Naphthenic Base Oil Global Market Report 2023

(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Naphthenic Base Oil Global Market Report 2023" -
Ltd., Royal Dutch Shell PLC, Lubricon Industries, Petrobras, Shell PLC, Resolute Oil LLC, Argos International, Saudi Arabian Oil Co., and SAC Petrobras S.A.
The global naphthenic base oil market is expected to grow from $2.20 billion in 2022 to $2.32 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The naphthenic base oil market is expected to reach $2.80 billion in 2027 at a CAGR of 4.8%.
The naphthenic base oil market consists of sales of transformer oils, lubricating oils, and other Group V oils.Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Naphthenic base oil, also known as Pale oil, is a type of group V base oil generated by hydro-treating sweet crude distillates at pressures greater than 2500 psi. Naphthenic base oil primarily produces metalworking fluids, greases, and industrial lubricants.
Asia-Pacific was the largest region in the naphthenic base oil market in 2022.It is expected to be the fastest-growing region in the forecast period.
The regions covered in the naphthenic base oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The naphthenic base oil is available in several types of viscosity index, such as 35–60 SUS, 80–130 SUS, 200–300 SUS, 400–800 SUS, and above 800 SUS, which are used for several applications, such as metalworking, process oil, electrical oil, industrial lubes and grease, rubber oil, and others.The 35–60 SUS viscosity index is the thickness of the oil with 35–60 SUS, and it is useful for 35- to 60-pound motors and for V-twin engines.
These are used by several end-users, such as the automotive industry, aerospace industry, marine industry, energy industry, oil and gas industry, textile industry, and others.
Increasing vehicle sales are expected to propel the growth of the naphthenic base oil market going forward.A vehicle refers to an engine-powered automobile that transports people or items from one location to another, such as a bus, automobile, or truck.
The naphthenic base oil is used in automotive lubricants such as lubricating greases, motor oil, and metal processing fluids. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Therefore, increasing sales of vehicles are driving the growth of the naphthenic base oil market.
Technological advancements are a key trend gaining popularity in the naphthenic base oil market going forward.Major companies operating in the naphthenic base oil market are developing innovative technologies to strengthen their position in the market.
For instance, in October 2022, Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils, launched NYTRO® RR 900X, a fluid designed for circular transformers that uses the most potent and efficient re-refining technology.The company gives utilities and OEMs the chance to participate in the circular economy and help meet greenhouse gas reduction goals with the introduction of the NYTRO RR 900X.
Making the most of the fluid's initial production impact, the Nynas re-refining process recovers precious molecules that are no longer useful in their current state.The well-known dielectric behavior of conventional naphthenic dielectric fluids is preserved in NYTRO RR 900X.
Nynas' cutting-edge, optimized hydro-treating process has allowed the business to provide products with top-tier qualities that are on par with virgin oils.
In October 2021, Chevron, a US-based multinational energy corporation predominantly engaged in oil and gas, acquired Neste for an undisclosed amount.This acquisition is positioned to meet the expanding demands of Chevron's clients for more demanding lubricant standards brought on by changing vehicle specifications and uphold the technological leadership positions of their prior base oil investments.
Neste is a Finland-based producer of base oils.
The countries covered in the naphthenic base oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The naphthenic base oil market research report is one of a series of new reports that provides naphthenic base oil market statistics, including naphthenic base oil industry global market size, regional shares, competitors with a naphthenic base oil market share, detailed naphthenic base oil market segments, market trends and opportunities, and any further data you may need to thrive in the naphthenic base oil industry. This naphthenic base oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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