Naphthenic acid is a complex, light yellow to dark-colored chemical compound that contains mainly carboxylic acids and a small amount of acyclic acids. Its structural formula C (n) H (n+z) O (2) is similar to that of bile. As a result, naphthenic acid has low bioconcentration in aquatic organisms. Additionally, UV radiation has no significant effect on naphthenic acid levels in water. However, it can accumulate in sediment over long periods of time. Furthermore, naphthenic acid salts have an estimated half-life of three months. It can be found in many different substances, including crude oil, sand bitumen, paints, and detergents. Naphthenic acid is a natural product that can protect wooden products from decomposition and decay. It is also used as a fuel additive in locomotives and jet engines. It is widely used in developing countries and is relatively inexpensive. In addition to protecting wood products from fire, naphthenic acid is also an effective preservative that enhances the durability of finished products. Moreover, these compounds have high melting points and can be used for a variety of industrial applications. In the petroleum industry, naphthenic acid is used for production of metal naphthenates. It also serves as a corrosion inhibitor and emulsifier.
The Global Naphthenic Acid Market is estimated to account for US$ 64821.7 Thousand in terms of value by the end of 2021.
Global Naphthenic Acid Market: Drivers
The growth of the global naphthenic acid market is expected to be driven by a number of factors, such as a growing number of construction projects and rising demand for timber-based products. Additionally, the increasing number of aircraft in the world is also expected to boost the demand for naphthenic acid.
Global Naphthenic Acid Market: Opportunities
Growing demand from end-user industries such as paint driers, wood preservatives, fuel and lubricant additives, and rubber additives will drive the demand for naphthenic acid. This is expected to offer significant growth opportunities over the forecast period. Moreover, technological advancements and optimization of the refining process are further expected to act as opportunities in the future.
Global Naphthenic Acid Market: Restraints
Unfavourable condition arising due to impact of Covid-19 on the global naphthenic acid market is projected to hinder the market growth.
Global Naphthenic Acid Market - Impact of Coronavirus (Covid-19) Pandemic:
During Covid-19 pandemic the industry has faced huge shutdown. Lockdown has negatively impacted industrial transform processes. Major disruption in supply chain and trading patterns in the global naphthenic acid industry is severely impacted the market growth.
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The global naphthenic acid market was valued at US$ 64821.7 Thousand in 2021 and is forecast to reach a value of US$ 64873.3 Thousand by 2030 at a CAGR of 1.59 % between 2022 and 2030.
Refined Naphthenic Acid segment held dominant position in the global naphthenic acid market in 2021, accounting for 81.3 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Naphthenic Acid Market Trends:
Expanding chemical industry in emerging economies could act as a trend for naphthenic acid market. It is an important component of paints, varnishes, and sealants. It is also used in organic peroxides and detergents. Thus, expanding above mentioned application is again projected to foster market growth.
Increasing standards of living and increased investment in infrastructure development is another growing trend for naphthenic acid. The construction of new airports is again expected to increase the need for naphthenic acid, thus fostering market growth. Furthermore, growing demand for home decor are further likely to increase market demand for naphthenic acid.
Global Naphthenic Acid Market: Competitive Landscape
Anhui Fulltime Specialized Solvent & Reagent Co., Ltd, haihang industry co., ltd., Karvan – l, Merck KGaA, Merichem Company, Midas Chemical Company Limited, Shanghai Changfeng Chemical Industrial Factory, Shenyang Zhang Ming Chemical Co. Ltd, Tokyo Chemical Industry Co., Ltd., and Umicore Cobalt & Specialty Materials (CSM)
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