IMARC Group, a leading market research company, has recently releases report titled “Naphthenic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global naphthenic acid market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Naphthenic Acid Market?
The global naphthenic acid market size reached US$ 68.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 79.5 Million by 2028, exhibiting a growth rate (CAGR) of 2.38% during 2023-2028.
What are Naphthenic Acid?
Naphthenic acid represents an insoluble, light yellowish to dark-colored, and complex compound that is identified as the mixture of carboxylic and a small number of acyclic acids present in sand bitumen or crude oil. It can be categorized into refined and high-purity product variants. These compounds are generally obtained from the caustic extraction of petroleum distillation procedure where the products are removed from refinery streams via caustic washing. They act as surfactants, fuel and lubricating oil additives, thickening and stabilizing agents, etc. Consequently, naphthenic acid finds extensive applications in the manufacturing of paint and ink, wood preservatives, fuel and lubricant additives, rubber additives, etc.
The growing need for adequate preservatives to protect various wood products, such as furniture, poles, fences, and other timber surfaces, is primarily driving the naphthenic acid market. In addition to this, the rising product usage with copper salts and zinc naphthenate to protect cellulosic materials from extreme temperatures and decay or humidity is acting as another significant growth-inducing factor.
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What Are The Growth Prospects And Trends In The Naphthenic Acid Industry?
Moreover, the widespread adoption of naphthenic acid as fuel additives in jet engines and locomotives for enhancing their life is further stimulating the market growth. Apart from this, it is also used in adhesives, lubricants, sealants, coatings, pesticides, etc., which is positively influencing the global market. Furthermore, the increasing consumer inclination towards this component as an ideal alternative to phosphate ester in industrial coatings, on account of its anti-scaling properties, and strategic collaborations among key market players are expected to bolster the naphthenic acid market over the forecasted period.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Refined Naphthenic Acid
- High-purity Naphthenic Acid
Breakup by Application:
- Paint and Ink Driers
- Wood Preservatives
- Fuel and Lubricant Additives
- Rubber Additives
- Others
Breakup by Sales Channel:
- Direct Channel
- Distributor
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Haihang Industry Co. Ltd
- Jigchem Universal
- Leo Chemo Plast Pvt. Ltd.
- Merck KGaA, Merichem Company
- Petróleos del Perú
- Shenyang Zhang Ming Chemical Co. Ltd.
- Tokyo Chemical Industry Co. Ltd
- and Umicore Cobalt & Specialty Materials.
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