Naphthenic Base Oil Market to Reach US$2,605.7 Mn by 2025, Globally: Transparency Market Research

ALBANY, New York, November 28, 2017 /PRNewswire/ --

Naphthenic base oil are group V base oil and are derived from sweet crude distillates by hydro-treating process at a pressure above 2500 psi. Naphthenic base oil possess low pour point, high solvency, low wax, and low aromatic content. Naphthenic base oil is employed in various end-use applications such as printing inks, adhesive & sealants, gear oils, oil extender polymers, process oil, metal working, and battery separators. Furthermore, these oils possess outstanding low temperature properties, which improves the low temperature properties of the lubricant formulations. Naphthenic base oils also provide better low-temperature performance than paraffinic oils, which makes them ideal for formulating hydraulic fluids and automatic transmission fluids. Naphthenic oils respond well to antioxidants and additives due to high solvency power.

The global naphthenic base oil market was valued at US$ 1,640.4 Mn in 2016 and is anticipated to reach US$ 2,605.7 Mn by 2025, expanding at a CAGR of 5.3% between 2016 and 2025.

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Naphthenic base oil are widely employed in various industries such as automotive, industrial, tyre etc. From the past few years, Asia Pacific has become the hub of the Automotive Industry. However, rising investment by government in automotive sector typically in developing economies such as Mexico, South Africa, and India expected to fuel the demand for naphthenic base oil during the forecast period. Demand for high solubility based lubricants & grease products in order to produce fuel efficient vehicles coupled with rising demand for electric vehicles. Naphthenic base oil faces tough competition from Group II and III base oil due to presence of high production bases. Furthermore shift in demand for heavy and sour crude which are sold at a lower price than sweet crude and fluctuating crude oil prices are some of the factors affecting the market. However, rising demand for blended base oil and diversification in processing of naphthenic base oil with low sulfur level are projected to open new opportunities for the naphthenic base oil manufacturers.

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The naphthenic base oil market in terms of viscosity index is segregated into 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and Above 1200 SUS. In terms of revenue, in 2016, 35-60 SUS held a major share of more than 30% in global naphthenic base oil market. Rising demand for transformer oil and process oil expected to raise the demand for 35-60 SUS during the forecast period. Demand for 400-800 SUS and above 1200 SUS segments are also projected to increase over the forecast period due to its characteristic features such as low pour point and seal swelling properties. In terms of applications, the global naphthenic base oil market is segregated into metal working, process oil, electrical oil, industrial lubes & grease, rubber oil, and others. In 2016, process oil dominated the market followed by electrical oil. The demand for process oil as well as electrical oil expected to increase significantly during the forecast period, due to rising demand for hybrid and electric vehicles. Rising demand for products with high solvency expected to raise the demand for naphthenic base oil in metal working fluid application. Demand for naphthenic base oil in industrial lubes & grease projected to decline over the coming years due to availability of other substitutes such as Group II and Group III.

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In terms of volume, North America accounted for a significant share in naphthenic base oil market in 2016 followed by Asia Pacific. This trend is expected to continue during the forecast period due to the declining Group I capacity. Rapid growth in automotive sector coupled with rising demand for electric and hybrid vehicle and other industrial application driving naphthenic base oil market in North America during the forecast period. Furthermore, rising population in Asia Pacific coupled with disposable income boosting the demand for naphthenic base oil in the region. Middle East & Africa and Latin America are also witnessing moderate growth during the forecast period. Stringent regulations on PAH based tyre formulation, typically in Latin America forcing manufacturers to adopt naphthenic base oil for tyre formulation. Furthermore, in Middle East & Africa, attractive government subsidies under smart city development are also encouraging manufacturers to opt for electric vehicles which in turn driving the naphthenic base oil market.

Major players in the naphthenic base oil market Nynas AB, Royal Dutch Shell Plc., Calumet Specialty Products Partners, L.P, Ergon LLC., and Chevron Corporation. The naphthenic base oil market has been divided into the following segments.

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SOURCE Transparency Market Research