Refined Naphthenic Acids Market Scope
The refined naphthenic acid market has high growth prospects on account of increasing demand from the end-user industries including paint driers, wood preservatives, fuel and lubricant additives, rubber additives, and others. Moreover growing chemical industry globally and rising demand from the developing economies expected to fuel the market growth during the forecasted period.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Merichem (United States), Umicore (Belgium), Zhangming (China), Midas Chemical Company Limited (China), Shanghai Changfeng Chemical Industrial Factory (China) and Shenyang Zhang Ming Chemical Co., Ltd. (China) |
CAGR | 4.8% |
Market players are focusing on partnerships, collaborations, and new product launches in order to increase their offerings in the synthetic fibers market. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product offerings. Research Analyst at AMA estimates that China Vendors will contribute to the maximum growth of Global Refined Naphthenic Acids market throughout the predicted period.
Merichem (United States), Umicore (Belgium), Zhangming (China), Midas Chemical Company Limited (China), Shanghai Changfeng Chemical Industrial Factory (China) and Shenyang Zhang Ming Chemical Co., Ltd. (China) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Refined Naphthenic Acids market by Type , by Application (Paint Driers, Wood Preservatives, Fuel and Lubricant Additives, Rubber Additives and Others) and Region with country level break-up.
On the basis of geography, the market of Refined Naphthenic Acids has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In January 2020 Corporate restructuring by way of the Merger of two Umicore entities in India viz., Umicore Anandeya India Private Limited (Transferor Company) and Umicore Autocat India Private Limited (Transferee Company) is in process. As required in Indian Law, the Scheme of the merger was filed with National Company Law Tribunal (NCLT) to seek its approval for the proposed scheme of Merger.
In July 2022 Umicore announced its plans to construct a manufacturing facility for cathode active battery materials (CAM) and their precursor materials (pCAM) in Ontario, Canada. For Umicore, this investment represents the final step in establishing a truly global production presence with battery material value chains that are regionally fully integrated to support its customers in their fast transformation towards sustainable electric mobility.
Spent caustic solutions from petroleum refining liquid treating processes used as a feedstock to produce cresylic or naphthenic acid unless the material is placed on the land, or accumulated speculatively as defined in 40 CFR section 261.1(c). Refer to 40 CFR section 261.4(a)(19)
Refined Naphthenic Acids Market Dynamics:
Attributes | Details |
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Trends Influencing Market | - Growing Applications of Paint Driers
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Key Restraints | - Stringent Government Regulations for Chemical Industry
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Challenges | - Fluctuating Raw Material Prices
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Market Opportunities | - Increasing Demand for Wood Preservatives
- Growing Demand from the Developing Economies
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Key Target Audience
Refined Naphthenic Acids Providers, Government Agencies, Commercial Research & Development Institutions, Government Organizations, Research Organizations, and Consulting Firms, Trade Associations and Industry Bodies and Others