Naphthalene Derivatives Market size is estimated to surpass USD 35.81 Billion by the end of 2035, growing at a CAGR of 6.5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of naphthalene derivatives was over USD 16.28 Billion. Agrochemical companies frequently use naphthalene derivatives because of their low volatility and lack of scent. Due to their extended range of industrial uses, the availability of naphthalene derivatives in a number of compositions, such as salts, alcohols, and others, is anticipated to drive market growth. According to study, the global market for agrochemicals was expected to be valued around USD 217.24 billion dollars in 2021. In 2030, this is anticipated to rise to about USD 279 billion dollars.
Another factor projected to fuel expansion of the global naphthalene derivatives market over the forecast period is the growing use of naphthalene derivatives in manufacturing facilities across a variety of sectors, including paints & coatings, is a key reason fueling the market's expansion.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~ 6.5% |
|
Base Year Market Size (2022) |
~ USD 16.28 Billion |
|
Forecast Year Market Size (2035) |
~ USD 35.81 Billion |
|
Regional Scope |
|
Growth Drivers
Challenges
Form (Liquid, Powder)
With a 60% revenue share, the powder sector of the naphthalene derivatives market is predicted to have the quickest growth rate throughout the projected period. The primary factors behind the increased demand for powdered form of naphthalene derivatives are their simple availability in powdered form at room temperature and their ease of transportation and packaging in compared to liquid form.
End User (Construction, Agro-Chemicals, Textiles, Oil & Gas, Paints & Coatings, Pulp & Paper, Pharmaceuticals)
Construction held the biggest end-user revenue share of the naphthalene derivatives market at 28%. The demand from the construction sector is being driven by the growing usage of naphthalene derivatives such as SNF and phthalic anhydride, which are employed as superplasticizers in concrete and the production of PVC plastics in the development of infrastructure. For instance, the world’s production of PVC in volume accounted for more than 44 million metric tons in the year 2018.
Our in-depth analysis of the global naphthalene derivatives market includes the following segments:
|
Form |
|
|
Product |
|
|
Source |
|
|
End User |
|
APAC Market Forecast
The Asia Pacific region is likely to dominate the naphthalene derivatives market over the projected timeframe and is estimated to have 35% market share. With the largest population in the world and a high concentration of garment sectors, APAC. The improvement in consumer purchasing power brought about by the economy's progress has increased per-capita consumption of goods, including textiles, which is fueling the expansion of the APAC textiles sector. In Asia Pacific region, consumer expenditure on apparel is anticipated to reach USD 756.84 billion in 2021, up 18% from the USD 647.26 billion spent in 2020.
European Market Statistics
The naphthalene derivatives market in Europe is anticipated to have a 25% revenue share during the forecasted year due to the significant presence of the medical and agrochemical industries in the area. Furthermore, it is projected that the market would expand as a result of the region's strict norms and restrictions regarding the use of naphthalene derivatives.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?