The global naphthol AS-IRG market is estimated to garner a large amount of revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the escalating utilization of the chemical for pigment manufacturing, coating material production, and textile dyeing and printing all around the world. Along with this, growing use of organic pigments as colorants in the plastics industry, and rising usage of naphthol AS-IRG for synthesis of active pharmaceutical ingredients are also expected to drive market growth in the forthcoming years.
Furthermore, rapid surge in urbanization globally, and increasing number of construction activities are projected to offer ample growth opportunities to the market in the near future. According to the World Bank, 56.156% of the total population of the world lived in urban areas in 2020, up from 55.72% in 2019 and 55.277% in 2018. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by application into azoic dye, organic pigments, coating materials, agricultural chemicals, yellow 83, medicinal ingredients, and others, out of which, the azoic dye segment is anticipated to hold the largest share in the global naphthol AS-IRG market. This can be accounted to the high demand for azoic dyes worldwide for producing bright shade of colors such as red, navy blue, orange and black. Additionally, on the basis of end user, the plastics segment is predicted to occupy the largest share during the forecast period owing to the increasing demand for plastic products across the globe. Apart from this, rise in usage of the chemical to impart colors to plastic polymers is also assessed to boost the growth of the market segment in the future.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global naphthol AS-IRG market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of the high manufacturing output of textiles, plastics and construction industries in the region. In 2020, plastic products amounting for a production value of approximately 80 million metric tons were produced in China, up from 72 million metric tons in 2019 and 70 million metric tons in 2018 respectively. In addition, growing consumption and production of organic pigments, especially in China and India is also expected to fuel the growth of the market in the region in the upcoming years. Moreover, the market in North America is also projected to grab a notable share during the forecast period ascribing to the rapidly growing packaging industry, and rising demand for the product in paint and printing ink applications in the region.
The global naphthol AS-IRG market is further classified on the basis of region as follows:
Our in-depth analysis of the global naphthol AS-IRG market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are escalating utilization of the chemical for pigment manufacturing, and textile dyeing and printing, and growing use of organic pigments as colorants in the plastics industry.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
Availability of alternatives for naphthol AS-IRG is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the
The major players in the market are PRAVIN DYECHEM PVT. LTD, Qingdao Longyuntong Corporation, Jiangsu Tianbo Chemical Co.Ltd., Laxmi Organic Industries Limited, Merck KGaA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end user, and by region.
The azoic dye segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
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