Global Naphthenic Acid Market Research Report 2023-2028
According to the global naphthenic acid market analysis report by IMARC Group, the market reached a value of US$ 68.6 Million in 2022, and it is projected to reach a value of US$ 79.5 Million by 2028, exhibiting a CAGR of 2.38% during 2023-2028.
Industry Definition and Application:
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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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.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has been segmented the market into 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
Breakup by Sales Channel:
- Direct Channel
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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