Naphthalene Market to Grow at a CAGR of 3.35% by 2030

According to ChemAnalyst report, “Global Naphthalene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global naphthalene market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 3.35% during the forecast period. Growing consumption of naphthalene sulfonate formaldehyde in construction coupled with the growth of other application areas including phthalic anhydride, low volatility solvents etc. is expected to drive the demand of naphthalene during the forecast period. Additionally, the use of naphthalene derivatives in textile dyeing is also going to push the demand of naphthalene during the forecast period. Various government regulations regarding the volatile organic compound (VOC) emissions are expected to hamper the demand growth during the forecast period.

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Naphthalene is a white crystalline volatile solid which is obtained from either coal tar or petroleum distillation. It is aromatic in nature. It has application in the manufacturing of several chemicals including phthalic anhydride, naphthalene sulfonates, low volatility solvents, moth repellent, and pesticides. Out of the above application areas, naphthalene sulfonates dominate the global market for naphthalene because of its use in concrete admixtures. It is used as a plasticizer in polymer concrete and enhances the properties of polymer concrete like lowering its viscosity and increasing its processability etc. As naphthalene is a volatile solid, it suffers from volatile organic compounds emissions which is expected to hinder its demand growth for the forecast period due to various environmental regulations. Additionally, it is used to manufacture several agrochemicals including pesticides which is also fueling its demand during the forecast period.

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Naphthalene has several application areas including phthalic anhydride, naphthalene sulfonates, low volatility solvents, moth repellant, and pesticides. Major end use industries for naphthalene are construction, agrochemicals, and textiles. Out of these the construction segment holds the major share of global demand for naphthalene. Increasing demand of bio based agrochemicals and dyeing agents is also expected to hinder demand growth of naphthalene during the forecast period.

Naphthalene is related to petroleum hence the price is directly linked to the fluctuations in the price of crude oil. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of crude oil due to nationwide lockdowns rendered a major downfall in the global naphthalene, hence the prices remained low for naphthalene during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.

Regionally, Asia Pacific dominates the Global naphthalene market and holds the largest market share in FY20. Asia’s naphthalene market is anticipated to grow in the economies like China due to increasing demand of construction and agrochemicals.  

According to ChemAnalyst report, Global Naphthalene Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global naphthalene market are CarbonTech Group, DEZA a.s, Epsilon Carbon, Gautam Zen International, Exxon Mobil Corporation, Industrial Quimica del Nalon SA, Koppers Inc., JFE Chemical Corporation, Koppers Inc., PCC Rokita SA, Rain Carbon Inc., Wuxi Kingchan Bio-medical and Chemical Inc., BASF SE, WUXI KINGHAN BIO-MEDICAL&CHEMICAL INC.

“Being linked to the construction and agrochemical industry, the global naphthalene industry has shown a robust growth alongside growing population and changing consumer preference. China serves as the key growth region with sufficiently installed capacities for naphthalene.  With new competitors emerging across the Asia Pacific naphthalene market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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