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| Global Naphthenic Base Oil Market Size |
Naphthenic base oils are a type of lubricant base oil made from petroleum
feedstocks. They have good thermal and oxidation stability making them suitable
for high temperature lubricant applications. They are used in the formulation
of industrial lubricants for various machinery, compressors, turbines and
hydraulic systems.
The global
naphthenic base oil market is estimated to be valued at US$ 1.26 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Growth in the industrial sector has been a major driver for increased demand of
industrial lubricants made from naphthenic base oils. Machinery across various
industries such as construction, manufacturing, mining, power generation
require large amounts of lubricants to ensure smooth functioning of their
mechanical components. According to estimates, the industrial lubricants market
accounts for over 65% of the naphthenic base oil consumption. The growing
industrial activity in developing regions of Asia Pacific and Latin America has
accelerated the demand for industrial machinery which is a key trend positively
impacting the naphthenic base oil market.
Segment Analysis
The global naphthenic base oil market is dominated by the industrial segment.
This segment accounted for over 60% share of the overall market in 2023. The
industrial segment includes usage of naphthenic base oils in construction
equipment, industrial equipment, and metalworking among others. Naphthenic base
oils provide excellent lubrication and anti-wear properties making them
suitable for industrial applications experiencing heavy loads and stresses.
Key Takeaways
Global
Naphthenic Base Oil Market Size is
expected to witness high growth over the forecast period of 2023 to 2030. The
market is projected to rise at a CAGR of
6.9% during the forecast years.
Regional Analysis
Asia Pacific region currently dominates the global naphthenic base oil market
with over 35% market share. The region is expected to remain the fastest
growing market during the forecast period. Growing industrial activity and
rapid infrastructure development in China, India, Indonesia, and other
developing countries is driving the demand for industrial lubricants in the
region.
Key players
Key players operating in the global naphthenic base oil market are Stack-On,
Liberty Safe, Cannon Safe, Brown Safe, Mesa Safe, Fort Knox, Blue Dot Safes,
SecureIt Gun Storage, Amsec, Gardall Safe, GunVault, First Alert, Rhino Metals,
Barska, V-Line Industries, SentrySafe, Homak Manufacturing, Gun Safe America,
Superior Safe Company, Sturdy Gun Safe. Stack-On is a leading brand in gun
safes and security products with wide distribution network across North
America.
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