INDIA SULPHONATED NAPHTHALENE FORMALDEHYDE MARKET ANALYSIS

India Sulphonated Naphthalene Formaldehyde MarketSize and Trends

Figure 2. India Sulphonated Naphthalene Formaldehyde Market Revenue Share (%), By Construction Industry, 2020

On the basis of construction industry, in 2020, residential sector accounts for the highest market share of 34.7% in the India sulphonated naphthalene formaldehyde market. Increasing use of naphthalene derivatives such as Sulphonated naphthalene formaldehyde (SNF) and phthalic anhydride which are used as superplasticizers in concreting and manufacturing of PVC plastics in infrastructural development is driving the demand from the construction industry.

Figure 1. Market Dynamics of India Sulphonated Naphthalene Formaldehyde Market

Market Trends

Growing demand from the construction industry is a major trend in the sulphonated napthalene formaldehyde market. India is the second fastest-growing economy in the world and the construction sector is the one of the largest sectors contributing to India’s economy, after agriculture. For instance, a report published by DMG Events India, in 2015, mentioned that construction sector has a 10% share in India’s GDP and the Planning Commission stipulated US$ 1 trillion investment in infrastructure for the 2012-17 period. The Indian government liberalized and simplified foreign direct investment (FDI) policy in the construction sector, which is enhancing the industry’s performance, owing to increasing presence of international contractors. In India, construction industry, accounts for second-highest inflow of FDI after the service sector. Moreover, Pradhan Mantri Awas Yojana (PMAY) or the Housing for all by 2022 launched in 2015, aimed to provide affordable housing to all citizens by 2022, and as per government speculation this could entail construction of 20 million houses by 2022.