Global Naphthenic Base Oil Market Is Estimated To Witness High Growth Owing To Growing Demand For Bio-Based Lubricants
The global naphthenic base oil market is used in production of various industrial and automotive lubricants. Naphthenic base oils have excellent corrosion prevention properties and thermal stability. They are produced from untreated or mildly-treated petroleum streams using physical separation processes rather than chemical conversion processes. The growing environmental regulations regarding emission levels from vehicles and industries has boosted the demand for bio-based and environment-friendly lubricants. This is a key factor fueling the growth of naphthenic base oils market.
The Global naphthenic base oil market is estimated to be valued at US$ 1.46 Bn in 2024 and is expected to exhibit a CAGR of 19.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global naphthenic base oil market are Sasol, Shell, Chevron, ExxonMobil, BP (British Petroleum), Synfuels China, Rentech, Inc., Fischer-Tropsch Technology, Linc Energy, and DKRW Advanced Fuels.
Key opportunities in the Global Naphthenic Base Oil Market Demand include growing demand for bio-based lubricants from automotive and industrial sectors due to stringent environmental regulations regarding emission levels. Furthermore, naphthenic base oils have excellent thermal and oxidation stability and can be used in development of high-performance lubricants.
Technological advancements such as development of more efficient production processes for naphthenic base oils from natural gas and coal are expected to provide cost competitiveness compared to petroleum-based oils. This will further drive the naphthenic base oil market growth.
Market Drivers
The increasing demand from automotive, metalworking, and industrial sectors is the major factor driving the growth of global naphthenic base oil market. Naphthenic base oils are used in formulation of high-performance engine oils, hydraulic oils, and greases. They provide advantages such as high viscosity index, low pour point, and excellent thermal and oxidation stability. The rapid industrialization and infrastructure development activities are increasing the demand for metalworking fluids and industrial lubricants, which in turn is fueling the sales of naphthenic base oils.
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