Market Research Future (MRFR) studied the global naphthalene market 2021 for the analysis period till 2027. As per MRFR findings, the Global Naphthalene Market is expected to rise at 3.5% CAGR over the forecast period. By 2023, the global naphthalene market value is anticipated to touch decent amount.
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Drivers and Restrains Impacting Naphthalene Market
Naphthalene is an aromatic compound that is organic and appears as white crystalline. It is highly volatile and sublimes slowly at the room temperature. Naphthalene is extracted from petroleum and coal tar fractions during refining. Different artificially synthesized naphthalene compounds are deployed as precursors in the manufacturing of other chemicals. For example, acids of naphthalene sulfonic are used in the synthesis of pharmaceuticals, dyestuffs, and other chemicals. Moreover, it finds applications in other end-use industries, such as; rubber, textile, agrochemical, and building construction.
The market of naphthalene is expected to surge owing to the rise in demand for naphthalene as a precursor in the manufacturing of agrochemicals and construction chemicals that primarily attributed to the growing for plasticizers in concrete to boost strength and workability. For instance, naphthalene sulfonate polymers also known as superplasticizer are used in the production of fiber-reinforced and high strength concrete. Additionally, the upscaling surging demand for naphthalene derivatives in the production of insecticides in the agrochemical industry can fuel the naphthalene market in the years ahead.
The growing use of naphthalene-based compounds as intermediates in the synthetic dyes preparation in textile industry and dye dispersing agents can further creating lucrative growth prospects for new players entering in the global market of naphthalene.
However, acute exposure of naphthalene and its derivates can result in health-related hazards, such as; hemolytic anemia, cataract, cancer, and retinal hemorrhage, which is likely to restrain the market growth. In addition, the strict government norms and regulations regarding the application of naphthalene and its derivatives can pose a threat to the global naphthalene market. For example, on account of VOC emissions, health issues related to naphthalene led the European Union (EU) to ban the supply of naphthalene-based products.
Segmentation Assessment of Naphthalene Market
The global naphthalene market’s segmented analysis is based on application, source, end-use, and industry.
By source, the segments of the global market of naphthalene are petroleum and coal tar.
By application, the segments of the global market of naphthalene are plasticizer, surfactant wetting agent, and pesticide among others.
By end-use industry, the segments of the global market of naphthalene are agriculture, chemical, building construction, textile, pharmaceuticals, and polymer among others.
Regional Analysis of Naphthalene Market
The naphthalene market in the Asia Pacific region can dominate the global naphthalene market and can register the highest CAGR through the review period. The rising industrialization and increase in constructional activities across the region can support the market growth in APAC. The increasing demand for naphthalene and its derivatives, such as; naphthalene sulfonate formaldehyde (NFS), in concrete admixtures and also in the manufacture plasterboards, can favor the market. The growing application of naphthalene products in the manufacturing of fumigant insecticides for vast arable lands owing to the surge in need for high-quality crop protection chemicals can drive the regional market in the near future. China, a large consumer of naphthalene that can contribute to the propulsion of the naphthalene market growth.
In North America, the naphthalene market accounted for a substantial share by 2023. The growing need for plasticizer to manufacture plasterboards and concrete in constructional applications due to increase in commercial and residential activities in the US is anticipated to drive the regional market. In Europe, the utility of naphthalene in the manufacturing of different intermediates in coatings and pharmaceutical industry can augment the rise of the EU market. EU naphthalene market is expected to register moderate growth pace over forecast term owing to the high consumption of naphthalene sulfonates as constructional additives.
In Latin America and the Middle East Asia Africa regions, the market of naphthalene can show substantial growth through the forecast term due to the rise in construction activities and industrialization in these regions.
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Key Players of Naphthalene Market
BASF SE (Germany), Industrial Koppers Inc. (US), Química del Nalón S.A. (Spain), Merck KGaA (Germany), Carbon Tech Sepahan Chimie complex (Iran), PCC Rokita SA (Poland), Compro Shijiazhuang Fine Chemical Co (China), DEZA a. s. (Czech Republic), WUXI KINGHAN BIO-MEDICALCHEMICAL INC. (China), and Rain Carbon Inc.(India) are some of key players in the global market of naphthalene that listed by MRFR.