- Increasing preference of naphthenic base oils as metalworking fluids in multiple industries expanding profitable avenues
- Vast uptake of naphthenic base oils in multiple applications to propel revenue growth of Asia Pacific market; Europe and Middle East & Africa are lucrative markets
ALBANY, N.Y., May 4, 2022 /PRNewswire/ -- Rising use of naphthenic base oils in the making of metalworking fluids, greases, and industrial lubricants has contributed to the expansion of revenues in the naphthenic base oil market. Attractive solvency characteristics are underpinning bevy of advantages to formulators of metalworking fluids in order to cater to the requirements of several industries. The authors of a TMR study on the naphthenic base oil market projected the global valuation to surpass US$ 3.6 Bn by 2031.
A growing number of businesses in manufacturing industries are adopting cooling and lubricating fluids based on naphthenic oils. The shift from paraffinic base oils to naphthenic base oils in variety of metalworking fluids has fueled the prospects for commercialization of new products in the naphthenic base oil market.
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The ease of formulating these oils and their striking compatibility with various lubricant production systems have spurred investments in the naphthenic base oil market. Over the years, established advantages of these oils in emulsion stability have boosted their use in making of many metalworking fluids and rust inhibiting agents. The expanding array of metalworking fluids and lubricants that are based on naphthenic oils are catalyzing the revenue generation, assert the in-depth scrutiny on the naphthenic base oil market.
Key Findings of Naphthenic Base Oil Market Study
- Growing Demand for Automotive Lubricants Underpins Vast Opportunities: The use of bevy of naphthenic base oils for several industrial lubricant formulations is propelling the expansion of lucrative avenues in the naphthenic base oil market. In such applications, high solvency is required. On the other hand, the demand for these base oils for automotive lubricants has grown widely, generating massive revenue opportunities, noted the authors of an in-depth TMR study. They are proving to be especially suitable for hydraulic fluids and gear oils, where varied solvency may be required for the formulations.
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- Widespread Consumption of Metalworking Fluids Steering Revenue Generation: Rise in demand for base oils with remarkable solubility and stability in forming emulsions have fueled the popularity of naphthenic base oils for formulating a wide array of metalworking fluids. Extensive R&D on naphthenic base oils will cement the use of these in the application, since new materials characteristics will emerge. Stable emulsions of note are bolstering their use in range of metalworking fluid formulations in general machining, aeronautics, medical, and energy industries.
Naphthenic Base Oil Market: Key Drivers
- The growing demand for versatile base oils for metalworking fluids for various applications in general machining, energy, automotive, aeronautics, bearing, and medical products is a key driver of the naphthenic base oil market.
- Recovery in demand for vehicles and strides made in the automotive manufacturing are expanding the avenue for investments in the naphthenic base oil market.
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Naphthenic Base Oil Market: Regional Growth Dynamics
- Latin America and Europe have emerged as potentially lucrative naphthenic base oil markets. An incredible demand potential in numerous end-use industries is fueling the revenue growth of these regional markets.
- Asia Pacific is expected to hold a leading share of the global naphthenic base oil market during the forecast period of 2021-2031, with sizable demand to come from India, China, and Japan. A rapidly growing automobile industry is expected to spur massive growth of revenues in the Asia Pacific naphthenic base oil market.
Naphthenic Base Oil Market: Key Players
Some of the key players in the naphthenic base oil market are Resolute Oil LLC, Eastern Petroleum Pvt Ltd., Saudi Arabian Oil Company, Argos International, PetroChina Pvt Ltd., Apar Industries Ltd., Petrobras, Calumet Speciality Products Partners LP, Nynas AB, Shell Plc., and Ergon International Inc.
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Global Naphthenic Base Oil Market: Segmentation
Naphthenic Base Oil Market, by Viscosity Index
- 35-60 SUS
- 80-130 SUS
- 200-300 SUS
- 400-800 SUS
- Above 800 SUS
Naphthenic Base Oil Market, by Application
- Application
- Process Oil
- Electrical Oil
- Lubricants & Greases
- Metalworking Fluids
- Greases
- Others
Naphthenic Base Oil Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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