosity Index, 2022 (E)
Figure 126: GCC Countries Market Value Share, By Application, 2022 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2022 & 2031
Figure 128: Turkey Market Value Share, By Viscosity Index, 2022 (E)
Figure 129: Turkey Market Value Share, By Application, 2022 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2022 & 2031
Figure 131: South Africa Market Value Share, By Viscosity Index, 2022 (E)
Figure 132: South Africa Market Value Share, By Application, 2022 (E)
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the global naphthenic base oil market size?
Currently, the global naphthenic base oil market is worth US$ 2.55 billion.
What is the expected valuation of the naphthenic base oil market for 2031?
By 2031, the naphthenic base oil market is projected to reach a valuation of US$ 3.6 billion.
What is the projected CAGR for the naphthenic base oil market?
The global market for naphthenic base oil is predicted to progress at a CAGR of 3.9% from 2022 to 2031.
Which key naphthenic base oil suppliers are profiled in this analysis?
Key naphthenic base oil companies such as Shell Plc, Nynas AB, Calumet Specialty Products Partners L.P., Petrobras, Apar Industries Ltd., PetroChina Company Limited, Argos International, Lubline, Eastern Petroleum Pvt. Ltd., and Saudi Arabian Oil Co. have
Which naphthenic base oil application will dominate the market?
The process oils segment is expected to hold a dominant market share in the global naphthenic base oil marketplace.
Which countries in the Asian region should naphthenic base oil manufacturers focus on?
Naphthenic base oil vendors should focus on India, China, and Japan in the Asian region, as they are expected to provide lucrative growth opportunities.
Naphthenic Base Oil Market