Naphthenic Acid Market
The global naphthenic acid market is estimated to be valued at USD 72.5 Mn in 2024 and is expected to reach USD 85.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.4% from 2024 to 2031. Naphthenic acid is an organic carboxylic acid that is found naturally in crude oil. It is a dark-colored solid or viscous liquid that is poorly soluble in water but highly soluble in most organic solvents. The naphthenic acids market has been growing in recent years due to its increasing applications in lubricants, wood preservatives, baking applications, and metal working fluids. Naphthenic acid improves lubricity and corrosion protection in lubricant formulations. It is also used as a dispersant and stabilizer in metal working fluids. The growing automotive and metal working industries has been the major demand driver for naphthenic acids. However, environmental regulations around the use of solvents may act as a restraint for the market.
Market Dynamic:
The global naphthenic acid market is driven by factors such as rising demand from the lubricant and metal working industries. Naphthenic acid improves lubricity and anti-wear properties of lubricating oils. It is commonly used as a lubricity enhancer additive in automotive and industrial lubricants. Growing automotive industry in developing countries has increased the demand for lubricants, which, in turn, is propelling the naphthenic acid market growth. The market also receives a boost from increasing metalworking activities worldwide. Naphthenic acid acts as an excellent emulsifier for soluble oils and improves their corrosion inhibition properties. However, stringent environmental regulations around the use of certain solvents may hinder the market growth. On the positive side, the development of bio-based and environment-friendly naphthenic acids offers new opportunities for market expansion.
Key Features of the Study:
- This report provides in-depth analysis of the global naphthenic acid market, and provides market size (USD Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global naphthenic acid market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Merichem Company, Umicore Cobalt & Specialty Materials (CSM), Merck KGaA, Midas Chemical Company Limited, Shanghai Changfeng Chemical Industrial Factory, Shenyang Zhang Ming Chemical Co. Ltd, and Tokyo Chemical Industry Co., Ltd.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global naphthenic acid market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global naphthenic acid market
Market Segmentation:
Market Segmentation:
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