Naphthalene Market

Naphthalene Market

Global Naphthalene Market was valued at around USD 2.7 billion in 2023 and is anticipated to register a CAGR of over 3.3% between 2024 and 2032, catapulted by the thriving pharmaceutical and agrochemical sectors. As per the UN Food and Agriculture Organization FAO reports, the global agrochemical market was valued at around 240 billion in 2022 and is projected to reach 350 billion by 2027, growing at a CAGR of 8.1%. This will boost the demand for agrochemical products and raw materials like naphthalene.Naphthalene is integral to synthesizing various intermediates used in pharmaceutical formulations and agrochemical products. Moreover, it is widely used in construction sector for producing plasticizers and superplasticizers for concrete admixtures, alongside the textile and chemical industries for making dyes, resins, and pigments. The environmental regulations are promoting the use of high-efficiency and low-emission products, encouraging the development of eco-friendly naphthalene derivatives, thereby opening new avenues for market expansion.The naphthalene market is categorized based on source, form, application, and region.The petroleum segment will experience a decent CAGR during the forecast period, driven by its role as a primary raw material in naphthalene production. The abundant availability and cost-effectiveness of petroleum-derived naphthalene compared to its coal-tar-derived counterpart make it a preferred choice among manufacturers. The advancements in refining technologies enhance the efficiency and yield of naphthalene extraction. Moreover, the robust infrastructure of petroleum industry and established supply chains ensure a steady and reliable supply of naphthalene, crucial for various end-use industries such as construction, textiles, and chemicals.The alkyl naphthalene segment will procure a promising market share by 2032, due to its role in enhancing chemical processes and formulations. Alkyl naphthalene, known for its specific chemical properties, is essential in various industrial applications, such as lubricants and additives. As industries seek to optimize performance and efficiency, there will be uptick in product adoption to offer improved stability and effectiveness. Additionally, the ongoing advancements in industrial applications and the drive for higher quality standards contribute to the rising demand in the alkyl naphthalene.North America naphthalene market will register a noteworthy CAGR through 2032, driven by the expanding product usage in industrial applications such as automotive, construction, and chemical industries. Additionally, advancements in technology and increased investments in infrastructure projects contribute to higher product incorporation. Environmental regulations promoting cleaner and more efficient processes bolster the demand for naphthalene, which is used to enhance product performance. As North Americas industrial activities intensify, the demand for naphthalene flourishes, shaping the regional market dynamics.