Naphthenic Acid Market to be Dominated by Paint & Ink Driers Segment Through 2028
Global Naphthenic Acid
Market is increasing owing to the demand from various end use industries
According to TechSci Research
report, “Naphthenic Acid Market - By Region, Competition, Forecast and Opportunities, 2018-2028",
the
Global Naphthenic Acid Market is anticipated to increase at an impressive rate during
the forecast period, 2024-2028. Global Naphthenic Acid market is expected to
grow impressively through 2028 due to the growing demand from various end use
industries. Naphthenic acid is a naturally occurring organic acid found
in crude oil and petroleum products. It is a complex mixture of carboxylic
acids, containing primarily cycloalkanes with one or more carboxylic acid
functional groups.
Naphthenic acid is found in
crude oil and petroleum products, where it can be present in concentrations
ranging from a few ppm to several percent. The exact composition and
concentration of naphthenic acid in crude oil varies depending on the source
and age of the oil. Naphthenic acid can also be produced through the oxidation
of cycloalkanes and alkenes, which can occur during the refining process or in
the presence of atmospheric oxygen.
The regulation of naphthenic
acid varies depending on the country and the specific application. In the
United States, the Environmental Protection Agency (EPA) has established water
quality criteria for naphthenic acid in various bodies of water. The Canadian
government has also established guidelines for the management of naphthenic
acid in oil sands processing facilities. Monitoring of naphthenic acid in the
environment is typically performed using analytical methods such as gas
chromatography-mass spectrometry (GC-MS) or liquid chromatography-mass
spectrometry (LC-MS).
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Naphthenic acids are natural
components of crude oil, and their extraction and utilization play a vital role
in the petroleum industry. The growing demand for crude oil and petroleum
products worldwide drives the demand for naphthenic acids as a valuable
byproduct of oil refining processes. Naphthenic acids find applications in
corrosion inhibitors, lubricants, and emulsifiers in the petroleum industry.
Naphthenic acids and their
derivatives are used in the production of lubricants and greases. Lubricants
formulated with naphthenic acids offer excellent thermal stability, low pour
points, and good oxidative stability. The expanding automotive industry,
industrial machinery, and equipment manufacturing sectors drive the demand for
naphthenic acid-based lubricants.
The naphthenic acid market is
highly competitive, with several established players and new entrants entering
the market. The increasing competition can impact the market's growth, as
manufacturers need to differentiate their products to maintain a competitive
edge. Additionally, the entry of new players can lead to price competition,
which can affect the profitability of established players.
The naphthenic acid market
has witnessed significant developments over the last three years, including
product innovations, collaborations, mergers and acquisitions, and a focus on
sustainability. These developments reflect the changing needs of customers and
the industry's commitment to meeting those needs. As the market continues to
evolve, it will be essential for companies to remain agile and adapt to the
changing market conditions to ensure sustained growth and success.
Global Naphthenic Acid Market
is segmented based on Type, and Application.
Based on type, the market is further divided into refined
naphthenic acid, and high-purity naphthenic acid. Out of these, refined naphthenic
acid segment is expected to hold the largest market share during the forecast
period.
Based on application, the market is further split into
paint & ink driers, wood preservatives, fuel & lubricant additives,
rubber additives, and others. The increasing demand for oil and gas products is
the primary reason driving the segment's growth.
Major companies operating in Global
Naphthenic Acid Market are:
- 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
- Umicore Cobalt & Specialty Materials
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“The naphthenic acid market
is expected to grow significantly in the coming years, driven by several growth
drivers, including the increasing demand for lubricants, the rising demand in
the oil and gas industry, the growing chemical industry, and the expansion of
the rubber industry. However, there are also some challenges that need to be
addressed, including concerns about health and environmental impact. Overall,
the future of the naphthenic acid market looks promising, and it is expected to
play a crucial role in various industries in the years to come." said Mr.
Karan Chechi, Research Director with TechSci research, a research based global
management consulting firm.
“Naphthenic
Acid Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028, Segmented By Type (Refined Naphthenic Acid, and
High-purity Naphthenic Acid), By Application (Paint & Ink Driers, Wood
Preservatives, Fuel & Lubricant Additives, Rubber Additives, and Others),
By Region and Competition has evaluated the future
growth potential of Global Naphthenic Acid market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Naphthenic Acid Market.
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