Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Nephthalene Derivatives Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The global naphthalene derivatives market has grown strongly in recent years, from $9.05 billion in 2023 to $9.79 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the past can be linked to historical advancements in the chemical industry, expansions within the dye and pigment sectors, utilization in plasticizers and polymers, involvement in pesticides and agrochemicals, as well as significant contributions to the construction industry.
The global naphthalene derivatives market is expected to see continued strong growth in the next few years, to reach $13.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected expansion can be credited to the upsurge in the textile dyeing sector, advancements in construction material innovation, heightened demand within the electronics industry, the uptick in eco-friendly chemistry initiatives, and expanded exploration into pharmaceutical applications. Key trends anticipated in this period involve pioneering solutions, strategic partnerships, a concentrated emphasis on healthcare and pharmaceutical sectors, increased exploration within agrochemicals, and the emergence of high-performance polymers.
The growth expected in the naphthalene derivatives market is closely tied to the expansion of the textile industry. This sector encompasses research, design, production, and distribution of textiles and apparel. Increasing living standards and higher discretionary income drive spending in fabrics and textiles, utilizing naphthalene derivatives for dyeing and bleaching. As per the National Council of Textile Organizations (NCTO) report in May 2023, the U.S. textile sector witnessed a notable increase in shipments, reaching $65.8 billion in 2022 from $64.04 billion in 2021. The surge in U.S. exports of textiles and apparel to the Western Hemisphere notably contributed to the rising demand propelling the naphthalene derivatives market.
The burgeoning construction sector is poised to significantly impact the naphthalene derivatives market. These derivatives, instrumental in producing concrete additives like superplasticizers and plasticizers, enhance concrete's durability and workability, thereby fostering heightened demand in construction. Notably, a report by the UK's Office for National Statistics in March 2023 highlighted a 0.3% increase in quarterly construction production in Q4 2022 compared to Q3 2022. Moreover, after a remarkable 12.8% growth in 2021, the annual construction production witnessed a 5.6% rise in 2022 over 2021. This growth trajectory in construction directly fuels the expansion of the naphthalene derivatives market.
Technology advancement is a key trend gaining popularity in the naphthalene derivatives market. Major companies in the naphthalene derivatives market are advancing with their new technology, such as Ecofining technology, in the naphthalene derivatives market. For instance, Honeywell, a US-based company operating in naphthalene derivatives introduced UOP Ecofining, a new technology that produces renewable naphtha for petrochemical manufacturing. The novel route may produce high yields of naphtha by utilizing environmentally friendly feedstocks such as recycled cooking oil and animal fats. The created Naphtha is an important petrochemical feedstock used to make plastics, notably olefins which serve as the basis for other chemicals and aromatics that are used to make polyester and other packaging materials.
Naphthalene derivatives encompass various types such as phthalic anhydride, naphthalene sulphonic acid, naphthols, alkyl naphthalene sulphonates salts, and other product variations. These derivatives, derived from sources like coal tar and petroleum, find extensive use in multiple industries including construction, agrochemicals, textiles, oil and gas, paints and coatings, pulp and paper, pharmaceuticals, and more.
This report provides naphthalene derivatives market statistics, including naphthalene derivatives industry global market size, regional shares, competitors with a naphthalene derivatives market share, detailed naphthalene derivatives market segments, market trends and opportunities, and any further data you may need to thrive in the naphthalene derivatives industry.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
- By Product Type: Sulphonated Naphthalene Formaldehyde; Phthalic Anhydride; Naphthalene Sulphonic Acid; Naphthols; Alkyl Naphthalene Sulphonates Salts; Other Product Types
- By Form Type: Liquid Naphthalene Derivatives; Powder Naphthalene Derivatives
- By Source Type: Coal Tar; Petroleum; Other Source Types
- By End-Use Industry Type: Construction; Agro-Chemicals; Textiles; Oil and Gas; Paints and Coatings; Pulp and Paper; Pharmaceuticals; Other End-Users
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Companies Profiled:
- Rutgers Chemicals
- BASF
- Huntsman International
- Koppers
- Arkema
- Evonik Industries
- Kao Corporation
- Cromogenia-Units
- Clariant
- King Industries
- Carbon Tech Group
- JFE Chemical
- Rain Carbon
- Giovanni Bozzetto Spa
- Covestro
- Himadri Specialty Chemical
- Nippon Steel Chemical & Material
- Merck
- Sinopec Shanghai Petrochemical
- Shandong Hongyuan Chemical
- Asahi Kasei
- Biosynth Carbosynth
- Nouryon Chemicals (Jiaxing) Co. Ltd.
- LG Chem
- Eastman Chemical Company
- Wanhua Chemical Group
- Saudi Basic Industries
- Chevron Phillips Chemical
For more information about this report visit https://www.researchandmarkets.com/r/bztv1
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