Naphthalene Formaldehyde (SNF)
Naphthalene Derivatives Market has valued at USD31.26 million in 2022 and is
anticipated to project robust growth in the forecast period with a CAGR of 3.42%
through 2028. Naphthalene derivatives, organic compounds originating from
naphthalene, a polycyclic aromatic hydrocarbon, exhibit a diverse range of
forms, including powder and liquid, and are sourced from coal-tar,
petroleum-based products, and other relevant sources. One prominent example of
these derivatives is Sulphonated Naphthalene Formaldehyde (SNF), renowned for
its versatile applications.
growth of the naphthalene derivatives market in Vietnam is propelled even
further by the country's notable industrial development. The increasing
utilization of these derivatives across various sectors such as construction,
agriculture, textile, and others is a key driving force behind the rising
demand. Given their exceptional properties, including high solubility, low
toxicity, and their ability to act as superplasticizers in concrete, these
derivatives have become indispensable in these domains.
conclusion, the Vietnam Naphthalene Derivatives Market showcases immense
potential for growth in the foreseeable future. The escalating acceptance and
widespread adoption of naphthalene derivatives across diverse industries,
coupled with Vietnam's ongoing industrial development, serve as significant
factors contributing to this promising trajectory. As Vietnam continues to
solidify its position as a pivotal player in the global market, substantial
expansion in the naphthalene derivatives market is anticipated.
Key Market Drivers
Growing Demand of Naphthalene Derivatives
in Pharmaceutical Industry
naphthalene derivatives market in Vietnam is experiencing a remarkable surge,
propelled by the growing demands of these compounds in the pharmaceutical
industry. Naphthalene derivatives, which are organic compounds derived from
naphthalene, are being increasingly utilized in various industries due to their
versatile properties and applications. The uptake of these derivatives in the
pharmaceutical sector is particularly noteworthy, as they play a crucial role
in the synthesis of various drugs, including antiseptics, analgesics, and
pharmaceutical industry has emerged as a key driver for the growth of the
naphthalene derivatives market in Vietnam. With the rising demand for
pharmaceutical drugs in the country, the need for raw materials and
intermediates used in their production, such as naphthalene derivatives, has
witnessed a significant upsurge. Moreover, Vietnam's pharmaceutical industry is
on a growth trajectory, supported by the government's increased focus on
healthcare infrastructure and expenditure.
addition to the pharmaceutical sector, other industries such as construction,
agriculture, and textiles also contribute significantly to the escalating
demand for naphthalene derivatives in Vietnam. These derivatives possess
desirable properties, including high solubility, low toxicity, and the ability
to act as a superplasticizer in concrete, making them invaluable across these
summarize, the increasing demand for naphthalene derivatives in the
pharmaceutical industry serves as a significant driver for the growth of the
naphthalene derivatives market in Vietnam. As the country's pharmaceutical
sector continues to expand, this trend is expected to persist, providing a
substantial boost to the naphthalene derivatives market. The versatile
properties and wide-ranging applications of these compounds position them as
indispensable components of various industries, further fueling the market's
Growing Demand of Naphthalene Derivatives
in Construction Industry
derivatives come primarily in two forms: powder and liquid. The rising demand
for the powder form of naphthalene derivatives is being fueled by the growth in
the textile industry and increasing construction activities. The simplicity and
ease of use associated with the powdered form make it a preferred choice for
various applications within these industries.
construction industry is driving the demand for naphthalene derivatives, such
as sulphonated naphthalene formaldehyde (SNF) and phthalic anhydride. SNF is
used as a superplasticizer in concrete, improving its workability and strength,
while phthalic anhydride is a key ingredient in the production of plasticizers,
which are extensively used in the construction industry.
the Asia-Pacific region, where Vietnam is located, is expected to be the most
lucrative market for naphthalene derivatives. This is attributed to the
region's rising economy and strong growth of the construction sector. The
booming infrastructure development in Vietnam, coupled with the government's
increased focus on urbanization and industrialization, is further fueling the
demand for naphthalene derivatives.
conclusion, the growing demand for naphthalene derivatives in the construction
industry is a significant driver of the Vietnam naphthalene derivatives market.
As the country continues to experience rapid industrial and infrastructural
development, this trend is expected to persist, providing a substantial boost
to the naphthalene derivatives market. With its versatile applications and
increasing demand, the future of naphthalene derivatives in Vietnam looks
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Key Market Challenges
High Dependency on Raw
derivatives, which are organic compounds derived from naphthalene, play a
crucial role in various industries. These versatile compounds are available in
two primary forms: powder and liquid and are predominantly sourced from crude
oil. This direct link to crude oil makes the market highly susceptible to
fluctuations in raw material prices, which can have a significant impact on the
oil prices, known for their volatility, are influenced by a myriad of factors,
including geopolitical events, supply-demand dynamics, and global economic
health. When crude oil prices rise, the cost of producing naphthalene
derivatives also increases. This cost escalation can squeeze profit margins for
producers and potentially result in higher prices for end-users, creating a
challenging environment for market players.
illustrative example of such price fluctuations occurred in January 2023 when
there was a notable rise in Naphtha prices, a key raw material in the
production of naphthalene derivatives. This price increase directly impacted
the cost of production, posing a significant challenge for market players in
the Vietnam Naphthalene Derivatives Market.
addition to crude oil, other raw materials used in the production of certain naphthalene
derivatives, such as phthalic anhydride, have also experienced price
fluctuations. The rising costs of these raw materials further contribute to the
overall production cost, posing additional challenges to the market.
is worth noting that the cost of raw materials, including oil and gas, accounts
for approximately 60-70% of the total chemical production cost, including
naphthalene derivatives. This underscores the high dependency of the
naphthalene derivatives market on raw material prices, making it crucial for
market players to monitor and manage this dependency effectively.
conclusion, while the Vietnam Naphthalene Derivatives Market shows promising
growth prospects, it is not without its challenges. The high dependency on raw
material prices, particularly crude oil, poses a significant hurdle. Market
players will need to devise comprehensive strategies to manage this dependency
and effectively mitigate the impact of price fluctuations on their operations.
Key Market Trends
Growing Demand of Naphthalene
Derivatives in Agriculture Industry
derivatives, available in both powder and liquid forms, are organic compounds
derived from naphthalene, a hydrocarbon found in coal tar and petroleum. These
versatile compounds have found widespread applications across various sectors,
including textiles, construction, pharmaceuticals, and notably, agriculture.
the agriculture industry, naphthalene derivatives play a vital role in the
formulation of pesticides and fungicides. With their exceptional effectiveness,
they help control a wide range of pests and diseases that can significantly
impact crop yield, thereby ensuring food security.
with its primarily agrarian economy and a significant portion of the population
engaged in farming, experiences a high demand for agricultural inputs,
including pesticides and fungicides. The government's unwavering focus on
enhancing agricultural productivity to achieve food self-sufficiency and export
competitiveness further amplifies this demand.
in the Asia-Pacific region, Vietnam stands as a promising market for
naphthalene derivatives. This can be attributed to the region's robustly
growing economy and the significant development of its agriculture sector. The
flourishing agricultural landscape in Vietnam, coupled with the government's
increased emphasis on improving farm productivity, continues to drive the
demand for naphthalene derivatives.
on the category of derivative, the sulphonated naphthalene formaldehyde (SNF) segment
emerged as the dominant player in the Vietnamese market for naphthalene derivatives
in 2022. Sodium Naphthalene Sulphonate Formaldehyde (SNF), widely recognized as
a superplasticizer in concrete manufacturing, plays a pivotal role in enhancing
the workability and strength of concrete. With its exceptional properties, SNF
has become an indispensable ingredient in the construction industry, catering
to the increasing demand for high-quality construction materials in Vietnam's
booming infrastructural development.
from its significant role in concrete production, SNF finds applications in
various other industries. It serves as a key component in the production of
synthetic rubber, resins, and leather goods, contributing to the market's
expansion and diversification.
of the notable advantages of SNF is its cost-effectiveness. Compared to other
superplasticizers, SNF offers similar performance benefits at a more affordable
price point. This cost advantage has made it a preferred choice for numerous
manufacturers, further solidifying its dominance in the market.
the government's increased focus on urbanization and industrialization,
combined with the rapid infrastructure development in Vietnam, is expected to
continue fueling the demand for SNF. As the country progresses, the need for
efficient construction materials like SNF-enhanced concrete will remain on the
End User Insights
construction segment is projected to experience rapid growth during the
forecast period. Naphthalene derivatives, particularly Sulphonated Naphthalene
Formaldehyde (SNF), are extensively used as superplasticizers in concrete
manufacturing. These superplasticizers play a crucial role in enhancing the
workability and strength of concrete, making it an integral part of modern
construction processes. By reducing water content and increasing fluidity, SNF
ensures that concrete can be easily poured and shaped, resulting in more
efficient construction practices.
Vietnam, a country experiencing rapid economic growth, there has been a
significant surge in infrastructure development. This includes the construction
of residential, commercial, and public projects, which are driving the demand
for high-quality construction materials. SNF-enhanced concrete has emerged as a
preferred choice, thanks to its ability to improve concrete performance and
the naphthalene derivatives market continues to grow, manufacturers are
continuously innovating to meet the increasing demand. Researchers are
exploring new formulations and applications of SNF to further enhance its
properties and ensure sustainable construction practices. This ongoing
development in the field of naphthalene derivatives is crucial for meeting the
evolving needs of the construction industry and supporting the infrastructure
growth in Vietnam and beyond.
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Central emerged as the dominant player
in the Vietnam Naphthalene Derivatives Market in 2022, holding the largest
market share in terms of value. The central region of Vietnam, known for its
breathtaking landscapes and rich cultural heritage, has experienced remarkable
industrial growth in recent years. This surge in development has fueled an
ever-increasing demand for naphthalene derivatives, particularly in key sectors
such as construction, textiles, and garments.
As the central region undergoes rapid
infrastructural expansion, the utilization of naphthalene derivatives, such as
the widely-used Sulphonated Naphthalene Formaldehyde (SNF), in concrete
manufacturing has become even more pronounced. The booming construction
activities in the area have directly influenced the surge in demand for these
compounds, as they play a crucial role in enhancing the properties and
durability of concrete structures.
Moreover the, the central region's
strategic location serves as a major advantage, providing seamless access to
both the northern and southern markets. This advantageous positioning positions
the region as an ideal hub for the production and distribution of naphthalene
derivatives, further bolstering its economic prospects and solidifying its
importance in the industrial landscape.
January 2023, LG Chem, a leading chemical company, and Vietnam National
Chemical Corporation (Vinachem) have announced an exciting collaboration.
Together, they are working towards the development of innovative naphthalene
derivative-based products specifically tailored for the Vietnamese market.
collaboration aims to address the growing demand for sustainable and durable
solutions that meet the increasing requirements of high-performance naphthalene
derivative products in Vietnam. By leveraging their expertise and resources, LG
Chem and Vinachem are committed to delivering cutting-edge products that will
contribute to the advancement of various industries in the country.
Key Market Players
- BASF Vietnam, Sika Ltd. (Vietnam)
- HS., Co., Ltd.
- CRP Corporation
- Mapei Vietnam Co., Ltd.
- Bosseal Company Limited
Naphthalene Formaldehyde (SNF)
Naphthalene Sulfonated Salts (ANS)
- Paints & Coatings
In this report, the Vietnam Naphthalene Derivatives
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Vietnam Naphthalene Derivatives Market, By Derivative:
o Sulphonated Naphthalene Formaldehyde (SNF)
o Phthalic Anhydride
o Alkyl Naphthalene Sulfonated Salts (ANS)
o Naphthalene Sulphonic Acid
- Vietnam Naphthalene Derivatives Market, By End User:
o Paints & Coatings
- Vietnam Naphthalene Derivatives Market, By
Company Profiles: Detailed analysis of the major companies present in the Vietnam Naphthalene
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