The global 2,6-naphthalene dicarboxylic acid market is expected to witness a steady growth rate in the coming years. This blog article takes an in-depth look at the different types and applications of a 2,6-naphthalene dicarboxylic acid and provides an analysis of the current and projected market trends.
Driving factors of the 2,6-Naphthalene Dicarboxylic Acid market
There are several factors driving the 2,6-Naphthalene Dicarboxylic Acid market some of them are :
1. Increasing demand for naphthalene dicarboxylic acid as a flame retardant in the plastics and polymers industry: Naphthalene dicarboxylic acid is an excellent flame retardant that can be used to improve the fire resistance of materials such as plastics, rubbers, textiles, coatings, and adhesives. This has increased the demand for naphthalene dicarboxylic acid from various end-use industries such as automotive, construction, and electrical & electronics.
2. Growing use of NDA in detergents and agrochemicals: Naphthalene dicarboxylic acid is used as an intermediate in the production of detergents and agrochemicals due to its high solubility properties. This factor is likely to boost the growth of the 2,6-Napthalene Dicarboxylic Acid market over the forecast period.
3. Rising demand for eco-friendly chemicals: The 2,6-Naphthalene Dicarboxylic Acid market is benefiting from the trend towards eco-friendly chemicals owing to its biodegradable nature which makes it an
Advantages of the 2,6-Naphthalene Dicarboxylic Acid market
There are various advantages of the 2,6-Naphthalene Dicarboxylic Acid market some of them are as follows:
1. It is cost-effective and can be easily manufactured at a low cost.
2. Its excellent thermal stability and chemical resistance make it suitable for use in a wide range of applications.
3. It is widely used as an intermediate for the production of other chemicals such as surfactants, pigments, and dyes.
4. Due to its versatility, it can be used in a variety of different industries including pharmaceuticals, cosmetics, automotive, agrochemical, and food processing.
5. It has excellent solubility in water and organic solvents which makes it suitable for various applications such as coatings, ink formulations, plastics, and rubber products.
6. It has high purity levels which make it ideal for use in analytical chemistry applications such as HPLC or GC analysis.
Market size and Value of the 2,6-Naphthalene Dicarboxylic Acid market for 2021 to 2031
The global 2,6-Napthalene Dicarboxylic Acid market is predicted to grow at a CAGR of around 4% over the forecast period 2021 to 2031. The market was valued at US$ 6.65 billion in 2021 and is projected to reach a value of US$ 8.63 billion by 2031.
2,6-Napthalene Dicarboxylic Acid has numerous applications, such as in the manufacturing of dyes, pigments, polyesters, and plasticizers. The growing demand from these industries is expected to drive the growth of this market during the forecast period. Furthermore, growing technological advancements in the production processes are also likely to contribute to the growth of this market. However, stringent government regulations for the usage of 2,6-Napthalene Dicarboxylic Acid may hamper the growth of this market over the forecast period.
Challenges faced by the 2,6-Naphthalene Dicarboxylic Acid market/Restraining factors of the 2,6-Naphthalene Dicarboxylic Acid market
Some restraining factors of the 2,6-Naphthalene Dicarboxylic Acid market are :
• High cost: The price of 2,6-Napthalene Dicarboxylic Acid is very high compared to other chemicals which can be used in similar applications. This makes it a prohibitively expensive choice for many potential buyers.
• Low availability: The availability of 2,6-Napthalene Dicarboxylic Acid is low, making it difficult to source and purchase.
• Environmental concerns: The production and use of 2,6-Napthalene Dicarboxylic Acid are associated with environmental concerns such as air and water pollution. This can lead to restrictions on its use in certain areas.
• Regulatory issues: The production and use of 2,6-Napthalene Dicarboxylic Acid are subject to various regulations due to their hazardous nature. These regulations can make it difficult to obtain the necessary permits for producing or using the chemical.
Key Players of the 2,6-Naphthalene Dicarboxylic Acid market
Some of the key players/Manufacturers/vendors of the 2,6-Naphthalene Dicarboxylic Acid market are :Hangzhou Dayangchem Co. Ltd,Shanghai Hanhong Chemical Co. Ltd , Jinling Pharm-Drugs Technology Co., Ltd , Alfa Aesar, LLC (Johnson Matthey) , Hangzhou Senxi Chemical Co., Ltd
On the basis of type the 2,6-Naphthalene Dicarboxylic Acid is divided into two types mainly:
For the >=99% type, the major customers are dye and pigment manufacturers, pharmaceutical companies, and plasticizers. This type of 2,6-Napthalene Dicarboxylic Acid is having high demand in these industries as it has good solubility in water and other solvents.
For the <99% type the major customers are the lubricants industry, fuel additives industry, rubber processing industry, etc. This type of 2,6-Napthalene Dicarboxylic Acid is used to manufacture corrosion inhibitors and as an antioxidant in rubber products. It also acts as a catalyst for some chemical reactions.
On the basis of application, the 2,6-Naphthalene Dicarboxylic Acid market is divided into:
2)PBN and others
PEN (Polyethylene Naphthalate) and PBN (Polybutylene Naphthalate) are the major applications for 2,6-Napthalene Dicarboxylic Acid. These materials are used to manufacture engineering plastics that have a wide range of applications in the construction, automotive, and electronics industries. Other applications include plasticizers, coatings, adhesives and sealants, solvents, and detergents.
+On the basis of region and end-user 2,6-Naphthalene Dicarboxylic Acid market is divided into :
1) Asia Pacific
2) North America
4) South America
5) Middle East & Africa
The Asia Pacific region is the largest market for 2,6-Napthalene Dicarboxylic Acid due to the presence of a large number of manufacturers in China and India. The growing demand from various end-user industries such as automotive and electronics has resulted in an increase in the consumption of 2,6-Napthalene Dicarboxylic Acid. The North American region is also expected to witness significant growth in the coming years due to increasing demand from various end-user industries.
COVID-19 impact and market status of the 2,6-Naphthalene Dicarboxylic Acid market
COVID-19 had a great impact on the market of 2,6-Napthalene Dicarboxylic Acid. The pandemic caused a sudden decrease in the demand for the chemical, thus leading to a decrease in its market. Many of the markets where 2,6-Napthalene Dicarboxylic Acid is used were affected by the pandemic, and people stopped consuming products made from it. The production of this chemical was also affected as many production companies were shut down due to lockdowns. Additionally, supply chains were disrupted which further led to reduced availability of 2,6-Napthalene Dicarboxylic Acid in many countries.
However, with the gradual lifting of lockdowns, the market is slowly recovering from its losses and is expected to reach pre-COVID levels soon. There has been an increase in demand for 2,6-Napthalene Dicarboxylic Acid recently due to its multiple applications such as plasticizers and solvents. Many companies are investing heavily in research and development to reduce costs and increase the efficiency of producing this compound. This has helped in increasing its marketability and demand worldwide.
Overall, despite the short-term negative impact caused by COVID-19 on the 2,6-Naphthalene Dicarboxylic Acid market, it
Recent developments in the 2,6-Napthalene Dicarboxylic Acid market from 2019 t0 2022
In 2019 January, the first commercial-scale production of 2,6-Napthalene Dicarboxylic Acid (NDCA) was announced by an Indian company, Finoric LLC.
In 2020, Europe witnessed an increase in the demand for NDCA due to its use in the manufacturing and food industries. As a result, companies like Novamont SPA and Newlight Technologies Inc. started producing NDCA on a large scale.
In 2021, the US Department of Defense announced that it will be investing in research and development related to NDCA as part of its efforts to reduce its dependence on foreign sources of energy and materials. This move is expected to increase the demand for NDCA globally.
In 2022, the market for NDCA is expected to grow further due to increased applications in various sectors such as automotive, packaging, food processing, and electronics. Companies are also exploring new ways to manufacture this chemical from renewable resources like plant biomass which could make it more eco-friendly and cost-effective than conventional methods.
2,6-Naphthalene Dicarboxylic Acid Market Scope
|Revenue forecast in 2031
|US$ 8.63 billion
|CAGR of 4 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Hangzhou Dayangchem Co. Ltd,Shanghai Hanhong Chemical Co. Ltd , Jinling Pharm-Drugs Technology Co., Ltd , Alfa Aesar, LLC (Johnson Matthey) , Hangzhou Senxi Chemical Co., Ltd
Key Segments of the 2,6-Naphthalene Dicarboxylic Acid Market
Type Overview, 2021-2031 (USD Billion)
Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa