At 3.0% CAGR, North America Naphthalene Derivatives Market is Projected to be Worth US$ 1,123.03 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America naphthalene derivatives market was valued at US$ 889.79 million in 2023 and is expected to reach US$ 1,123.03 million by 2031, registering a CAGR of 3.0% from 2023 to 2031. Surging demand for agrochemicals and growth of construction industry are among the critical factors attributed to drive the North America naphthalene derivatives market growth.

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. The US is a leading manufacturer of agrochemicals, which include pesticides, herbicides, fungicides, and fertilizers. Some of the largest global agrochemical companies are headquartered in the US, such as BASF, Dow AgroSciences, Monsanto (now part of Bayer), and DuPont (now part of Corteva Agriscience). These companies play a crucial role in the production and distribution of agrochemicals both domestically and internationally. Additionally, the US has a robust agricultural industry that drives the demand for these chemicals, which are essential for protecting crops, improving yields, and enhancing food production. For instance, as per Our World in Data, the US, Brazil, and China reported soybean production of 116.38 million tons, 120.7 million tons, and 20.28 million tons, respectively, in 2022. 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.

On the contrary, the availability of substitutes hampers the growth of North America naphthalene derivatives market.

Based on form, the North America naphthalene derivatives market is bifurcated into powder and liquid. The powder segment held 63.9% market share in 2023, amassing US$ 568.28 million. It is projected to garner US$ 740.73 million by 2031 to register 3.4% CAGR during 2023-2031.

In terms of derivative type, the North America 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 52.5% share of North America naphthalene derivatives market in 2023, amassing US$ 466.89 million. It is anticipated to garner US$ 594.38 million by 2031 to expand at 3.1% CAGR during 2023-2031.

By end-use industry, the North America 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 34.8% market share in 2023, amassing US$ 310.04 million. It is projected to garner US$ 412.56 million by 2031 to register 3.6% CAGR during 2023-2031.

By country, the North America naphthalene derivatives market is segmented into US, Canada, and Mexico. Our regional analysis states that the US captured 84.0% share of North America naphthalene derivatives market in 2023. It was assessed at US$ 747.72 million in 2023 and is likely to hit US$ 955.10 million by 2031, registering a CAGR of 3.1% during 2023-2031.

Key players operating in the North America naphthalene derivatives market are 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 among others.

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