Global Naphthenic Base Oil Market to Reach $2.7 Billion by 2030
The global market for Naphthenic Base Oil estimated at US$2.1 Billion in the year 2023, is expected to reach US$2.7 Billion by 2030, growing at a CAGR of 4% over the analysis period 2023-2030. Metal Working Application, one of the segments analyzed in the report, is expected to record a 4.5% CAGR and reach US$333.9 Million by the end of the analysis period. Growth in the Process Oil Application segment is estimated at 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $541.8 Million, While China is Forecast to Grow at 6.8% CAGR
The Naphthenic Base Oil market in the U.S. is estimated at US$541.8 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$620 Million by the year 2030 trailing a CAGR of 6.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.3% and 3% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$410 Million by the year 2030.
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