Naphthalene Market - Growth, Trends, and Forecasts (2023 - 2028)

During the time frame of the forecast, the naphthalene market is expected to register a CAGR of more than 3%. In 2020, COVID-19 had a detrimental effect on the market.However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

Key Highlights

• During the forecast period, the demand for naphthalene is likely to rise due to its growing use in the textile industry.
• On the other hand, stringent environmental regulations regarding VOC emissions are expected to hinder market growth during the forecast period.
• Furthermore, new applications of naphthalene in the construction sector are anticipated to act as a market opportunity in the coming years.
• Asia-Pacific dominated the global market, with the largest consumption in countries such as India, China, etc.

Naphthalene Market Trends

Naphthalene Sulfonates to be the Major Application

• One of the most important uses of naphthalene is to make naphthalene sulfonates, which can be used for a variety of things because they can make things wet and spread out.
• Naphthalene sulfonates are used to make naphthalene sulphonate formaldehyde (NSF). NSF is used in polymer-concrete admixtures to neutralize the surface charge on cement particles, which increases the amount of water bound up in cement agglomerations and lowers the viscosity of the paste and concrete.
• They are used in the production of surfactants that are used in a variety of personal care products. Also, naphthalene sulfonates are also used in water-based cleansers such as shampoos, automatic dishwashing detergents, and industrial detergents.
• The Japan Soap and Detergent Association (JSDA) says that in 2021, Japan will sell about 1.2 million tons of cleaning detergents. The majority of the market will be made up of synthetic mixtures.
• Also, more than half of the 641 thousand tons of cleaners that were sold were synthetic liquid laundry detergents. Comparatively, soap sales totaled about 25.7 thousand tons. As a result, the naphthalene market will benefit from this.
• Because of all of these things, naphthalene sulfonate is expected to be the market leader during the period covered by the forecast.

Asia-Pacific to Dominate the Market

• Asia-Pacific is expected to have the most of the naphthalene market because countries like China and India use so much of it.
• The growing construction and agriculture industries of Asian countries like China and India are some of the crucial factors driving market growth in the region.
• The approval of large construction projects, especially in India, China, and Japan, is expected to drive the market for naphthalene in the region.
• The National Bureau of Statistics of China says that the output value of construction works in the country will be around USD 4 trillion in 2021. This represents a more than 11% increase from 2020, which will increase demand for the studied market.
• Statistics Korea also says that in 2021, local builders at home and abroad received construction orders worth a total of USD 245.9 billion. This is a big jump from the previous year.
• India is expanding its commercial construction sector. Several projects have been going on in the country. For instance, the construction of the CommerzIII Commercial Office Complex, worth USD 900 million, started in Q1 2022. The project involves the construction of a 43-story commercial office complex with a permissible floor area of 2,601,28 m2 in Goregaon, Mumbai. The project is expected to be completed in Q4 of 2027. Thus, this is expected to increase the demand for naphthalene during the forecast period.
• For these reasons, it is expected that the Asia-Pacific region will lead the market over the next few years.

Naphthalene Industry Overview

The market for naphthalene is consolidated. Some of the major players in the market include CARBOTECH, Rain Carbon Inc., JFE Chemical Corporation, Exxon Mobil Corporation, and Epsilon Carbon Private Limited, among others (in no particular order).

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• The market estimate (ME) sheet in Excel format
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