Asia Pacific Naphthalene Derivatives Market Forecast to 2031 - Regional Analysis - by Form (Powder and Liquid), Derivative Type (Sulphonated Naphthalene Formaldehyde, Phthalic Anhydride, Naphthalene Sulphonic Acid, Alkyl Naphthalene Sulfonate Salts, and O

The Asia Pacific naphthalene derivatives market was valued at US$ 1,699.15 million in 2023 and is expected to reach US$ 2,330.58 million by 2031; it is estimated to register a CAGR of 4.0% from 2023 to 2031.

Surging Demand for Agrochemicals Boosts Asia Pacific Naphthalene Derivatives Market

Sulphonates are the most commonly used naphthalene derivatives in the agrochemical industry. It is used as a dispersant in pesticide and insecticide formulations for uniform distribution of active ingredients. The increasing global population has positively contributed to the demand for food production. As per the Gulf Petrochemicals and Chemicals Association, China is among the largest producers, consumers, exporters, and importers of fertilizers in the world. The country accounts for more than 50% of the total fertilizers consumed worldwide, making it a significant contributor to the agrochemicals sector. Also, a report from the Federation of Indian Chambers of Commerce & Industry (FICCI) in 2021 highlighted that India is one of the leading exporters of agrochemicals globally, with exports primarily going to four key countries: the US, Japan, China, and Brazil. Recognizing the potential of this sector, the Indian government has designated agrochemicals as one of the 12 champion sectors where the country can significantly contribute to the global supply chain. Naphthol is used as an intermediate in the production of insecticides, aiding in crop health. Further, naphthalene acetic acid is a synthetic plant hormone derived from naphthalene, which is used as a plant growth regulator. The need for effective crop protection solutions due to the elevating global food requirements bolsters the demand for agrochemicals, fueling the growth of the naphthalene derivatives market.

Asia Pacific Naphthalene Derivatives Market Overview

According to a report by Invest India, the pharmaceutical industry in India ranks third worldwide in terms of pharmaceutical production by 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. India, China, and Japan are among the major agrochemical producers in the world. According to the World Trade Organization, India was recorded to be the second-largest exporter of agrochemicals in 2022. Naphthalene derivatives such as 1-naphthyl methylcarbamate are used as insecticides and pesticides.

As per the International Energy Agency, the global oil demand rebounded in 2021. Moreover, 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 14th 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. Therefore, the growth of the pharmaceuticals, agrochemicals, and construction industries, among others, is expected to boost the naphthalene derivatives market in Asia Pacific during the forecast period.

Asia Pacific Naphthalene Derivatives Market Revenue and Forecast to 2031 (US$ Million)

Asia Pacific Naphthalene Derivatives Market Segmentation

The Asia Pacific naphthalene derivatives market is categorized into form, derivative type, end-use industry, and country.

Based on form, the Asia Pacific naphthalene derivatives market is bifurcated into powder and liquid. The powder segment held a larger market share in 2023.

In terms of derivative type, the Asia Pacific naphthalene derivatives market is segmented into sulphonated naphthalene formaldehyde, phthalic anhydride, naphthalene sulphonic acid, alkyl naphthalene sulfonate salts, and others. The phthalic anhydride segment held the largest market share in 2023.

By end-use industry, the Asia Pacific naphthalene derivatives market is segmented into building and construction, agrochemicals, textile, pharmaceuticals, oil and gas, dyes and pigments, and others. The building and construction segment held the largest market share in 2023.

By country, the Asia Pacific naphthalene derivatives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific naphthalene derivatives market share in 2023.

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 leading companies operating in the Asia Pacific naphthalene derivatives market.

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