Heavy Alkyl Benzenes (HAB) Market Size, Share, Growth, and Industry Analysis, By Type (HLAB HBAB), By Application (Lubricant Addictive, Base Oil for Lubricant and Conduction Oil, Others), and Regional Forecast By 2031

Updated On: 29 April 2024

Heavy Alkyl Benzenes (HAB) Market Report Overview

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The global heavy alkyl benzenes (HAB) market size was 413.6 million in 2022, as per our research, the market is expected to reach USD 593.83 million by 2031, exhibiting a CAGR of 4.1% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, heavy alkyl benzenes (HAB) experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A by-product of the manufacture manufacturing linear alkyl benzene is heavy alkyl benzene. It is utilized in lubricating greases and heat transfer oils. It is also mentioned that it is utilized in the creation of hydraulic fluid in addition to both diesel and gasoline engine oils. During the projected period, increased lubricating oil demand from the automobile and other manufacturing sectors is anticipated to increase the overall usage of heavy alkyl benzenes.

Excellent qualities of heavy alkyl benzene include superior oxidizing and thermal stability. These characteristics makes heavy alkyl benzene a perfect lubricant. Additionally, it is used in heat transfer oil, insulation for electricity oil, and oil for refrigeration machines. Therefore, the market is anticipated to rise throughout the forecast period as a result of the growing popularity of the chemical within lubrication applications.

COVID-19 Impact

"Supply and Isolation Limitations to Deplete Market Advancement "

As many other manufacturers, heavy alkyl benzene (HAB) businesses are vulnerable to the disruption caused by the COVID-19 outbreak on a number of fronts. Numerous end-user industries, including those in the automobiles manufacturing, metal, and textiles sectors, can employ heavy alkyl benzene. The COVID-19 disruption has a significant impact on these end-user industries, which limited the heavy alkyl benzenes (HAB) market growth and use of heavy alkyl benzene (HAB) during the pandemic and proved to be a constrain to the market. Volatility in feedstock prices, difficulties with the supply chain and logistics, and erratic consumer demand additionally proved to be obstacles for commodity chemicals companies.

LATEST TRENDS 

"Rising Popularity of Dialkyl Benzene to Stimulate Market Development" 

It is anticipated that the dialkyl benzene type segment will grow significantly over the forecast period. Because it provides a superior protective layer and has a high resilience to moisture in addition to high resistance to salt water spray, dialkyl benzene is mostly utilized in fluids for metalworking as rust preventives. Due to its improved performance and low cost, metalworking soluble oil based on dialkyl benzene has been developed as a replacement to mineral lube oil.

Over the course of the forecast period, technological developments, rising research and development expenditures by key market participants, and novel product development are anticipated to generate profitable market possibilities.

Heavy Alkyl Benzenes (HAB) Market Segmentation

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• By Type

Based on type; the market is divided into HLAB, HBABHLAB is the leading part of the type segment.

• By Application

Based on the application; the market is divided into lubricant addictive, base oil for lubricant and conduction oil, others Lubricant additive is the leading part of the application segment.

DRIVING FACTORS 

"Employment in Production of Greases to Aid Market Expansion "

A good corrosion or rust preventive is heavy alkyl benzene (HAB). Typically, it is employed in the production of greases. Because it provides a superior protective layer, a high level of resistance to humidity, and a high level of resistance to salt water spray, heavy alky benzene (HAB) is employed in fluids for metalworking as a rust preventative. Given its superior performance and affordability, heavy alkyl benzene-based metalworking soluble oil had been invented as a replacement for mineral lubrication oil. In the near future, this is anticipated to drive the market for heavy alkyl benzenes (HAB).

"Long Shelf Life of the Chemical to Foster Industry Progress  "

Heavy alkyl benzene has a long shelf life and is stable in a variety of climates. Heavy alkyl benzenes are utilized as soluble in cut oils, rust inhibitors, leather substances, flat liquor, metals treatment chemicals, textile auxiliaries, ore floatation chemicals, and inks. Owing to the properties mentioned above the heavy alkyl benzenes (HAB) market share will be proliferated during the forecasted timeframe.

RESTRAINING FACTORS

"Crude Oil Prices Fluctuation to Hinder Market Advancement "

Crude oil prices fluctuate dependent on geopolitical variables.  Consequently, petrochemical product prices are similarly erratic.  Because petrochemical products including heavy alkyl benzenes are generated from crude oil, crude oil price volatility has a significant role in heavy alkyl benzenes (HAB) market share formation. 

Heavy Alkyl Benzenes (HAB) Market Regional Insights

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"Easy Access to Raw Material in Asia Pacific to Support Market Advancement  "

Asia Pacific dominated the worldwide market for heavy alkyl benzene in 2021, and it is anticipated that it will continue to do so throughout the forecast period due to the region's rapid industrialization, easy access to raw materials, skilled labor, and expanding presence of key market players. Due to the existence of significant market competitors and an abundance of raw material sources, China is predicted to dominate the Asia Pacific heavy alkyl benzenes (HAB) market.

Due to rapidly growing end-user industries and benevolent regulatory policies, the heavy alkyl benzene (HAB) market across Asia Pacific is anticipated to grow at a significant rate over the forecast period.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• CEPSA Química (Spain)
• Sasol (South Korea)
• Huntsman Performance Products (U.S.)
• PT Unggul Indah Cahaya Tbk (Indonesia)
• Reliance Industries Limited (India)
• ISU Chemical (South Korea)
• ARADET (Iraq)
• Egyptian Linear Alkyl Benzene (Egypt)
• SEEF LIMITED (Doha)
• Tamil Nadu Petro Products (India)
• Farabi Petrochemicals (Saudi Arabia)
• Fushun Petrochemical (China)
• Jintung Petrochemical (China)
• Sinopec Jinling Petrochemical (China)
• Orient Chemical (Taicang) (China)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.