Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Naphthenic Base Oil Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report unravels the dynamic landscape of the naphthenic base oil market, showcasing its remarkable journey from $2.20 billion in 2022 to $2.32 billion in 2023, achieving an impressive Compound Annual Growth Rate (CAGR) of 5.6%.
Challenges and Progress Amidst Global Turmoil: Against the backdrop of the Russia-Ukraine war disrupting global economic recovery from the COVID-19 pandemic, the naphthenic base oil market demonstrates resilience and adaptability. Despite economic sanctions, supply chain disruptions, and rising commodity prices, the market is expected to thrive, projected to reach $2.80 billion by 2027, maintaining a strong CAGR of 4.8%.
A Glimpse into Innovation: Pioneering Technological Advancements: At the forefront of the naphthenic base oil market's transformation are innovative technological advancements. Industry leaders are committed to enhancing their market position through groundbreaking technologies. A standout example is Nynas AB, a Sweden-based manufacturer of specialty naphthenic oils, which introduced NYTRO RR 900X in October 2022. This cutting-edge fluid is designed for circular transformers, utilizing potent and efficient re-refining technology. Nynas' fluid not only contributes to the circular economy but also aligns with greenhouse gas reduction goals, establishing a new standard of excellence.
Similarly, Chevron, a US-based multinational energy corporation, acquired Neste in October 2021, reinforcing Chevron's commitment to meeting evolving lubricant standards driven by changing vehicle specifications. Neste, a Finland-based producer of base oils, enhances Chevron's position in the market.
Global Dynamics and Emerging Frontiers: The report delves into the diverse regions shaping the naphthenic base oil market, encompassing Asia-Pacific, Western and Eastern Europe, North America, South America, Middle East, and Africa. Notably, Asia-Pacific emerges as both the largest region in 2022 and the fastest-growing region in the forecast period.
Driving Growth through Vehicle Sales: The naphthenic base oil market is poised for growth propelled by increasing vehicle sales. As automotive lubricants play a pivotal role in vehicle maintenance, the market witnesses an upsurge in demand. In 2021, passenger car sales in the US surged by 5.5%, marking a notable increase from the previous year. This trend, coupled with rising production figures, contributes significantly to the growth of the naphthenic base oil market.
Empowering Market Potential: The naphthenic base oil market encompasses a wide array of offerings, from transformer oils and lubricating oils to other Group V oils. This diverse market extends beyond product sales, encompassing related services, thereby enhancing overall value.
Key Questions Addressed:
- Where does the naphthenic base oil market stand in terms of growth and geographical influence?
- How does the market's trajectory relate to the global economy, demographics, and analogous markets?
- What transformative forces will guide the market's future?
A selection of Companies Mentioned in this report includes
- Calumet Specialty Products Partners L.P.
- Apar Industries Ltd.
- Ergon International Inc.
- Nynas AB
- PetroChina Company Limited
- Lubline LLC
- Eastern Petroleum Pvt. Ltd.
- Royal Dutch Shell PLC
- Lubricon Industries
- Petrobras
- Shell PLC
- Resolute Oil LLC
- Argos International
- Saudi Arabian Oil Co.
- SAC Petrobras S.A.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.32 billion |
| Forecasted Market Value (USD) by 2027 | $2.8 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/r2spgm
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