Report Code: CMI41670

Published Date: February 2024

Pages: 320+

Category: Chemicals And Materials

Report Snapshot

CAGR: 5.1%
2.5B
2022
2.8B
2023
5.6B
2032

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Nynas AB
  • Ergon Inc.
  • Chevron Corporation
  • Calumet Specialty Products Partners L.P.
  • Apar Industries Limited
  • Others

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Reports Description

Global Naphthenic Base Oil Market was valued at USD 2.8 Billion in 2023 and is expected to reach USD 5.6 Billion by 2032, at a CAGR of 5.1% during the forecast period 2023 – 2032.

Naphthenic base oil is a mineral oil obtained from crude oil by refining. It includes a large amount of cycloparaffinic hydrocarbons known as naphthenes. These oils usually have high solvency, low pour points, and strong thermal stability, making them ideal for use in lubricants, metalworking fluids, hydraulic fluids, and other industrial settings.

Naphthenic base oils are favoured for their capacity to lubricate and minimize friction, particularly in conditions involving extreme temperatures or heavy loads.

Naphthenic Base Oil Market: Growth Factors

Increasing demand from electrical and electronics industry

The naphthenic base oil market is being driven by increased demand from the electrical and electronics industries for a variety of reasons. Naphthenic base oils are prized for their superior dielectric qualities, thermal stability, and compatibility with a wide range of materials, making them suitable for use in electrical transformers, capacitors, and other electrical components.

As the worldwide electrical and electronics sector grows due to reasons such as technical breakthroughs, urbanization, and increased financial resources, so does the demand for high-quality insulating oils such as naphthenic base oils. These lubricants improve the performance, dependability, and lifetime of electrical equipment by offering excellent insulating and heat transfer qualities.

In addition, tight rules on energy efficiency and environmental sustainability push the usage of naphthenic base oils, which are typically compounded and formulated to meet eco-friendly standards and minimize environmental impact compared to alternative options.

For instance, The Indian electrical sector has a diverse, mature, and powerful industrial base, as well as a solid supply chain, which is well prepared to fulfil local demand and any capacity expansion. The robust performance design of locally made electrical equipment has changed over time to satisfy the country’s severe network requirements.

The sector is perfectly prepared to satisfy the country’s need for electricity infrastructure. Currently running at 60-70 percent capacity utilization, the Power Equipment Industry Production size in 2021-22 was USD 30 billion.

Development of bio-based naphthenic oils

The emergence of bio-based naphthenic oils propels the naphthenic base oil market by resolving environmental concerns and expanding opportunities for usage. Bio-based naphthenic oils are made from renewable resources, lowering reliance on fossil fuels and minimizing environmental effects.

heir environmentally friendly character is consistent with growing regulatory regulations and customer demands for sustainable products. Furthermore, bio-based naphthenic oils have equivalent or greater performance qualities compared to their petroleum-based counterparts, increasing their appeal to a variety of sectors.

Furthermore, the adaptability of bio-based naphthenic oils enables more diverse uses in lubricants, rubber processing, adhesives, and other industries. As the industry looks for greener options without sacrificing performance, demand for bio-based naphthenic oils is likely to increase.

This trend promotes innovation and investment in bio-refining technologies, supporting market development and accelerating the shift towards sustainable solutions in the naphthenic base oil market. For instance, NYNAS debuts bio-based high-performance transformer fluid.

Nynas introduces the first item in its new bio-based line, NYTRO® BIO 300X, which completes its portfolio of high-performance transformer fluids. This novel fluid’s ultra-low viscosity provides outstanding cooling, which is a significant advantage.

The hot spot temperature of the transformer’s windings can be decreased greatly. Initial investigations reveal up to a 10-degree improvement over mineral-based oils that conform with IEC standard 60296 and roughly 20 degrees lower than ester liquids that meet with IEC standards 61099 or 62770. An enormous opportunity for thermal design optimization and better over-loading capacity.

Naphthenic Base Oil Market: Restraints

High production costs

Costs of production impede the naphthenic base oil industry, owing to a variety of causes. The extraction procedure for naphthenic base oil, which requires refining crude oil, is more difficult than for other types of base oils.

This complexity stems from the requirement for specific refining processes to extract and purify naphthenic hydrocarbons, which increases refinery operating expenses. Furthermore, the manufacture of naphthenic base oil necessitates extensive quality control methods to assure uniformity and purity, which increases manufacturing costs.

Furthermore, because naphthenic base oil is sourced from crude oil feedstocks, price swings have a direct influence on its manufacturing costs.

Global Naphthenic Base Oil Market 2023–2032 (By Grade)

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Naphthenic Base Oil Market: Opportunities

Shift towards higher viscosity grade oils

The naphthenic base oil industry is being driven by a trend to higher viscosity grade oils for a variety of reasons. Higher viscosity grade oils, which are commonly utilized in demanding applications such as heavy-duty engines and industrial machinery, necessitate base oils with exceptional heat and oxidative durability, as well as good lubricity.

Naphthenic base oils, which are noted for their high solvency, thermal stability, and inherent resistance to oxidation, are ideal for creating higher viscosity grade lubricants.

As sectors need higher-performance lubricants to fulfil severe standards and increase equipment efficiency, naphthenic base oils’ adaptability and exceptional features make them an appealing alternative for lubricant makers. Furthermore, the rising automotive and industrial sectors, particularly in places like Asia-Pacific, drive the need for higher viscosity grade oils.

For instance, In FY23, Indian Oil Corporation Limited (IOCL) extended its crude oil portfolio by introducing 36 new grades from Africa, the Middle East, and Russia. The move enables Indian Oil to broaden its crude basket and optimize its refining operations to effectively generate high-quality petroleum-based goods.

Naphthenic Base Oil Market: Segmentation Analysis

Global Naphthenic Base Oil market is segmented by grade, application, and region.  Based on grade, the market is classified into 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS.

35-60 SUS dominated the market in 2022 with a market share of 35% and is expected to keep its dominance during the forecast period 2024-2032. In the naphthenic base oil business, the viscosity range of 35-60 SUS (Saybolt Universal Seconds) is critical in satisfying particular lubricating needs.

Naphthenic base oils in this viscosity range have various benefits. Initially, they have good solubility and compatibility with additives, which improves lubricant performance. Second, their low pour point and outstanding low-temperature fluidity make them ideal for use in a variety of applications, particularly in colder climes or situations with large temperature changes.

Furthermore, naphthenic base oils in this viscosity range have high heat stability and oxidation resistance, which increases lubricant service life and lowers maintenance costs. The versatility and effective properties of 35-60 SUS naphthenic base oils render them favoured choices for developing lubricants used in automotive, industrial, and metalworking applications, driving their demand in the global market.

Based on application, the market is classified into transformer oils, process oils, rubber process oils, lubricants, and others. The transformer oils segment dominated the market in 2022 with a market share of 45% and is expected to keep its dominance during the forecast period 2024-2032.

Transformer oils serve an important role in the functioning and maintenance of electrical transformers, acting as coolants and insulators while also avoiding arcing and corona discharge. Naphthenic base oils, obtained from naphthenic crude oil, are ideal for transformer oil compositions due to their superior electrical insulating qualities, high thermal stability, and low pour point.

These features guarantee effective heat dispersion and dependable insulation, which are critical for transformer efficiency and lifetime.

As worldwide power consumption rises, particularly in rising nations such as those in the Asia-Pacific region, so does the demand for dependable and efficient transformers. As a result, the need for transformer oils, particularly those produced with naphthenic base oils, increases. This dynamic promotes development in the naphthenic base oil.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 2.8 Billion
Projected Market Size in 2032 USD 5.6 Billion
Market Size in 2022 USD 2.5 Billion
CAGR Growth Rate 5.1% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Grade, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Naphthenic Base Oil Market: Regional Analysis

By region, Naphthenic Base Oil market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific dominated the global Naphthenic Base Oil market in 2022 with a market share of 45% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

The area is witnessing strong industrial expansion, notably in the automotive, construction, and manufacturing sectors, which is boosting the need for lubricants and hydraulic fluids, two important uses of naphthenic base oils.

Furthermore, the developing automotive sector, together with the rising demand for high-performance lubricants in heavy machinery and equipment, drives the naphthenic base oil market throughout Asia-Pacific. In addition, the region’s emphasis on infrastructure development and building activities results in increased lubricant use, which drives up demand for naphthenic base oils.

Furthermore, the existence of key markets such as China, India, Japan, and South Korea, which are major users of lubricants and lubricant additives, strengthens Asia-Pacific’s status as an impetus in the naphthenic base oil market.

Global Naphthenic Base Oil Market 2023–2032 (By Billion)

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Naphthenic Base Oil Market: Recent Developments

  • In January 2022, Nynas AB introduced NYNAS T 600 X, a new transformer oil product which satisfies the most recent IEC efficiency and sustainability requirements. It has excellent oxidation durability and moisture tolerance.
  • In November 2021, Calumet Specialty Products Partners disclosed the introduction of two new naphthenic oils for tire production – CALPRIME 715T and CALPRIME 735T. These give longer tire life and improved fuel economy.
  • In October 2022, HollyFrontier and Origin Materials collaborated to manufacture low-carbon naphthenic acids to make naphthenic base oils. This promotes sustainable manufacturing.

List of the prominent players in the Naphthenic Base Oil Market:

  • Nynas AB
  • Ergon Inc.
  • Chevron Corporation
  • Calumet Specialty Products Partners L.P.
  • Apar Industries Limited
  • Royal Dutch Shell plc
  • PetroChina Company Limited
  • Exxon Mobil Corporation
  • Hindustan Petroleum Corporation Limited
  • Gazprom Neft PJSC
  • Lukoil Company
  • Neste Corporation
  • Gulf Oil Corporation Limited
  • Sinopec Corporation
  • Petroliam Nasional Berhad
  • HollyFrontier Corporation
  • Indian Oil Corporation Limited
  • Repsol S.A.
  • TotalEnergies SE
  • SK Lubricants Co. Ltd.
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Naphthenic Base Oil Market is segmented as follows:

By Grade

  • 35-60 SUS
  • 80-130 SUS
  • 200-300 SUS
  • 400-800 SUS
  • Above 1200 SUS

By Application

  • Transformer Oils
  • Process Oils
  • Rubber Process Oils
  • Lubricants
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Naphthenic Base Oil Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Naphthenic Base Oil Market: snapshot
  • Chapter 3. Global Naphthenic Base Oil Market – Industry Analysis
    • 3.1 Naphthenic Base Oil Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing demand from Electrical and electronics industry
      • 3.2.2 Development of bio-based naphthenic oils
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Grade
      • 3.7.2 Market Attractiveness Analysis By Application
  • Chapter 4. Global Naphthenic Base Oil Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Naphthenic Base Oil Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Naphthenic Base Oil Market – Grade Analysis
    • 5.1 Global Naphthenic Base Oil Market Overview: By Grade
      • 5.1.1 Global Naphthenic Base Oil Market Share, By Grade, 2022 and – 2033
    • 5.2 35-60 SUS
      • 5.2.1 Global Naphthenic Base Oil Market by 35-60 SUS, 2024 – 2033 (USD Billion)
    • 5.3 80-130 SUS
      • 5.3.1 Global Naphthenic Base Oil Market by 80-130 SUS, 2024 – 2033 (USD Billion)
    • 5.4 200-300 SUS
      • 5.4.1 Global Naphthenic Base Oil Market by 200-300 SUS, 2024 – 2033 (USD Billion)
    • 5.5 400-800 SUS
      • 5.5.1 Global Naphthenic Base Oil Market by 400-800 SUS, 2024 – 2033 (USD Billion)
    • 5.6 Above 1200 SUS
      • 5.6.1 Global Naphthenic Base Oil Market by Above 1200 SUS, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Naphthenic Base Oil Market – Application Analysis
    • 6.1 Global Naphthenic Base Oil Market Overview: By Application
      • 6.1.1 Global Naphthenic Base Oil Market Share, By Application, 2022 and – 2033
    • 6.2 Transformer Oils
      • 6.2.1 Global Naphthenic Base Oil Market by Transformer Oils, 2024 – 2033 (USD Billion)
    • 6.3 Process Oils
      • 6.3.1 Global Naphthenic Base Oil Market by Process Oils, 2024 – 2033 (USD Billion)
    • 6.4 Rubber Process Oils
      • 6.4.1 Global Naphthenic Base Oil Market by Rubber Process Oils, 2024 – 2033 (USD Billion)
    • 6.5 Lubricants
      • 6.5.1 Global Naphthenic Base Oil Market by Lubricants, 2024 – 2033 (USD Billion)
    • 6.6 Others
      • 6.6.1 Global Naphthenic Base Oil Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 7. Naphthenic Base Oil Market – Regional Analysis
    • 7.1 Global Naphthenic Base Oil Market Regional Overview
    • 7.2 Global Naphthenic Base Oil Market Share, by Region, 2022 & – 2033 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Naphthenic Base Oil Market, 2024 – 2033 (USD Billion)
        • 7.3.1.1 North America Naphthenic Base Oil Market, by Country, 2024 – 2033 (USD Billion)
    • 7.4 North America Naphthenic Base Oil Market, by Grade, 2024 – 2033
      • 7.4.1 North America Naphthenic Base Oil Market, by Grade, 2024 – 2033 (USD Billion)
    • 7.5 North America Naphthenic Base Oil Market, by Application, 2024 – 2033
      • 7.5.1 North America Naphthenic Base Oil Market, by Application, 2024 – 2033 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Naphthenic Base Oil Market, 2024 – 2033 (USD Billion)
        • 7.6.1.1 Europe Naphthenic Base Oil Market, by Country, 2024 – 2033 (USD Billion)
    • 7.7 Europe Naphthenic Base Oil Market, by Grade, 2024 – 2033
      • 7.7.1 Europe Naphthenic Base Oil Market, by Grade, 2024 – 2033 (USD Billion)
    • 7.8 Europe Naphthenic Base Oil Market, by Application, 2024 – 2033
      • 7.8.1 Europe Naphthenic Base Oil Market, by Application, 2024 – 2033 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Naphthenic Base Oil Market, 2024 – 2033 (USD Billion)
        • 7.9.1.1 Asia Pacific Naphthenic Base Oil Market, by Country, 2024 – 2033 (USD Billion)
    • 7.10 Asia Pacific Naphthenic Base Oil Market, by Grade, 2024 – 2033
      • 7.10.1 Asia Pacific Naphthenic Base Oil Market, by Grade, 2024 – 2033 (USD Billion)
    • 7.11 Asia Pacific Naphthenic Base Oil Market, by Application, 2024 – 2033
      • 7.11.1 Asia Pacific Naphthenic Base Oil Market, by Application, 2024 – 2033 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Naphthenic Base Oil Market, 2024 – 2033 (USD Billion)
        • 7.12.1.1 Latin America Naphthenic Base Oil Market, by Country, 2024 – 2033 (USD Billion)
    • 7.13 Latin America Naphthenic Base Oil Market, by Grade, 2024 – 2033
      • 7.13.1 Latin America Naphthenic Base Oil Market, by Grade, 2024 – 2033 (USD Billion)
    • 7.14 Latin America Naphthenic Base Oil Market, by Application, 2024 – 2033
      • 7.14.1 Latin America Naphthenic Base Oil Market, by Application, 2024 – 2033 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Naphthenic Base Oil Market, 2024 – 2033 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Naphthenic Base Oil Market, by Country, 2024 – 2033 (USD Billion)
    • 7.16 The Middle-East and Africa Naphthenic Base Oil Market, by Grade, 2024 – 2033
      • 7.16.1 The Middle-East and Africa Naphthenic Base Oil Market, by Grade, 2024 – 2033 (USD Billion)
    • 7.17 The Middle-East and Africa Naphthenic Base Oil Market, by Application, 2024 – 2033
      • 7.17.1 The Middle-East and Africa Naphthenic Base Oil Market, by Application, 2024 – 2033 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Nynas AB
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Ergon Inc.
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Chevron Corporation
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Calumet Specialty Products Partners L.P.
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Apar Industries Limited
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Royal Dutch Shell plc
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 PetroChina Company Limited
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Exxon Mobil Corporation
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Hindustan Petroleum Corporation Limited
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Gazprom Neft PJSC
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Lukoil Company
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
    • 8.12 Neste Corporation
      • 8.12.1 Overview
      • 8.12.2 Financials
      • 8.12.3 Product Portfolio
      • 8.12.4 Business Strategy
      • 8.12.5 Recent Developments
    • 8.13 Gulf Oil Corporation Limited
      • 8.13.1 Overview
      • 8.13.2 Financials
      • 8.13.3 Product Portfolio
      • 8.13.4 Business Strategy
      • 8.13.5 Recent Developments
    • 8.14 Sinopec Corporation
      • 8.14.1 Overview
      • 8.14.2 Financials
      • 8.14.3 Product Portfolio
      • 8.14.4 Business Strategy
      • 8.14.5 Recent Developments
    • 8.15 Petroliam Nasional Berhad
      • 8.15.1 Overview
      • 8.15.2 Financials
      • 8.15.3 Product Portfolio
      • 8.15.4 Business Strategy
      • 8.15.5 Recent Developments
    • 8.16 HollyFrontier Corporation
      • 8.16.1 Overview
      • 8.16.2 Financials
      • 8.16.3 Product Portfolio
      • 8.16.4 Business Strategy
      • 8.16.5 Recent Developments
    • 8.17 Indian Oil Corporation Limited
      • 8.17.1 Overview
      • 8.17.2 Financials
      • 8.17.3 Product Portfolio
      • 8.17.4 Business Strategy
      • 8.17.5 Recent Developments
    • 8.18 Repsol S.A.
      • 8.18.1 Overview
      • 8.18.2 Financials
      • 8.18.3 Product Portfolio
      • 8.18.4 Business Strategy
      • 8.18.5 Recent Developments
    • 8.19 TotalEnergies SE
      • 8.19.1 Overview
      • 8.19.2 Financials
      • 8.19.3 Product Portfolio
      • 8.19.4 Business Strategy
      • 8.19.5 Recent Developments
    • 8.20 SK Lubricants Co. Ltd.
      • 8.20.1 Overview
      • 8.20.2 Financials
      • 8.20.3 Product Portfolio
      • 8.20.4 Business Strategy
      • 8.20.5 Recent Developments
    • 8.21 Others.
      • 8.21.1 Overview
      • 8.21.2 Financials
      • 8.21.3 Product Portfolio
      • 8.21.4 Business Strategy
      • 8.21.5 Recent Developments
List Of Figures

Figures No 1 to 24

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Nynas AB
  • Ergon Inc.
  • Chevron Corporation
  • Calumet Specialty Products Partners L.P.
  • Apar Industries Limited
  • Royal Dutch Shell plc
  • PetroChina Company Limited
  • Exxon Mobil Corporation
  • Hindustan Petroleum Corporation Limited
  • Gazprom Neft PJSC
  • Lukoil Company
  • Neste Corporation
  • Gulf Oil Corporation Limited
  • Sinopec Corporation
  • Petroliam Nasional Berhad
  • HollyFrontier Corporation
  • Indian Oil Corporation Limited
  • Repsol S.A.
  • TotalEnergies SE
  • SK Lubricants Co. Ltd.
  • Others

FAQs

The restraints of the Naphthenic Base Oil market is high production costs.

The major driver for the Naphthenic Base Oil market is increasing demand from electrical and electronics industry and development of bio-based naphthenic oils.

The “Transformer Oils” category dominated the market in 2022.

The key players in the market are Nynas AB, Ergon Inc., Chevron Corporation, Calumet Specialty Products Partners L.P., Apar Industries Limited, Royal Dutch Shell plc, PetroChina Company Limited, Exxon Mobil Corporation, Hindustan Petroleum Corporation Limited, Gazprom Neft PJSC, Lukoil Company, Neste Corporation, Gulf Oil Corporation Limited, Sinopec Corporation, Petroliam Nasional Berhad , HollyFrontier Corporation, Indian Oil Corporation Limited , Repsol S.A., TotalEnergies SE, SK Lubricants Co. Ltd., Others.

“Asia-Pacific” had the largest share in the Naphthenic Base Oil Market.

The global market is projected to grow at a CAGR of 5.1% during the forecast period, 2023-2032.

The Naphthenic Base Oil Market size was valued at USD 2.8 Billion in 2023.

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