Global Sulphonated Naphthalene Formaldehyde (SNF) Market Highlights over 2022 – 2031
The global sulphonated naphthalene formaldehyde (SNF) market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing application of sulphonated naphthalene formaldehyde in the construction sector as a concrete additive. SNF is a powerful water reducing agent, used for concrete and cement grouts. Addition of sulphonated naphthalene formaldehyde in concrete is known to improve tolerance in the formulation, which is estimated to boost the demand for SNF in the construction sector. Moreover, the increasing construction activities, backed by growing population and urbanization, is projected to boost the market growth. Currently, more than half of the global population is living in urban settlements. As per the data by the World Bank, 56.156% of the global population lived in urban areas in 2020. Furthermore, SNF also acts as super plasticizers, meaning, they can help produce concrete with approximately 15% less water content, which is estimated to further surge their demand in the construction sector. In addition to this, the growing demand for SNF in the textile industry as a dispersing agent for dyes, is also projected to boost the market growth.
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The market is segmented by application into water reducing agent, wetting agent, dispersing agent, super plasticizer, and others, out of which, the water reducing agent segment is anticipated to hold a substantial share in the global sulphonated naphthalene formaldehyde (SNF) market over the forecast period. The growth of the segment can be attributed to the growing use of SNF in concrete as a water reducing agent. The growth in the construction sector is estimated to boost the segment growth.
Major Macro-Economic Indicators Impacting the Market Growth
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 Programme), 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.
Global Sulphonated Naphthalene Formaldehyde (SNF) Market Regional Synopsis
On the basis of geographical analysis, the global sulphonated naphthalene formaldehyde (SNF) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to hold the largest market share over the forecast period, on the back of growing construction industry in China, and other developing countries. For instance, the construction industry in China amounted to USD 1,050 billion in 2020. Moreover, the growing demand for houses and work place, backed by rising population in the countries, including, India, China, and Japan, is projected to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of rising demand for concrete for the construction activities, backed by rising urban population. Moreover, the construction industry holds a prominent share in the economy of the United States, which is anticipated to boost the market growth in the region. The U.S. construction industry valued around USD 1.4 trillion in 2020.
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The global sulphonated naphthalene formaldehyde (SNF) market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global sulphonated naphthalene formaldehyde (SNF) market includes the following segments:
By End-Use Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing application of sulphonated naphthalene formaldehyde as a concrete additive in the construction industry is estimated to boost the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2031.
The major players in the market are MUHU Co., Ltd., Chemsons Industrial Corporation, Sure Chemical Co., Ltd., Mangalore Chemicals & Fertilizers Limited, Endeavour Industries, 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 type, application, end-use industry, and by region.
The water reducing agent segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Poor adaptability among few types of cements, and bleeding and slump loss issues associated with SNF are estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing construction activities in the region.
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