The demand for naphthenic acid will hit an approximate value of USD 89.85 billion by 2028, with growth of 2.60% for the projected period from 2021 to 2028. The market report on naphthenic acid analyses the growth that is currently rising due to the increasing demand for wood preservatives.
Naphthenic acid is a mixture of cycloaliphatic carboxylic acids that occurs naturally. The dark brown oily liquid is crude naphthenic acids derived from high-acid crude oil. They become clear yellow or orange liquids after they are processed.
The growing awareness regarding the benefits of the acid which will tends to protect wooden products from decomposition and decaying, increasing usages of acid as fuel additive in jet engines and locomotives, rising applications of the products in developing economies, high penetration along with availability of low cost of product, rising importance for engine life protection are some of the major as well as important factors which will likely to accelerate the growth of the naphthenic acid market in the projected timeframe of 2021-2028. On the other hand, expansion of construction sector along with surging levels of investment for the growth of the timber based products, increasing global aircraft fleet for commercial as well as defence purposes which will further contribute by generating immense opportunities that will led to the growth of the naphthenic acid market in the above mentioned projected timeframe.
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Global Naphthenic Acid Market Scope and Market Size
Naphthenic acid market is segmented on the basis of type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets.
- On the basis of type, the naphthenic acid market is segmented into refined naphthenic acid, and high-purity naphthenic acid.
- Naphthenic acid market is segmented in terms of market value, volume, market opportunities, and niches into multiple applications. The application segment for naphthenic acid market includes paint and ink driers, wood preservatives, fuel and lubricant additives, rubber additives, and other applications.
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Naphthenic Acid Market Country Level Analysis
Naphthenic acid market is analysed and market size, volume information is provided by country, type and application as referenced above.
The countries covered in the naphthenic acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
China dominates the Asia-Pacific naphthenic acid market due to the growing demand from furniture manufacturing companies as solvent based intermediaries for the wood preservative applications, surging levels of investment for the development of advanced infrastructure, improved standard of living of the people, increasing demand for home decoration along with rising consumption of anti-corrosive agent in aerospace industry in the region. Europe region is expected to hold the largest growth rate due to the prevalence of various market players along with increasing number of export and import activities in the region.
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