ALBANY, New York, November 28, 2017 /PRNewswire/ —
Naphthenic base oil are group V base oil and are derived from sweet crude distillates by hydro-treating process at a pressure above 2500 psi. Naphthenic base oil possess low pour point, high solvency, low wax, and low aromatic content. Naphthenic base oil is employed in various end-use applications such as printing inks, adhesive & sealants, gear oils, oil extender polymers, process oil, metal working, and battery separators. Furthermore, these oils possess outstanding low temperature properties, which improves the low temperature properties of the lubricant formulations. Naphthenic base oils also provide better low-temperature performance than paraffinic oils, which makes them ideal for formulating hydraulic fluids and automatic transmission fluids. Naphthenic oils respond well to antioxidants and additives due to high solvency power.
The global naphthenic base oil market was valued at US$ 1,640.4 Mn in 2016 and is anticipated to reach US$ 2,605.7 Mn by 2025, expanding at a CAGR of 5.3% between 2016 and 2025.
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Naphthenic base oil are widely employed in various industries such as automotive, industrial, tyre etc. From the past few years, Asia Pacific has become the hub of the Automotive Industry. However, rising investment by government in automotive sector typically in developing economies such as Mexico, South Africa, and India expected to fuel the demand for naphthenic base oil during the forecast period. Demand for high solubility based lubricants & grease products in order to produce fuel efficient vehicles coupled with rising demand for electric vehicles. Naphthenic base oil faces tough competition from Group II and III base oil due to presence of high production bases. Furthermore shift in demand for heavy and sour crude which are sold at a lower price than sweet crude and fluctuating crude oil prices are some of the factors affecting the market. However, rising demand for blended base oil and diversification in processing of naphthenic base oil with low sulfur level are projected to open new opportunities for the naphthenic base oil manufacturers.
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The naphthenic base oil market in terms of viscosity index is segregated into 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and Above 1200 SUS. In terms of revenue, in 2016, 35-60 SUS held a major share of more than 30% in global naphthenic base oil market. Rising demand for transformer oil