Global Naphthenic Base Oil Market size is anticipated to grow from USD 2.5 billion in 2021 to USD 3.25 billion by 2028.

The global naphthenic base oil market size is anticipated to grow from USD 2.5 billion in 2021 to USD 3.25 billion by 2028. It will witness a 3.85% CAGR during the forecast period 2022-2028. Base Oil manufactured by the hydrotreatment of crude oil resulting in the formation of hydrocarbons with low aromatic and paraffin content is commonly identified as Naphthenic Base Oil.

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The increased adoption of metalworking fluids in the cooling and lubrication sector owing to its unique properties like better solubility, low aromatic content, low-temperature fluidity, and form stable emulsion will drive the growth of the naphthalene base oil market. This metalworking fluid has extensive application in aeronautics, general machining, medical, bearing, automotive industry, etc.

There is a prominent decline in the use of vehicles that are based on other lubricants leading to the rise in the demand for Naphthalene Base Oil.?Furthermore, there is an increased consumption of naphthenic base oil, increased demand for high solvency formulations in the automotive sector, increased investment in the energy & power sector, and the presence of well-established players will proliferate the growth in the North American region. As a result of it, North America is a beneficial market for Naphthalene Base Oil.

Some of the major key players in the market of Naphthalene Base Oil market are Ergon, Inc., Shell Plc, Nynas AB, Calumet Specialty Products Partners LP, Petrobras, and Apar Industries, Petrochina Pvt limited, Argos International, Lubline, and Eastern Petroleum Pvt ltd.