Dublin, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The "Bio-Based Naphtha: Global Markets" report has been added to ResearchAndMarkets.com's offering.
The global market for bio-based naphtha made remarkable strides in 2022, reaching an estimated worth of $1.4 billion. The growth trajectory continues to ascend, with a projected compound annual growth rate (CAGR) of 18.3% from 2023 to 2028, ultimately aiming to achieve a market value of $3.9 billion by 2028.
Bio-based naphtha is emerging as a pivotal player in enabling enterprises to adhere to sustainability regulations and enhance their eco-conscious reputation. Functionally akin to conventional naphtha, bio-based naphtha serves as a feedstock for petrochemical crackers and a component for gasoline blending. Its significance stems from the global pursuit of environmental friendliness, sustainability, increased energy security, and the burgeoning demand for eco-friendly products and materials.
The report delves into the segmentation of the global bio-based naphtha market, which is based on source, application, and geography. Major oil producers are actively vying for sustainability to maintain their stronghold in the burgeoning sustainable fuels market. They are deploying funding initiatives and leveraging technological advancements to catalyze the demand for bio-based naphtha. For example, in 2021, Mitsui Chemicals, a Japanese petrochemical producer, inked an agreement to procure bio-naphtha from biofuel producer Neste and Japanese trading company Toyota Tsusho, aligning with its 2050 decarbonization goal. Among the various source segments, used cooking oil (UCO) takes the lead, boasting a market value of $479.0 million in 2022. It is anticipated that the UCO source segment will expand at a robust CAGR of 18.2%, surging to an estimated $1.3 billion by 2028.
The global bio-based naphtha market spans five geographical regions: North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America. In 2022, Europe spearheaded the global bio-based naphtha market, generating $734.2 million in revenue, thereby commanding a 52.0% share of the global market. The North American market for bio-based naphtha, valued at $336.8 million in 2022, is gaining momentum due to the presence of numerous domestic and international players, resource accessibility, technological innovations, and an upswing in demand for biopolymers. The North American market is expected to advance at an impressive CAGR of 18.1%, envisaging a market value of $924.8 million by 2028.
The report dissects the global bio-based naphtha market, scrutinizing source and application segmentations at both global and regional levels. The analysis is based on the year 2022 as the reference point, with market estimates and forecasts extending from 2023 to 2028, presented in terms of revenue (U.S. dollars, millions).
Key Report Highlights:
- Comprehensive analysis of the global bio-based naphtha market, offering insights into market trends and revenue figures for 2022, projections for 2023, and compound annual growth rates (CAGRs) until 2028.
- Exploration of the market potential for bio-based naphtha, evaluation of the global bioplastics and biofuels markets, and segmentation of the bio-naphtha market into various sub-segments.
- Estimation of the market's actual size and revenue forecast in USD million values, accompanied by market share analysis based on feedstock source, application, and region.
- In-depth examination of the factors driving demand in the bio-based naphtha market, encompassing opportunities, challenges, growth trends, prospects, and overall market contributions.
- Market outlook and assessment of renewable diesel and sustainable aviation fuels markets, alongside increased R&D activities in bio-naphtha, pricing dynamics, consumption trends, and production capacity estimations.
- Insights into recent market trends, regulatory considerations, and developments in environmental, social, and governance (ESG) in the global bio-based naphtha market.
- Review of key patent grants and recent applications related to bio-based naphtha, with an emphasis on emerging technologies and innovations within the bio-naphtha industry.
- Examination of major bioplastics and biofuels producers, along with an analysis of the bio-based naphtha industry's structure, including market shares, concentration levels, and recent merger and acquisition (M&A) activities.
- Identification of key players operating in the market and a competitive landscape analysis based on recent developments, segmental revenues, and operational integration.
- Detailed company profiles of leading global players:
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- Chevron Renewable Energy Group
- Diamond Green Diesel
- Eni S.P.A.
- Neste Oyj
- Preem
- Repsol
- Shell plc
- Totalenergies
- UPM Biofuels
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 192 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.7 Billion |
| Forecasted Market Value (USD) by 2028 | $3.9 Billion |
| Compound Annual Growth Rate | 18.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/cxgczg
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