NAPHTHENIC ACID MARKET ANALYSIS
The global naphthenic acid market size was valued at USD 64821.7 thousand in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 1.59 % from 2022 to 2030. The market for naphthenic acid is expected to witness significant growth due to rising demand for textile and wood preservatives. The market will also get benefit from the increasing construction industry. Increasing investments in infrastructure development and the growing standard of living are further projected to augment market growth.
Global Naphthenic Acid Market Trends:
Increasing paints and coatings industry is expected to emerge as a major trend for naphthenic acid market. According to the Canadian Paint & Coatings Association, the industry’s economic output was around USD 12 billion at present.
Growing demand from military industry for manufacturing napalm is expected to propel market growth. Moreover, increasing demand for insecticide-resistant pests is again augmenting market growth.
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