Selbyville, Delaware,, April 25, 2023 (GLOBE NEWSWIRE) -- The bio-based naphtha market valuation is set to reach USD 2.9 billion by 2032, as reported in a research study by Global Market Insights Inc.
A rapid increase in the demand for bioplastics will influence the market trends. Bio-naphtha is a petrochemical feedstock that works as a building block for chemicals & aromatics required to manufacture polyester & other packaging materials. The demand for single-use packing solutions has motivated companies to develop new products. The goal is to achieve faster rates of biodegradation using these materials. Moreover growing efforts toward the development and adoption of sustainable solutions will complement business growth.
The biomass segment of bio-based naphtha market is predicted to record nearly 18% gains from 2023 to 2032. Lignocellulosic biomass resources are readily accessible around the world and can be converted into distinctive industrial goods and bio-based naphtha with the right technology. In contrast to fossil fuels, biomass technology is far less expensive as bypasses the requirement for significant investment in equipment such as oil drilling, gas pipelines, and fuel collection that are needed in fossil fuel production.
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The gasoline segment is forecasted to cross USD 134 million by 2032. Bio-based naphtha can be used to make ethylene, propylene, and butadiene, which are used to formulate chemicals and polymers, or as a feedstock in the manufacturing of gasoline. Natural gasoline is a light naphtha produced through NGL fractionation. The depletion of fossil fuels and their adverse effects on the environment, such as air pollution, climate change, and global warming, have stoked interest in sustainability and the creation of alternative eco-friendly fuels.
Regionally, Asia Pacific bio-based naphtha market size is expected to cross more than USD 509 million by 2032. The need for bio-based naphtha is fueled by the sizeable agricultural sector in the Asia Pacific area, which might serve as a source of feedstock for generating bio-based naphtha. Countries like India are largely focused on agricultural activities, driving the bio-based naphtha industry growth. The increasing demand for consumer electronics, cars, and home furnishings may also offer a boost to the bio-based naphtha industry across Asia Pacific.
Bio-based naphtha market from the bio-polypropylene segment is expected to observe over 19% CAGR from 2023 to 2032. The need for bio-based materials like bio-PP is driven by expanding markets and product demand, particularly across Asia. Factors like the rising middle-class population, government backing for sustainable development, and greater environmental consciousness across the region is estimated to incite product uptake. To meet impending demand, many companies are seeking to expand their production capacity.
Kaidi Finland, Diamond Green Diesel, Neste, Eni S.p.A., Shell Plc, UPM Biofuels, Preem, Total Energies, and Euglena Co., Ltd. are some of the key players in the global bio-based naphtha market. Companies are focusing on new business development strategies like product launches, mergers, partnerships, and acquisitions.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Bio-Based Naphtha industry 3600 synopsis, 2023 – 2032
2.1.1 Business trends
2.1.2 Sources trends
2.1.3 Application trends
2.1.4 Downstream trends
2.1.5 Region trends
Chapter 3 Bio-based Naphtha Market Insights
3.1 Impact of COVID-19 on world economy
3.2 Bio-based naphtha value chain
3.3 Technology landscape
3.4 Regulatory landscape
3.5 Raw material trends
3.6 Pricing analysis
3.7 Industry impact forces
3.8 Growth potential analysis, 2022
3.9 Porter’s analysis
3.10 Production Capacity, by key companies
3.11 Bio-based circular economy
3.12 PESTEL analysis
3.13 Impact of COVID-19 on bio-based naphtha industry, by application
3.14 Impact of the Russia-Ukraine war on bio-based naphtha business
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
