NEW YORK, Dec. 3, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, global Naphthalene Derivatives Market Dynamics, Recent Developments, and Strategic Insights by 2031 is observing significant growth owing to the growth of the construction industry.
The naphthalene derivatives market analysis focuses on form, derivative type, and end-use industry that are expected to contribute to the market strength in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
The report from The Insight Partners, therefore, provides several stakeholders-including raw material suppliers, manufacturers, distributors/suppliers, and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
The List of Companies - Naphthalene Derivatives Market
- JFE holdings Inc
- Stepan Co
- Nouryon Chemicals Holding BV
- Merck KGaA
- Hefei TNJ Chemical Industry Co.,Ltd.
- Himadri Speciality Chemical Ltd
- Chempro Group
- Methanol Chemicals Co
- MUHU (China) Construction Materials Co., Ltd.
- PCC SE
- Rain Industries Ltd
- King Industries, Inc.
- MP Biomedicals
- Shandong Jufu Chemical Technology Co., Ltd.
- Nan Ya Plastics Corp
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Overview of Report Findings
1. Market Growth: The naphthalene derivatives market is expected to reach US$ 5.04 billion by 2031 from US$ 3.83 billion in 2023, recording a CAGR of 3.5% during the forecast period. Naphthalene derivatives are colorless solid compounds having a melting point of 123°C to 124°C. These toxic compounds are insoluble in water and benzene, and highly soluble in alcohol and ether. Naphthalene derivatives can disperse colloids and enhance the solubility of hydrophobic compounds, which are utilized as wetting agents, surfactants, and insecticides. Naphthalene is used at a vast scale in the production of phthalic anhydride, which is applied as an intermediate to make plasticizers for polyvinyl chloride synthesis. It is also employed in the production of alkyd resin polymers that are used in paints and varnishes.
2. Growth of Construction Industry: Factors such as population increase, urbanization, and favorable economic conditions significantly drive the growth of the housing market. According to Redfin, 284,121 houses were sold in the US in January 2024, recording a 1.8% surge than the units sold in January 2023. Residential construction is a crucial aspect of the private sector. The US witnessed a noteworthy increase of US$ 856.3 billion to a seasonally adjusted annual rate in June 2023, marking a 0.9% rise from the revised estimate of US$ 848.6 billion for May 2023. Derivatives such as naphthalene sulfonates are used as superplasticizers in concrete. These compounds play a major role in improving the workability of concrete, facilitating more effective dispersion of cement particles.
3. Surging Demand for Agrochemicals: The increasing global population has positively contributed to the demand for food production. As per Our World in Data, the US, Brazil, and China reported soybean production of 116.38 million tonnes, 120.7 million tonnes, and 20.28 million tonnes, respectively, in 2022. Also, the sugar beet production in France increased from 26.16 million tonnes in 2020 to 31.50 million tonnes in 2022. The high demand for food production has further created the need for efficient and high crop yields, thereby propelling the use of agrochemicals in farming practices. Sulfonates are the most commonly used naphthalene derivatives in the agrochemical industry. It is used as a dispersant in pesticide and insecticide formulations for uniform distribution of active ingredients.
4. Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Report Scope
Feature of the Report | Details |
Market Size in 2023 | US$ 3.83 billion in 2023 |
Projected Market Size in 2031 | US$ 5.04 billion by 2031 |
CAGR Growth Rate | 3.5 % |
Base Year | 2023 |
Forecast Period | 2023-2031 |
Key Segment | By Type, Application, Connectivity and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Market Segmentation
- Based on form, the naphthalene derivatives market is segmented into powder and liquid. The powder segment held a larger market share in 2023.
- By derivative type, the naphthalene derivatives market is segmented into sulfonated naphthalene formaldehyde, phthalic anhydride, naphthalene sulfonic acid, alkyl naphthalene sulfonate salts, and others. The phthalic anhydride segment held the largest share of the market in 2023.
- By end-use industry, the naphthalene derivatives market is segmented into building and construction, agrochemicals, textiles, pharmaceuticals, oil and gas, dyes and pigments, and others. The building and construction segment held the largest market share in 2023.
- The naphthalene derivatives market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few major companies operating in the naphthalene derivatives market include JFE holdings Inc; Stepan Co; Nouryon Chemicals Holding BV; Merck KGaA; Hefei TNJ Chemical Industry Co., Ltd.; Himadri Speciality Chemical Ltd; Chempro Group; Methanol Chemicals Co; MUHU (China) Construction Materials Co., Ltd.; PCC SE; Rain Industries Ltd; King Industries, Inc.; MP Biomedicals; Shandong Jufu Chemical Technology Co., Ltd.; and Nan Ya Plastics Corp.
- Trending Topics: Technological innovations, growing demand from emerging economies, etc.
Global Headlines on Naphthalene Derivatives
- "ACC, API Launch New Workgroup to Address Regulatory Proposals for Naphthalene"
- "BASF and UPC sign Memorandum of Understanding to strengthen strategic cooperation on plasticizer alcohols and catalysts"
- "Moving spacecraft with mothball power"
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Conclusion
Naphthalene derivatives are used in industries such as building and construction, textiles, pharmaceuticals, agrochemicals, and paints and coatings. For example, naphthalene sulfonate-based superplasticizers are used in concrete admixture. The demand from this sector is linked to construction activity. Derivatives are also significantly used in the production of plastics, resins, and polymers. Further, naphthalene derivative-based paints and coatings have numerous applications in the building and construction, and textiles industries. Furthermore, naphthols are used in the production of dyes and pigments. Naphthalene derivatives are used as intermediates for the production of pesticides and insecticides, which aid in the control of moths and flies, and repel squirrels and bats. Thus, the global naphthalene derivatives market is driven by factors such as the growth of the construction industry and the surging demand for agrochemicals.
Check out more related reports by The Insight Partners:
Refined naphthalene Market Size and Forecasts 2021 - 2031
Formaldehyde Market Size and Forecasts 2021 - 2031
Melamine Formaldehyde Market Size and Forecasts 2021 - 2031
Phthalic Anhydride Market Size and Forecasts 2021 - 2031
Naphthalene Sulfonate Market Size and Forecasts 2021 - 2031
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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