Analysis of the Global Naphthalene Derivatives Market in terms of Market Dynamics in Historic and Forecast Period
Synthesis of naphthalene derivatives require naphthalene compound as a basic precursor. Naphthalene is one of the most important members of the class of organic compounds, wherein two or more benzene rings are fused together at ortho-position. Naphthalene derivatives are synthesized in two stages, namely, ring closure by cyclization reaction, followed by aromatization process. However, various other modifications can be carried out to synthesize different types of naphthalene derivatives. 1, 6-dihydroxynaphthalene, 1-methylnaphthalene, 1-naphthol and 2-naphthol are some of the examples of naphthalene derivatives commercially available in the market. These derivatives are available in powder and liquid form, of which, the powder form finds prominent use. CMI forecasts the global naphthalene derivatives market to grow at a healthy growth rate over the forecast period (2016-2024), owing to factors such as ever rising demand for naphthalene derivatives such as naphthalene formaldehyde in the construction industry across the world.
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Rising construction industry and textile industry along with increasing application of naphthalene derivatives in production facilities across various industries such as chemicals, pharmaceuticals, paints and coatings, and others are major driving factors for growth of the global naphthalene derivatives industry. Rising living standards supported by high discretionary income translates to spending on fabrics and textiles wherein, it is used in material dyeing and bleaching, which in turn catalyzes the growth of naphthalene market. Apart from textile and construction industries, a significant rise in demand from the agrochemical industry also contributes to the increasing demand for global naphthalene market.
However, the toxic nature of naphthalene derivatives can be a major restraint for the growth of the naphthalene derivatives market.
Owing to the growing textile and construction industry along with growing production facilities, the naphthalene derivatives market is expected to witness a robust growth during the forecast period. Increasing development plans in the market, continuous urbanization associated with rising living standards, in turn drives growth of supporting industries such as textile and construction., Significant utilization of naphthalene in the construction industry to increase the fluidity of concrete mixtures to strengthen the building infrastructure, is in turn expected to fuel growth of the naphthalene derivatives market over the forecast period.
Market Outlook – Increasing construction and textile industry in Asia Pacific is expected to boost the growth for naphthalene derivatives market
Asia Pacific is expected to be the most lucrative market for naphthalene derivatives market, owing to rising economy, strong growth of construction and textile sectors to support the increasing population, along with increasing number of production facilities due to the foreign investments and increasing FDI, especially in China and India. North America and Europe are expected to witness a moderate growth in the market due to implementation of stringent regulations pertaining to the application of the same. For instance, use of naphthalene derivatives is prohibited in cosmetics since it is considered harmful for skin. For instance, in the EU, it is categorized as a carcinogenic, mutagenic, reprotoxic (CMR) substance, while the U.S. FDA has banned its use in cosmetics.
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Some of the companies operating in the global naphthalene derivatives market include BASF SE, RÜTGERS Group, Huntsman International LLC, Evonik Industries AG, Koppers Inc., Arkema Group, Kao Corporation, Giovanni Bozzetto Spa, Cromogenia-Units S.A., and Clariant etc. Key players existing in the global naphthalene derivatives industries are currently focusing on geographical expansion, particularly in the emerging economies of China, India, South East Asia, and Brazil etc. With the increase in population and rapid urbanization, construction and textiles industries in particular are expected to witness a significant rise in demand, which in turn would fuel demand for naphthalene derivatives.
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