Global Naphthenic Base Oil Market Size and Trends
Global Naphthenic Base Oil Market size was valued at US$ 1.26 Billion in 2023 and is expected to reach US$ 1.72 Billion by 2030, growing at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.
Figure 1. Global Naphthenic Base Oil Market Share (%), By Region, 2023
Global Naphthenic Base Oil Market Trends
- Shift towards higher viscosity grade oils: There is an increasing preference for higher viscosity grade naphthenic base oils among end-users. The grades above 600 SUS find rising usage in industrial gear oils, greases, compressor oils and metal working fluids where high load carrying capacity is required. Market players are expanding their production capacities to cater to this increasing demand for higher viscosity oils.
- Rising demand for low aromatic content oils: Due to stringent environmental regulations, demand for low aromatic naphthenic base oils is rising significantly. These oils contain lower levels of polyaromatic hydrocarbons and provide higher solvency. Leading manufacturers are developing low aromatic oils to meet evolving customer requirements as well as comply with emission control norms.
- Technological advancements in oil refining: Advances in refining technologies such as hydrocracking and selective isomerization have enabled the production of higher purity naphthenic oils with targeted properties. This has led to the emergence of specialized product grades catering to custom requirements across end-user segments. Refiners are adopting novel technologies to enhance their product offerings.
- Use of naphthenic oils in sustainable lubricants: There is an increasing trend of using naphthenic base oils to formulate high-performance sustainable lubricants. Naphthenic oils can be effectively blended with renewable oils and additives to manufacture eco-friendly lubricants without compromising on quality or longevity. This supports compliance with stringent environmental norms.
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