According to an as of late distributed report, the global naphthenic base oil market depicts a profoundly solidified focused scene, notes Transparency Market Research. A bunch of huge scale sellers hold lion’s share of the offers in this market, consequently framing an extraordinary formative partition among themselves and other little scale players. Most makers are pouring a lot of cash to complete broad innovative work essentially for improving their items.
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.
Ease in Handling Makes 35-60 SUS Garner Maximum Attraction
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.
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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.
Efficient Lubrication a Prime Factor for Boosting Market Growth
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.