As per a recently published report, the global naphthenic base oil market depicts a highly consolidated competitive landscape, notes Transparency Market Research. A handful of large-scale vendors hold majority of the shares in this market, thus forming a great developmental divide between themselves and other small-scale players. Most manufacturers are pouring large amounts of money to carry out extensive research and development mainly for improving their products. Expanding product portfolios and forming partnerships with other firms are two most prominent strategies utilized by most players operating in the global naphthenic base oil market to strengthen their presence. Calumet Specialty Products Partners L.P., Ergon LLC, Royal Dutch Shell Plc., Nynas AB, and Chevron Corporation are the chief businesses operating in this market.
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Ease in Handling Makes 35-60 SUS Garner Maximum Attraction
The global naphthenic base oil market is segmented on the basis of viscosity index, application, and region. Under viscosity index, the market consists of five prominent segments viz. 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS. From these, the 35-60 SUS segment is expected to showcase a higher demand owing to low pour point and low temperatures, thus making the product type easier to handle.
Geography-wise, the global naphthenic base oil market is spread across Middle East and Africa, Asia Pacific, Europe, North America, and Latin America. Currently, a strong automotive industry in North America has made this region showcase an outstanding performance in terms of naphthenic oil uptake. In contrast to this region, expert analysis suggests remarkable growth to occur in Asia Pacific owing to increasing adoption of hybrid vehicles, wherein naphthenic oil is a prime necessity to operate the vehicle devices.
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As per experts, the market statistics report a prophesied valuation of US$2605.7 in terms of revenue gained as compared to a valuation of US$1640.4 mn registered in 2016. This growth is expected to occur at a healthy CAGR of 5.3% during the forecast period from 2016-2025.