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Naphthenic Acid Market

Market Insights on Naphthenic Acid covering sales outlook, demand forecast & up-to-date key trends

Naphthenic Acid Market By Type (Refined Naphthenic Acid, High-purity Naphthenic Acid), Application (Rubber Additives, Paint & Ink Driers, Fuel Lubricants & Additives, Wood Preservatives), Sales Channel (Direct Channel, Distributor) & Region - Forecast 2022-2032

Naphthenic Acid Market Overview

Global Naphthenic Acid demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032. The rise in demand for wood and textile preservatives is the primary driver of the market.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 5 Billion

Expected Market Value (2022)

US$ 5.3 Billion

Anticipated Forecast Value (2032)

US$ 8.8 Billion

Projected Growth Rate (2022-2032)

5.2% CAGR

Naphthenic acid is a complex mixture of primarily naturally occurring organic acids obtained through saponification and acidification from petroleum fractions. Naphthenic acid in crude oil is recovered from refinery streams that occur naturally and are not formed during the refining process. Heavy crudes have the highest acid content, while paraffinic crudes frequently have low acid content.

Although Naphthenic acids have been found in nearly all crude oil varieties, only certain crudes based on Naphthenic acid produce sufficiently high levels to necessitate treatment to meet product specifications. Petroleum distillate caustic extraction, primarily kerosene and diesel fractions, yields naphthenic acid. Naphthenic acid is an important industrial chemical that is primarily used to synthesize metal naphthenate salts as a compound.

Which are Some Prominent Drivers Spearheading Naphthenic Acid Market Growth?

Copper and zinc naphthenate, naphthenic acid salts of copper and zinc, are used in wood preservation and to protect other cellulosic materials from decay fungi and insects. Their inclusion in wood preservatives aids in the preservation of wood products such as fences, poles, and furniture, as well as timber surfaces and structures in buildings.

The sun, extremes of temperature and humidity, or fungi and insects can all cause decay. Growing furniture production and a thriving construction industry are expected to drive demand for wood preservatives, and thus demand for naphthenic acid, over the next few years.

According to the China Furniture Association, the five major furniture manufacturing bases are home to over 100,000 furniture manufacturers. Malaysia had the highest volume of wooden furniture exports, followed by Thailand. Malaysia and China dominated the export market for office wooden furniture. Overall, the growing furniture market is expected to fuel the consumption of wood preservatives, which will increase demand for naphthenic acid over the forecast period.

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What are the Challenges Faced by the Naphthenic Acid Industry?

The environmental degradation caused by naphthenic acid is expected to significantly stifle the market's growth.

Why is Asia-Pacific emerging as an Opportunistic Naphthenic Acid Market?

The demand for naphthalene acid in China is expected to skyrocket due to increased demand from furniture manufacturers for solvent-based intermediaries for wood preservative applications. China is the world's largest producer, consumer, and exporter of furniture.

It accounts for roughly 40% of global furniture production. Real estate sales drive the country's furniture industry. According to the Global Infrastructure Outlook report, China, Japan, South Korea, India, and Singapore are the major countries with infrastructure investment needs, accounting for more than half of the global infrastructure market.

Rising demand for home decoration, rising living standards, and its use in aerospace applications as an anti-corrosive agent in the production of jet fuel are all expected to boost naphthenic acid consumption in the country. China is expected to be the world's largest single country market for civil aircraft sales over the next 20 years.

The country currently operates 2,185 general aviation aircraft. Furthermore, it intends to construct over 5,000 aircraft and 500 airports by 2020, which is expected to increase demand for jet fuel in the country. The market for naphthenic acid in the region is expected to grow during the forecast period due to all of the aforementioned factors.

Nikhil Kaitwade
Principal Consultant
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How is Europe Contributing to Growth of the Naphthenic Acid Market?

According to Future Market Insights, Because of the prevalence of various market players, as well as the increasing number of export and import activities in the region, the Europe region is expected to have the highest growth rate.

Market Competition

The global naphthenic acid market is highly concentrated, with the top three players accounting for the vast majority of global market share. Merichem Company, Umicore Cobalt & Specialty Materials (CSM), and Midas Chemical Company Limited are among the market's major players.

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Report Scope

Report Attribute

Details

Growth Rate

CAGR of 5.2% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Type
  • Application
  • Sales Channel
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South East Asia & Pacific
  • China
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Poland
  • Russia
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Merichem Company
  • Umicore Cobalt & Specialty Materials (CSM)
  • Midas Chemical Company Limited

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Key Segments Profiled in the Naphthenic Acid Industry Survey

Type:

  • Refined Naphthenic Acid
  • High-purity Naphthenic Acid

Application:

  • Rubber Additives
  • Paint & Ink Driers
  • Fuel Lubricants & Additives
  • Wood Preservatives

Sales Channel:

  • Direct Channel
  • Distributor

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global Naphthenic Acid market to expand at a 5.2% value CAGR by 2032

Asia Pacific is expected to be the most opportunistic Naphthenic Acid market.

Merichem Company, Umicore Cobalt & Specialty Materials (CSM), and Midas Chemical Company Limited are some prominent Naphthenic Acid manufacturers

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Nikhil Kaitwade
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Naphthenic Acid Market