Naphthalene Market Size, Share, Growth Analysis, By Source(Coal tar and petroleum), By Application(Plasticizer, pesticide and surfactant and wetting agent), By Region - Industry Forecast 2024-2031

Naphthalene Market size was valued at USD 0.32 billion in 2021 and is poised to grow from USD 0.33 billion in 2022 to USD 0.43 billion by 2030, at a CAGR of 3.5% during the forecast period (2023-2030).

The global naphthalene market has witnessed significant growth and development in recent years. Naphthalene, a crystalline hydrocarbon compound, is primarily derived from coal tar and petroleum. It finds extensive application in various industries such as chemical, textile, construction, and automotive. The growth of the construction sector, especially in emerging economies, has been a major driving force behind the increased demand for naphthalene-based products like concrete admixtures. Additionally, the growing consumption of naphthalene in the production of phthalic anhydride, which is used in the manufacturing of plasticizers, dyes, and resins, has further contributed to market growth. The expanding textile industry, driven by rising population and changing fashion trends, has also fueled the demand for naphthalene-based products like moth repellents and dye intermediates. Furthermore, ongoing research and development activities focused on improving the properties and applications of naphthalene derivatives have opened up new opportunities in the market. However, environmental concerns regarding the toxicity and potential health hazards associated with naphthalene may pose challenges to the market's growth. Manufacturers are increasingly focusing on sustainable production methods and exploring alternative substitutes to address these concerns. Overall, the global market is expected to continue its growth trajectory, driven by the expanding construction and textile industries, technological advancements, and the adoption of sustainable practices.

US Naphthalene Market is poised to grow at a sustainable CAGR for the next forecast year.