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Naphthalene Sulfonate Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033
Naphthalene Sulfonate Market Demand
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According to The Business Research Company's, The naphthalene sulfonate market size has grown strongly in recent years. It will grow from $0.85 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growth in the construction industry, rapid urbanization, growing textile industry, increasing demand for household cleaning products, growing demand for surfactants, and growing use in concrete admixtures.
The naphthalene sulfonate market size is expected to see strong growth in the next few years. It will grow to $1.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing demand for dispersants, growing use of pesticides, and plasticizers, growing use in personal care products, increasing use in industrial detergents, and growing demand for moth repellents. Major trends in the forecast period include the development of household cleaning products, the production of detergents and cleaning agents, improvements in production processes, development of more efficient and eco-friendly products?, and the development of synthetic detergents.
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Market Drivers and Trends:
The increasing building and construction industry is expected to propel the growth of the naphthalene sulfonate market going forward. The building and construction industry encompasses the design, development, and assembly of structures and infrastructure for residential, commercial, and industrial purposes. The increasing building and construction industry is driven by population growth, urbanization, infrastructure development, and renovation demands. Naphthalene sulfonate is used as a superplasticizer in the construction industry to improve the workability and strength of concrete mixes. For instance, in June 2023, according to the quarterly construction inquiry published by the Northern Ireland Statistics and Research Agency, a UK-based public authority, from the first quarter of 2022 to the first quarter of 2023, the overall construction industry expanded by 6.5%, with the housing sector of construction increasing by 11.1% and the infrastructure subsector by 3.7%. Therefore, the increasing building and construction industry is driving the naphthalene sulfonate market.
Major companies operating in the naphthalene sulfonate market are focused on developing innovative solutions, such as architectural powder coating, to enhance their market presence and gain a competitive edge. Architectural powder coating, a finishing process where a dry powder is applied and cured, improves the efficiency and durability of concrete structures by enhancing the performance and compatibility of naphthalene sulfonate-based products in concrete applications. For instance, in November 2023, Akzo Nobel N.V., a Netherlands-based specialty chemical company, launched Interpon D1036 Low-E, a low-energy powder coating cured at temperatures as low as 150 °C, drastically cutting energy usage. Enhanced with naphthalene sulfonate, it reduces consumption by up to 20% compared to conventional coatings, all while omitting TGIC for a greener choice.
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Major Key Players of the Market:
BASF SE, Thermo Fisher Scientific, Solvay S.A., Mitsui Chemicals Inc, Kao Corporation, Akzo Nobel N.V., Sika AG, Nouryon, GCP Applied Technologies Inc, Himadri Speciality Chemical Ltd, Mapei S.p.A., GEO Specialty Chemicals, Nease Co. LLC, TCI Chemicals (India) Pvt. Ltd., Bisley & Company, MUHU Construction Materials Company Limited, Alpha Chemical Corp, Hubei Aging Chemical Co. Ltd., Shandong Wanshan Chemical Co. Ltd., Vizag chemical, Yahska Polymer Pvt. Ltd.
Naphthalene Sulfonate Market 2024 Key Insights:
• The naphthalene sulfonate market size is expected to see strong growth in the next few years. It will grow to $1.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Increasing In The Building And Construction Industry Growth In Naphthalene Sulfonate
• Product Innovations Enhanced Naphthalene Sulfonate Market
• Asia-Pacific was the largest region in the naphthalene sulfonate market in 2023
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