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The Alkylated Naphthalene Market size is forecast to reach US$156.1 million by 2027, after growing at a CAGR of 5.3% during the forecast period (2022-2027). Alkylated naphthalene is a result of a reaction of olefins with a naphthalene nucleus that results in a base oil with excellent thermal and oxidative stability. It has good hydrolytic stability and can also be mixed with other synthetic hydrocarbons, mostly polyalphaolefin. They are used in a wide range of applications which include automotive engine and gear oils, hydraulic fluids, heat transfer oils, turbine oils, industrial lubricants and greases, compressor oils, paper machine oils, and other applications. In 2020, Martin, American aerospace, defense corporation, observed the highest revenue improvement of US$ 5.6 billion, an increase of 9% during the fourth quarter of 2020, owing to the increasing production of F-35 combat aircraft. An increase in demand from aerospace and power generation industries acts as the major driver for the market. On the other hand, health hazards associated with the use of naphthalene may act as a major constraint for the market.
COVID-19 Impact
There is no doubt that the COVID-19 lockdown has significantly reduced automotive, and production activities which in turn, has resulted in the country-wise shutdown of automotive sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of automotive in 2020 due to a lack of operations across multiple countries around the world. According to OICA (International Organization of Motor Vehicle Manufacturers), the production of automobiles decreased by 16% globally in the year 2020, compared to 2019. However, a slow recovery in the automotive industry has been witnessed across many countries around the world since 2021. For instance, recent insights from OICA states that the total automobile production in 2021 in Europe, America, Asia, and Africa increased by 25%, 17%, 28%, and 37% respectively in comparison to 2020.
In this way, a steady increase in automotive production activities is expected to increase the demand for alkylated naphthalene since it is primarily used in the production of automotive engine oils and lubricants required for the smooth functioning of the automotive engines and other moving components. This indicates a slow and steady recovery of the market in the upcoming years.
Alkylated Naphthalene Market Segment Analysis – By Application
Automotive engine and gear oils held the largest share in the Alkylated Naphthalene Market in 2021 and it is expected to grow at a CAGR of 5.4% between 2022 and 2027, owing to its increasing demand from the automotive sectors across multiple regions. For instance, recent insights from the European Automobile Manufacturers’ Association (ACEA) states that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America, and 9.6 million in North America respectively. In this way, an increase in automotive production in multiple regions across the world is expected to increase the demand for alkylated naphthalene for use in automotive engine oils and gear oils required for the smooth functioning of the automobile engines and other moving components. This is anticipated to drive the growth of the market during the forecast period.
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Alkylated Naphthalene Market Segment Analysis – By End-Use Industry
The automotive industry held the largest share in the Alkylated Naphthalene Market in 2021 and is expected to grow at a CAGR of 5.6% between 2022 and 2027, owing to an increase in demand for automotive production across the world. For instance, according to a recent study published by the German Association of Automotive Industry during the fourth quarter of 2020, the new registration of motor vehicles reached up to 16,763 units in Europe, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5180 units in other regions worldwide. Likewise, according to the European Automobile Manufacturers Association (ACEA), the demand for new passenger cars significantly increased by 25.2% from January-June 2021 in Europe and reached around 5.4 million units in total.
Alkylated naphthalene is primarily used in the production of automotive engine oils and lubricants required for smooth functioning and enhanced performance of the engines. Thus, an increase in the production of automobiles is expected to increase the demand for alkylated naphthalene, leading to market growth during the forecast period.
Alkylated Naphthalene Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Alkylated Naphthalene Market in 2021 up to 28%. The consumption of alkylated naphthalene is particularly high in this region due to its increasing demand from the automotive and aerospace sectors. For instance, a recent study published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 states that around 25 million, 3.5 million, 8 million, and 3.4 million units of vehicles were produced in China, South Korea, Japan, and India, respectively, which in turn, contributed to approx. 50% of the global automobile production during the year 2020. Likewise, according to the Department of Promotion Industry and Internal Trade (DPIIT), the Indian Automobiles market invested around US$24.5 million worth of FDI (Foreign Direct Investment) during the year June 2020.
Furthermore, in September 2021, the Indian government acquired 56 Airbus C295 aircraft as a replacement to the Indian Air Force (IAF) AVRO fleet. It involves the full development of a complete industrial system which includes manufacture, assembly, test, qualification, delivery, and maintenance of the complete lifespan of the aircraft. In this way, such increasing production of automobiles and aircraft in the region is expected to increase the demand for alkylated naphthalene for use in engine oils, gear oils, hydraulic fluids, and lubricants to enhance the performance of automotive engines, along with gas turbines, gear systems and engines used in aircraft. This is expected to boost the growth of the Alkylated Naphthalene Market during the forecast period.
Alkylated Naphthalene Market – Drivers
An increase in demand from the aerospace industry is most likely to increase demand for the product
According to recent insights from the International Air Transport Association, Boeing has over 400 737 MAX aircraft in its inventory that is yet to be delivered and it has stated plans to increase its production of the model to 31 per month by the end of 2022. Similarly, Airbus increased its production of A320s to 45 per month in 2021. Airbus delivered around 460 commercial aircraft while Boeing delivered 230 commercial aircraft in 2021. In January 2021, FedEx Express invested around US$ 6.6 billion for the production of 24 medium and large Freighters from Boeing. Furthermore, Martin, American aerospace, defense corporation, observed the highest revenue improvement of US$ 5.6 billion, an increase of 9% during the fourth quarter of 2020, owing to the increasing production of F-35 combat aircraft.
Alkylated naphthalene is primarily used in the production of engine oils, gear oils, hydraulic fluids, and lubricants required for use in aircraft engines and gas turbines along with gear systems in pumps, starters, and more. It plays a significant role in various functions of the aircraft engines which include lubrication, corrosion protection, cooling, noise reduction, and propeller operations. Hence, an increase in global aircraft production activities is expected to increase the demand for alkylated naphthalene, leading to the growth of the market in the upcoming years.
An increase in demand from the power generation industry is most likely to increase demand for the product
Alkylated Naphthalene is used in the production of turbine oils for use in wind and thermal power generation projects. The use of turbine oils helps prevent the turbine from corrosion, rust, and protects it from deposits. They help in minimizing sludge and buildup, owing to their high anti-oxidation reserves and excellent thermal stability at high temperatures.
For instance, the government of the UK invested around US$ 8.8 billion for an offshore wind power generation project. The project involves around 165 turbines to be installed in water depths between 30m and 40m, with heights of 204m and a nominal power of 8,000kW. The project began in 2019 and is expected to be completed by the end of 2022. Likewise, the government of UAE invested around US$ 550 million for the construction of a 1,026.3 MW combined power plant in Al Layyah, Sharjah as a part of the expansion of the existing 896 MW power plant. The expansion consists of two thermal energy recovery boilers, two gas turbines, and one steam turbine. The project is expected to be completed by the fourth quarter of 2022. Furthermore, the Middle East’s largest wind power project in Saudi Arabia, a 400 MW Dumat Al Jandal utility-scale wind farm project, is scheduled to be completed by the end of 2022. Thus, the increasing wind and thermal power projects are expected to increase the demand for alkylated naphthalene for the production of turbine oils required for the efficient functioning of turbines used in such power generation projects. This is likely to propel the growth of the market in the upcoming years.
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Alkylated Naphthalene Market – Challenges
Health hazards associated with the use of naphthalene may confine the market growth
According to Environmental Protection Agency (EPA), acute exposure to naphthalene by inhalation, ingestion, and dermal contact is commonly associated with hemolytic anemia, damage to the liver, along with neurological damage in some cases. Common symptoms of acute exposure include nausea, headache, vomiting, malaise, diarrhea confusion, anemia, convulsions, jaundice, and coma. Moreover, chronic exposure of workers to naphthalene is also reported with cases of cataracts and retinal hemorrhage. Thus, such health hazards associated with the use of naphthalene may confine the growth of the market.
Alkylated Naphthalene Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Alkylated Naphthalene Market. Alkylated Naphthalene top 10 companies are:
Quaker Chemical Corporation
ExxonMobil Corporation
King Industries, Inc.
Shanghai Naco Lubrication Co., Ltd.
Kao Corporation
Novitas Chem Solutions LLC
Nease Co. LLC
Huntsman Corporation
Akzo Nobel N.V.
GEO Specialty Chemicals, Inc.
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Key Takeaways
Automotive engine and gear oils in Alkylated Naphthalene Market is expected to see the fastest growth, especially during the forecast period, owing to its increasing demand from the automotive sectors across the world. According to the German Association of the Automotive Industry (VDA), the global expenditure rose to US$ 51.5 billion in 2020, out of which the German automotive industry accounts for more than one-third of total global R&D expenditure in the automotive sector.
Alkylated naphthalene has a wide range of properties which include good hydrolytic stability, improved additive effectiveness, seal compatibility enhancement, along with excellent thermal and oxidative stability for long lubricants life which makes them ideal for use in automotive, power generation, and aerospace industries.
Asia-Pacific dominated the Alkylated Naphthalene Market in 2021, owing to the increasing demand for alkylated naphthalene from the automotive sectors of the region. According to the European Automobile Manufacturers’ Association (ACEA), the total passenger car production in Asia-Pacific reached up to 34 million during the fourth quarter of 2020.
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