Global Naphthalene Derivatives Market: Snapshot
We all have seen white balls or cubes that are kept inside the cupboards. These white cubes or balls are naphthalene balls. The main purpose of these naphthalene balls it to keep the rodents and insects away from the clothes and other assets that are kept inside. Due to the commonness of their application, the global naphthalene derivatives market is expected to witness a substantial growth in the coming years of 2016 to 2024. Moreover, other derivatives of naphthalene are extensively used in industries for various purpose, which also influences the growth of the naphthalene derivatives market globally.
Let’s have a look at the industries that are prominent influencers of the global naphthalene derivatives market:
- Textile Industry: Textile industry is one of the biggest customers of the global naphthalene derivatives market. The industry uses the compound for dying and bleaching the fabrics as per the client requirement. With the growth in the demand for various fabrics in both industrial and domestic sector, the demand for naphthalene derivatives has skyrocketed in recent years. This as a result, is expected to propel the growth of global naphthalene derivatives market.
- Pharmaceutical Industry: The healthcare sector is witnessing massive improvements these days. The players of the industry are investing a massive amount in development of new drugs especially in the development of effective antimicrobial drugs. These drugs extensively use naphthalene derivatives to produce quality result. This is yet again another reason that is expected to boost the growth of global naphthalene derivatives market in coming years.
Based on these two industries, the players of global naphthalene derivatives market can generate huge profit and have a significant position in the global market of naphthalene derivatives. Moreover, they can also grow substantially in global naphthalene derivatives market by refining their research and development strategies.
Naphthalene Derivatives Market: Overview
The basic necessity for synthesis of naphthalene derivatives is a naphthalene compound, which could is a suitable precursor for obtaining naphthalene-based derivatives. Naphthalene derivatives are synthesized in two steps viz. ring closure by cyclization reaction, followed by aromatization. However, a number of modifications can be tried to synthesize different types of naphthalene derivatives.
1, 6-Dihydroxynaphthalene, 1-Methylnaphthalene, 1-Naphthol, and 2-Naphthol are some examples of naphthalene derivatives. Several kinds of naphthalene derivatives are available in the market.
Naphthalene derivatives are available in two basic forms: liquid and solid. The nature of application decides which form of derivative is to be used. The powdered form is used on a larger scale than the liquid form.
Derivatives of naphthalene are available in different types such as alkyl; naphthalene sulfonates, naphthalene sulfonic acid, naphthalene formaldehyde condensates (SNF), and naphthols.
Naphthalene Derivatives Market: Market Trends
Naphthalene derivatives have a wide range of application. They are used as chemical intermediates in industries such as textile, pharmaceuticals, rubber, photography, agrochemicals, detergents, and construction. In the textile sector, naphthalene derivatives are significant in the process of dyeing. Some naphthalene derivatives have insecticidal properties, which make them useful compounds in the agriculture sector. Naphthalene derivatives can function as plasticizers or dispensers and are used in the manufacture of good-quality concrete and plasterboards (i.e. drywall or wallboard).
Another major application of naphthalene derivatives is the industrial synthesis of phthalic anhydride, which is a chemical intermediate in the synthesis of plastics from vinyl chloride. Phthalic anhydride is also used as a dye.
Speedy growth of the textile industry is expected to drive the market for naphthalene derivatives during the forecast period. Construction is considered to be one of the speedily growing end-use application segments of the market for naphthalene derivatives.
The rise in standards of living, constant urbanization, and increased R&D activities are expected to be major driving factors for the market for naphthalene derivatives in the near future.
However, fluctuations in prices of crude oil and high level of toxicity associated with the use of naphthalene derivatives may prove to be a major restraint for growth of the market for naphthalene derivatives.
Naphthalene Derivatives Market: Region-wise Outlook
The market for naphthalene derivatives in Asia Pacific is expected to witness speedy growth both in terms of volume and value. Various factors including presence of emerging economies such as China in the region, increasing investments by foreign countries, and high demand from textile and construction industries are anticipated to drive the naphthalene derivatives market in Asia Pacific during the forecast period.
The naphthalene derivatives market in North America and Europe is expected to experience a moderate rate of growth, due to rules and regulations associated with the use of naphthalene derivatives. Also, the market for phthalic anhydride in these region is expected to experience a higher growth rate as compared to the market for naphthalene derivatives.
The market in Latin America and Middle East & Africa is anticipated to witness a sluggish growth rate during the forecast period, owing to less number of end-user industries in these regions.
Naphthalene Derivatives Market: Key Players
Some of the major players operating in the market for naphthalene derivatives include Clariant, Koppers Inc., BASF SE, Arkema Group, RUTGERS N.V., Evonik Industries AG, King Industries Inc., KAO Corporation, and Huntsman International LLC.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.