At 4.0% CAGR, Asia Pacific Naphthalene Derivatives Market is Projected to be worth US$ 2,330.58 million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific naphthalene derivatives market was valued at US$ 1,699.15 million in 2023 and is expected to reach US$ 2,330.58 million by 2031, registering a CAGR of 4.0% from 2023 to 2031. Growing demand from emerging economies and growth of construction industry are among the critical factors attributed to drive the Asia Pacific naphthalene derivatives market growth.

Naphthalene derivatives are used in a diverse range of industries, including pharmaceuticals, agrochemicals, dyes, resins, textiles, and plastics industries. China, one of the most influential emerging economies, is known as a manufacturing hub for many sectors. According to the National Bureau of Statistics of China, the country is the world's largest producer of plastics; it produced ~7.95 million metric tons of plastic products from August 2020 to August 2021. Phthalic anhydride, one of the derivatives of naphthalene, is used as a key intermediate in the production of plastics and polymers. It is also incorporated in the production of unsaturated polyester resins, which are blended with glass fibers to manufacture fiberglass-reinforced plastics. Thus, the flourishing plastics industry is likely to provide notable growth prospects for the naphthalene derivatives market.

Naphthalene derivatives such as alkyl naphthalene sulphonate salts are used in the production of surfactants and dispersants, especially in detergents and cleaners. In the textiles industry in China, India, Vietnam, and Japan, the demand for naphthalene derivatives has increased in the production of dyes for textiles. As per the National Investment Promotion & Facilitation Agency, India is among the largest manufacturers of textiles and garments. It has set a goal to achieve textile production outputs worth US$ 250 billion and exports worth US$ 100 billion by 2030. According to the India Brand Equity Foundation, the Production-linked Incentive (PLI) Scheme of US$ 1.44 billion for man-made fibers and technical textiles was established in 2021 for a five-year span. In August 2023, the country announced plans to update the PLI scheme for textiles to promote artificial fibers and technical textile products. Thus, the growing demand for naphthalene derivatives from emerging economies with the proliferation of industries such as plastics, textiles, paints, and coatings is expected to create lucrative opportunities in the naphthalene derivatives market during the forecast period.

On the contrary, the availability of substitutes hampers the growth of Asia Pacific naphthalene derivatives market.

Based on form, the Asia Pacific naphthalene derivatives market is bifurcated into powder and liquid. The powder segment held 64.0% market share in 2023, amassing US$ 1,087.43 million. It is projected to garner US$ 1,540.38 million by 2031 to register 4.4% CAGR during 2023-2031.

In terms of derivative type, the Asia Pacific naphthalene derivatives market is segmented into sulphonated naphthalene formaldehyde, phthalic anhydride, naphthalene sulphonic acid, alkyl naphthalene sulfonate salts, and others. The phthalic anhydride segment held 52.5% share of Asia Pacific naphthalene derivatives market in 2023, amassing US$ 891.27 million. It is anticipated to garner US$ 1,234.85 million by 2031 to expand at 4.2% CAGR during 2023-2031.

By end-use industry, the Asia Pacific naphthalene derivatives market is segmented into building and construction, agrochemicals, textile, pharmaceuticals, oil and gas, dyes and pigments, and others. The building and construction segment held 34.0% market share in 2023, amassing US$ 577.61 million. It is projected to garner US$ 835.40 million by 2031 to register 4.7% CAGR during 2023-2031.

By country, the Asia Pacific naphthalene derivatives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 56.6% share of Asia Pacific naphthalene derivatives market in 2023. It was assessed at US$ 961.89 million in 2023 and is likely to hit US$ 1,340.59 million by 2031, registering a CAGR of 4.2% during 2023-2031.

Key players operating in the Asia Pacific naphthalene derivatives market are JFE holdings Inc; Stepan Co; Nouryon Chemicals Holding BV; Merck KGaA; Hefei TNJ Chemical Industry Co., Ltd.; Himadri Speciality Chemical Ltd; Chempro Group; Methanol Chemicals Co; MUHU (China) Construction Materials Co., Ltd.; PCC SE; Rain Industries Ltd; King Industries, Inc.; MP Biomedicals; Shandong Jufu Chemical Technology Co., Ltd.; and Nan Ya Plastics Corp, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com