A recent research report published by Transparency Market Research projects the global naphthenic base oil market to expand at a CAGR of 5.5% during the period between 2019 and 2027. The report, titled “Naphthenic Base Oil Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027,” estimates the global naphthenic base oil to reach US$ 2.9 Bn by 2027, from US$ 1.8 Bn in 2018.
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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North America Dominated the Global Naphthenic Base Oil Market in 2018
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.
Global Naphthenic Base Oil Market Highly Consolidated
The global naphthenic base oil market depicts a highly consolidated competitive landscape. 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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