Surging demand from automotive sector is expected to augment the global alkylated naphthalene market growth.
NEW YORK, Oct. 07, 2021 (GLOBE NEWSWIRE) -- The global alkylated naphthalene market is expected to be US$ 175.9 Mn in 2028 and is anticipated to register a CAGR of 5.5% from 2021 to 2028.
Regional Growth:
Lubricating property of alkylated naphthalene is increasing its demand from automotive sector. Stringent government regulations related to product standards and increasing demand for luxury vehicles is expected to augment the alkylated naphthalene growth in North America. The demand for vehicles is growing, as the consumers spending on automotive is increasing. Country such as the US is witnessing high growth in the sale. Auto makers such as BMW sold 278,730 and Audi sold 186,600 vehicles in 2020. It is estimated that there will be 287 million vehicles by the end of 2020. These vehicles are provided with better quality lubricants in order to enhance the performance.
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Alkylated Naphthalene is high performance oil that is either used directly or as modifiers in other base oil. The revenue generated from the sale of total lubricants in the US was US$ 20 billion in 2019. The rise in demand for high quality lubricants is expected to increase sale of alkylated naphthalene as an additive. Product manufacturers are engaged in R&D activities for development of more efficient product. Through introduction of new products they are attracting new customer which is responsible for the rise in company revenue and customer base.
Increasing demand from industrial sector for enhanced lubricant in the Asia Pacific region is expected to drive the market growth in the near future. Rapid industrialization in the emerging economies, coupled with establishment of new manufacturing facilities is increasing demand for lubricants that provide better performance under high temperature. Countries such as Vietnam, Singapore, and India are spending high on the development of industrial infrastructure. Adoption of hydraulic systems by various end use industries is anticipated to increase the demand for fluids with alkylated naphthalene. The government of emerging economies is facilitating favorable business policies; with the easy availability of raw material and low cost labor the players are shifting the production units to the region.
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Market Dynamics:
Automotive sector is a major consumer of lubricants, the global sale of vehicles in 2020 was 779,712,34 units. Smooth functioning of engine is increasing automakers dependency on lubricants, further increasing demand for alkylated naphthalene. Increasing sale of passenger vehicles in countries such as China, India, etc., and rising demand for lubricants with thermal and thermo-oxidative stability is expected to increase demand for alkylated naphthalene. India’s GDP growth is expected increase to 9.5% in 2022, due to high investment in various sectors and increased consumer spending. Likewise countries such as Singapore and South Korea are witnessing high economic growth. Rapid growth in the industry verticals such as mechanical and energy is expected to bolster the alkylated naphthalene market growth.
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There are other synthetic lubricants that are used such as Polyalphaolefins (PAOs), and polyalkylene glycol (PAG) act as an alternative to the alkylated naphthalene. Availability of other alternatives and fluctuating raw material prices are factors expected to hamper the growth of global alkylated naphthalene market. In addition, stringent government regulations related to food grade products is expected to challenge the growth of target market. The government is imposing various regulations in order to maintain the safety and standard of the food products during manufacturing process. However, encouraging business policies by the government and high investment for R&D activities are factors expected to create new opportunities for players operating in the target market. In addition, increasing merger and acquisition activities by major players to enhance the business is expected to support the revenue transaction of target market.
The global alkylated naphthalene market is segmented into grade, viscosity index, and application. The grade segment is divided into food and standard. Among grade, the standard segment is expected to account for major revenue share in the global market. The application segment is bifurcated into automotive engine & gear oils, heat transfer oils, hydraulic fluids, industrial lubes & greases, compressor oils, paper machine oils, and others. Players profiled in the global alkylated naphthalene market are Quaker Chemical Corporation, King Industries, Inc., ExxonMobil Corporation, Kao Corporation, NOVITAS CHEM SOLUTIONS LLC, Shanghai NACO Lubrication Co., Ltd., Nease Co. LLC, Huntsman Corporation, Akzo Nobel N.V., and GEO Specialty Chemicals, Inc.
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