The report of Global Naphthenic Base Oil Market is segmented By Type (35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, Above 1200 SUS), Application (Metal working, Process Oil, Electrical Oil, Industrial Lubes & Grease, Rubber Oil, Others), Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) is expected to reach US$ 45.6Bn by 2027, at a CAGR of 5.20 % during a forecast period.
An increase in demand for high solvency products in numerous industries such as metal-working and automotive will enhance the growth of the market. Moreover, rise in adoption for high soluble grease & lubricants products to design fuel-efficient vehicles are expected to boost the market growth. High investment by government in R&D activities is expected to propel the market growth. However, availability of low-priced alternatives in the market is the limiting the market growth.
The Process oil is expected to contribute the XX% share in Naphthenic Base Oil Market the during the forecast period.
Based on Product Type, process oil held the largest share in Naphthenic Base Oil Market growing significantly at a CAGR of XX % over the forecast period. Development in automotive industries is assisting to boost the demand and supply for process oil because of the demand for electric and hybrid vehicles. A shift in trend for high solvency product is expected to increase the demand in metal-working fluid for naphthenic base oil.
North America is expected grow at a XX % rate of CAGR during the forecast period.
In terms of geography, North America is estimated to have significant growth with a total share of XX % in 2019 and is expected to maintain its dominance during the forecast period, followed by the Asia Pacific. The dominance is prominently due to rapid industrialization, growing automotive sector together with surging demand for hybrid and electric vehicle. However, The Asia Pacific is experiencing a significant growth with the disposable income that is boosting the demand for naphthenic base oil.
Key players operating in the Naphthenic Base Oil Market are Nynas AB, Royal Dutch Shell Plc, Calumet Specialty Products Partners, L.P, Ergon, Inc., Chevron Corporation, Kowa India Pvt. Ltd, Eastern Petroleum, Petrobras, Lubricon Industries, Rahaoil, Inc, Indo Petro Chemical, Synforce Lubricants., NORTEDA., BENZOIL, ZAHARA GROUP, Petro‐Canada Lubricants LLC, Exxon Mobil Corporation, Novitas and TULSTAR PRODUCTS INC.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Naphthenic Base Oil Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Naphthenic Base Oil Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Naphthenic Base Oil Market positioning of competitors.
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