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Naphthenic Base Oil Market: Introduction
Transparency Market Research delivers key insights on the global naphthenic base oil market. In terms of revenue, the global naphthenic base oil market is estimated to expand at a CAGR of 3.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global naphthenic base oil market.
The global naphthenic base oil market is broadly affected by several factors, including rise in usage of naphthenic base oil in process oil, electrical oil, lubricants, and greases. Growth of the automotive industry is propelling the global naphthenic base oil market.
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Naphthenic Base Oil Market: Dynamics
Almost every lubricant consists of a base oil. Rise in demand for automotive lubricants, metalworking fluids, and process oils made from naphthenic base oil is expected to the drive the naphthenic base oil market in the near future. Process oil, lubricants, and greases applications are major contributors to the naphthenic base oil market.
Naphthenic base oil majorly used in lubricant, electrical, process oil, and tire industry. Increase in use in metalworking fluid, gear oil, adhesive & sealants, printing inks, battery separator, transformer oil, insulating oil, insoluble sulfur, and extender oil in tire & antifoams is fueling the expansion of the naphthenic base oil market.
Manufacturers of metalworking fluids experience more stable emulsion if they use naphthenic base oil rather than paraffin oil, as it is more stable than those made with paraffin oil. Manufacturers using Group I base oil are facing supply shortage, as the global output of Group I oil is in sharp decline. According to a research study, the third global wave of group I refinery closure is likely to hit Asia, Middle East & Africa, and Africa during the forecast period. Formulators in these regions need to switch to suitable alternatives such as group V, i.e. naphthenic base oils.
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