Naphthalene Derivatives Market is expected to reach US$ 5.04 Billion by 2031

Flourishing Pharmaceutical and Oil & Gas Industries Drive Naphthalene Derivatives Market Growth

According to our latest market study on “Naphthalene Derivatives Market Forecast to 2031 – Global Analysis – by Form, Derivative Type, and End-Use Industry,” the market was valued at US$ 3.83 billion in 2023 and is projected to reach US$ 5.04 billion by 2031; it is anticipated to record a CAGR of 3.5% from 2023 to 2031. The report highlights key factors contributing to the naphthalene derivatives market size and information on prominent players, along with their developments in the market.

In 2023, Asia Pacific dominated the naphthalene derivatives market share. Rapid urbanization is one of the primary factors fueling the growth of the construction industry in this region. According to a report by Invest India, the pharmaceutical industry in India ranks third worldwide in terms of production volume, and it was valued at US$ 50 billion in 2023. The annual Pharmaceutical Production statistics report by the Japan Ministry of Health, Labor and Welfare revealed that the Japanese market for prescription and nonprescription pharmaceuticals was valued at US$ 106 billion in 2021. The region has established a few of the major pharmaceutical companies such as Pfizer Inc., Merck & Co. Inc., and Reckitt Benckiser Group plc. Naphthalene derivatives are widely used in the pharmaceutical industry in the synthesis of antibiotics, analgesics, and anti-inflammatory drugs. Naphthalene derivatives such as naphthoic acid and naphthol serve as precursors for the manufacturing of some active pharmaceutical ingredients. Beta-naphthol is also used in the production of several pharmaceutical drugs. Functional groups such as sulfonic acid, amines, and esters make these derivatives valuable for drug production. The ongoing research and development for discovering therapeutic drugs further create a conducive environment for the naphthalene derivatives market growth.

Naphthalene Derivatives Market Breakdown – by Region

As per the International Energy Agency, the global oil demand rebounded in 2021. Asia is expected to account for 77% of the global demand by 2025. Oil import requirements of the continent are expected to surpass 31 million barrels per day by 2025. According to the International Trade Administration, total investments in Chinese infrastructure are estimated to reach ~US$ 4.2 trillion during the 14^th Five-Year Plan period (2021–2025). According to the National Investment Promotion & Facilitation Agency, India announced its plan to invest ~US$ 1.4 trillion in infrastructure under the National Infrastructure Pipeline by 2025, 18% of which would be invested in roads and highways, while 17% and 12% would be invested in urban infrastructure and railways, respectively. Naphthalene derivatives play a significant role in enhancing the efficiency of drilling fluids, which forms an important aspect of the extraction process. Sulfonated naphthalene formaldehyde is used as a dispersing agent in the oil & gas industry. It improves the flow properties for smooth drilling operations by reducing the viscosity of drilling mud. Naphthalene derivatives are used as corrosion inhibitors to provide protection to pipelines and infrastructure. These compounds also increase the stability and performance of additives used in petrochemical refining processes. Therefore, the growth of the pharmaceuticals and oil & gas industries is expected to drive the naphthalene derivatives market in Asia Pacific.

India, China, and Japan are among the major agrochemical producers in the world. According to the World Trade Organization, India was the second-largest exporter of agrochemicals in 2022. Naphthalene derivatives such as 1-naphthyl methylcarbamate are used as insecticides and pesticides, which aid in the control of moths and flies, and repel squirrels and bats. The growing demand for agrochemicals owing to the increased emphasis on high crop yields influences the market for naphthalene derivatives. Naphthalene derivatives have also gained significant popularity in the textile industry due to their properties, such as color fastness, water repellency, and flame retardancy. Further, factors such as rising disposable income, population boom, and rapid urbanization in different countries are driving the growth of the textiles and apparel industry.

Dyes and pigments have extensive applications across various industries, including paints and coatings, plastics, and printing inks. Naphthoquinones are used in the synthesis of azo dyes, as they contribute to the stability, solubility, and intensity of colors in the final dye products. Naphthalene derivatives are also used in the production of organic pigments that offer better color strength. The demand for naphthalene-based dyes and pigments is driven by the continuous growth of the plastics, printing ink, and paints and coatings industries.

Global Naphthalene Derivatives Market: Trends

Traditional processes for synthesizing naphthalene derivatives can be energy-intensive and produce significant emissions. However, advancements in catalytic processes and biotechnological methods are leading to the development of environment-friendly production techniques. Innovations in catalysis revolve around the development of more selective and efficient catalysts, which aid in improved yield and purity of naphthalene derivatives. Aromatic hydrocarbons are capable of reversible hydrogenation–dehydrogenation reactions, and this capability is for regenerated hydrogen-containing compounds and hydrogen storage. Methyl derivatives and hydrogenated products of naphthalene have higher storage density (up to 7.3 wt%) than many other aromatic hydrocarbons, making them popular choices as liquid hydrogen carriers in research. In March 2024, researchers from the Russian Academy of Sciences and Lomonosov Moscow State University studied the hydrogenation of naphthalene and its derivatives for their application in hydrogen storage operations. The study also focused on deriving a comparative analysis of the role of noble and non-noble metal catalysts in the process. Thus, advancements in catalytic processes and biotechnological methods serve as significant naphthalene derivatives market trends.

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 are among the key players profiled in the naphthalene derivatives market report.  

The naphthalene derivatives market segmentation is as follows:

The naphthalene derivatives market analysis is based on form, derivative type, end-use industry, and geography. On the basis of form, the market is divided into powder and liquid. Based on derivative type, the market is segmented into sulfonated naphthalene formaldehyde, phthalic anhydride, naphthalene sulfonic acid, alkyl naphthalene sulfonate salts, and others. In terms of end-use industry, the naphthalene derivatives market is segmented into building and construction, agrochemicals, textile, pharmaceuticals, oil and gas, dyes and pigments, and others. The scope of the naphthalene derivatives market report entails North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, Asia Pacific dominated the naphthalene derivatives market share.     

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