New York, USA, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Naphtha Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Naphtha Market Information by Type, Application, Process, And Region - Forecast till 2030”, the market is estimated to grow at a 3.60% CAGR to reach USD 431.03 Billion by 2030.
Market Synopsis
Any of the several volatile, extremely flammable liquid hydrocarbon combinations known as naphtha are primarily used as cleaners, diluents, and raw ingredients for gasoline production. The word "naphtha" is typically prefixed with a peculiar suffix in modern usage. A volatile commercial product called coal-tar naphtha is made by distilling coal tar. The shared oil can create naphtha, a very adaptable commodity. This item can also be found in refined petroleum along with coal tar. The principal application for olefin-rich naphtha as a feedstock produces low-cost, high-octane diesel. As a result of accelerating urbanization and a rising global population, naphtha consumption has increased in both emerging and developed economies.
This is a mixture of colorless hydrocarbons that has a combustible tendency. In addition to being volatile, it does not dissolve in water. It can be made from the distillation of organic molecules because of its widespread application across many industrial sectors. Shale, coal, and petroleum are the materials that are utilized. Because it may be used in many different industries, naphtha is widely used. These include making gasoline, cleansing bodily fluids, polishing shoes, and serving as fuel for portable stoves.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 431.03 Billion |
| CAGR | 3.60% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, Process, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The consumption of naphtha as a major feedstock ingredient especially in the petrochemicals industry |
| The application of the same across various market vertices to cater to the production level |
Market Competitive Landscape:
The prominent companies in the naphtha market are:
- Chevron Corporation (US)
- Lotte Chemical Corporation (South Korea)
- Reliance Industries Limited (India)
- BP PLC (UK)
- Exxon Mobil Corporation. (US)
- China Petrochemical Corporation (China)
- Indian Oil Corporation Ltd (India)
- Novatek (Russia)
- Shell Chemicals (US)
- SABIC (Saudi Arabia)
- Mitsubishi Chemical Corporation (Japan)
- Mangalore Refinery and Petrochemicals Limited (India)
Market USP Covered:
Market Drivers:
The naphtha business is expanding due to the increased demand for gasoline because the olefin-rich substance is frequently used to combine gasoline-grade fuel. The worldwide naphtha market is also driven by the rising demand for petrochemicals like ethylene and propylene to produce plastics. Additionally, the development of alternative technologies such as hydro-pyrolysis of the product saves energy and lowers the cost of manufacturing. This is helping to provide a bright picture for the global naphtha market, along with developing distillation columns and new furnace materials. As part of their commitment to the environment, major oil corporations in the naphtha market have announced the beginning of clean fuel and aromatics initiatives. They are making investments in capacity increases to add naphtha splitter columns.
Market Restraints:
The naphtha sector heavily relies on traditional raw material sources and has unstable pricing. Firms are entering into long-term contracts with supply chain members to combat the fluctuating pricing. The high reliance on the dynamics of the crude oil and natural gas industries has prompted businesses to integrate their operations across the whole value chain, from raw material suppliers to the distribution of completed goods.
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COVID 19 Analysis
Naphtha is generally utilized as a feedstock for reforming and mixing gasoline or petrochemical cracking. Forward integration from raw material suppliers entering the market poses a serious challenge. Most of the naphtha produced by businesses is utilized as feedstock for their petrochemical complex, with the remainder exported. The Covid-19 epidemic has had a momentous effect on the expansion of the building sector. Because of this, coatings and paints are needed to manufacture them, which reduces the requirement for naphtha. Following the easing of the lockdown limitations, the market is regaining demand, which will aid in containing the losses the naphtha market has experienced over the projection period.
The COVID-19 contagion has had an astounding impact on the global naphtha market. The lockdown implemented in reaction to the outbreak has hampered the construction materials supply chain. It also led to a severe labor shortage. As part of their commitment to the environment, major oil corporations in the naphtha market have announced the beginning of clean fuel and aromatics initiatives. They are making investments in capacity increases to add naphtha splitter columns. Rich corporations are using data to guide their judgments before entering new markets. To avoid interruptions in the supply chain, the manufacturers are working to maintain a balanced relationship with suppliers and ecosystem partners.
Market Segmentation
By Type
The light naphtha segment is estimated to gain a lead through the forecast period.
By Application
The energy and fuel segment is appraised to achieve a lead in the segment through the forecast period.
By Process
The steam cracking segment is assessed to gain a lead over the forecast period.
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Regional Insights
The Asia-Pacific region dominates the global market share. The demand for naphtha has been steadily increasing due to the expansion of numerous end-user sectors, including fertilizers, petrochemicals, paints, and coatings. Over the next seven years, rising population and increased use of transportation and electrical equipment are anticipated to drive product demand. Over the forecast period, the naphtha market is anticipated to develop due to rising plastics demand in the automotive and construction industries.
Over the projected period, rising polymer production in developing nations like China, India, and Japan is anticipated to affect the region's demand for naphtha positively. However, it is anticipated that the strict restrictions of the European Union and health concerns about chemical exposure will restrain market expansion. The chemical processes involved in producing gasoline and breaking propane are anticipated to influence product demand in the European market. Over the foreseeable future, it is anticipated that the Middle East's high oil refinery consolidation will increase product demand. Due to its advantageous geographic location, the chemical and energy industries can take advantage of domestic supply to cut costs. Additionally, it is anticipated that this would present a chance for the industry of plastics processing to advance its integration.
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