17-Aug-2022 | Facts and Factors
According to Facts and Factors, the global naphtha market size was worth USD 248.5 billion in 2021 and is estimated to grow to USD 331.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.90% over the forecast period. The report analyzes the naphtha market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the naphtha market.
For usage in the chemical industry, naphtha is a type of unrefined gasoline or gasoline made from raw ingredients and crude oil. The boiling point of naphtha, which is made from crude oil, lies between 30 and 200 °C. It might have a sizable amount of aromatic compounds in it. Naphtha is a highly volatile, colorless, and very flexible hydrocarbon compound. It is produced by distilling organic substances like wood, coal tar, petroleum, and shale. Naphtha goes by various names, depending on where it comes from or what it is made of, including petroleum spirits, coal tar naphtha, shellite, wood naphtha, and white gas. As part of their commitment to the environment, major oil companies in the naphtha market have announced the beginning of clean fuel and aromatics initiatives. Some of the applications of naphtha include producing gasoline, cleaning fluids, polishing shoes, and providing fuel for portable stoves.
Browse the full “Naphtha Market Size, Share, Growth Analysis Report By Type (Light Naphtha and Heavy Naphtha), By Application (Chemicals, Energy & Fuel and Others), By Process (Gasoline Blending, Naphtha Reforming, Steam Cracking and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/naphtha-market
A naphtha derivative called olefin-rich naphtha is largely used as a feedstock to manufacture inexpensive high-octane diesel. Due to a rise in the number of people and the rapid urbanization of areas, naphtha consumption has surged in both industrialized and developing nations. Petroleum naphtha is also frequently utilized as a solvent. It can be found in many different cleaning agents. Additionally, it is used to thin out asphalt, paint, and varnish. Additionally, naphtha is employed in the dry cleaning sector. This raises the need for naphtha and is expected to fuel the market's growth. Modern technology has improved distillation processes and led to the development of novel furnace materials. The growth of the chemical sector is driving up naphtha usage. Additionally, the growth of emerging new markets and strategic partnerships will operate as market drivers, boosting the likelihood that the market will grow at a rate that can be used.
Segmental Overview
The global naphtha market is segregated based on type, application, process, and region. Based on type, light and heavy naphtha are segments of the global naphtha market. In 2021, the light naphtha category dominated the market over the forecast period. Based on application, the market is classified into chemicals, energy, fuel, and others. The chemicals segment dominated the market in 2021. The global naphtha market is segmented based on the process: gasoline blending, naphtha reforming, steam cracking, and others. In 2021, the steam cracking category dominated the market over the forecast period.
Regional Overview
The global naphtha market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In 2021, the Asia Pacific region led the global naphtha market. Due to growth in numerous end-user industries, including paints & coatings, petrochemicals, and fertilizers, naphtha demand has been gradually rising in countries like India, China, and Japan. Over the next five years, China plans to build many chemical factories, undoubtedly raising the demand for naphtha. The Asia-Pacific region dominates the naphtha market due to technological developments such as enhanced distillation methods and chemical advances. The broad and sophisticated usage of furnace materials will also significantly contribute to expanding the global naphtha market.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 248.5 Billion |
Projected Market Size in 2028 |
USD 331.1 Billion |
CAGR Growth Rate |
4.90% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Chevron Corporation, SABIC, BP PLC, Reliance Industries Limited, Shell Chemicals, Exxon Mobil Corporation, China Petrochemical Corporation, Indian Oil Corporation Ltd, Novatek., and Others |
Key Segment |
By Type, Application, Process, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape
Key players in the global naphtha market include Chevron Corporation, SABIC, BP PLC, Reliance Industries Limited, Shell Chemicals, Exxon Mobil Corporation, China Petrochemical Corporation, Indian Oil Corporation Ltd and Novatek.
Recent Development:
- May 2021: To speed up its efforts to fulfill its 2050 decarbonization target, Mitsui Chemicals, a prominent Japanese petrochemicals developer, has agreed to buy bio-naphtha from Neste, a Finnish biofuels producer, and Toyota Tsusho, a Japanese trading firm. Mitsui intends to combine bio-naphtha with conventional naphtha to create various products. For their product lines created utilizing bio-naphtha, Mitsui Chemicals and Toyota Tsusho also intend to obtain international sustainability and carbon certification.
- July 2019: Ships were used to transport naphtha from Russia to the Venezuelan business PDV LLC. To meet the country's need for gasoline, some 330,000 t of naphtha was exported.
Global Naphtha Market is segmented as follows:
By Type
- Light Naphtha
- Heavy Naphtha
By Application
- Chemicals
- Energy And Fuel
- Others
By Process
- Gasoline Blending
- Naphtha Reforming
- Steam Cracking
- Others
By Region
-
North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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