The demand for naphthenic acid is expected to be worth US$ 5.3 billion globally in 2022 and is projected to increase at a CAGR of 5.2% to US$ 8.8 billion globally from 2022 to 2032. The market is primarily driven by the increase in demand for wood and textile preservatives.
Naphthenic Acid market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Naphthenic Acid market.
Naphthenic Acid is a complex combination of predominantly naturally occurring organic acids which are procured from petroleum fractions by saponification and Acidification. In crude oil, Naphthenic Acids are recovered from refinery streams which occur naturally and are not formed during the process of refining. Heavy crudes have the highest acid content and often have low Acid content in paraffinic crudes.
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Naphthenic Acid: Market Dynamics
One of prominent driving factors of Naphthenic Acid market is that in addition to improving the technical properties, processing stability, and odor of finished kerosene and diesel fuels, it reduces corrosion in the refinery. Some of the applications of distilled Naphthenic Acid derivatives are primarily as amine derivatives for corrosion inhibitors, wood preservatives, and cord adhesion promoters and as oil-soluble metal soaps. The growth of the wood preservatives coating market is positively influenced by rapid urbanization and industrialization due to the increase in infrastructure activities.
One of the challenging factors for the Naphthenic Acid market is that this acid is firmly meant for industrial purposes only in strict compliance with the requirements for Material Safety Data Sheets (MSDS). Certain health hazards such as damage of heart and liver, haemorrhage of the brain, liver enlargement may crop up in case of direct contact with Naphthenic Acid. When inhaled at lethal doses, Naphthenic Acid could lead to cause and respiratory arrest, weakness of the nervous system, and other serious side effects. Severe shortage of crude Naphthenic Acid has resulted in the decline of the market. In addition, Naphthenic Acid production was also limited by the great smell and the polluting by-products.
High-purity Naphthenic Acid is usually used in the laboratories of colleges and schools as well as in numerous industries including the automotive industry in chemical research laboratories. There are a number of R&D organizations in the developing nations such as the U.S., Germany etc. wherein Naphthenic Acid is being utilized coupled with easy availability of specialized laboratory equipment and domestic support. It is predicted that this factor will drive the Naphthenic Acid market forward over the forecast period. Demand for solvent-based wood preservatives from Naphthenic Acid on account of high penetration and lower cost, is anticipated to rise in developing countries.
High-temperature corrosion inhibitors improved with Naphthenic Acid offer new alterations to phosphate esters, enabling refiners to continue using low-cost acidic crudes. Because of its excellent anti-scaling properties, the emergence of a cost-effective alternative to phosphate ester in industrial coating is expected to provide new avenues to fuel the Naphthenic Acid market.
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Naphthenic Acid: Market Participants
Some of the global players of the Naphthenic Acid market are as follows:
- Paint a Merichem
- Umicore
- Midas
- Fulltime Chemical Corp
- Chongqing ChangFeng Chemical Co.,Ltd
- Merichem Company
- Shenyang Zhang Ming Chemical Co., Ltd
- Rare-Earth Limited
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, product type, application area, and form.
Naphthenic Acid: Market Segmentation
Type:
- Refined Naphthenic Acid
- High-purity Naphthenic Acid
Application:
- Rubber Additives
- Paint & Ink Driers
- Fuel Lubricants & Additives
- Wood Preservatives
Sales Channel:
- Direct Channel
- Distributor
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