According to a new report by Expert Market Research titled, “Global Bio Naphtha Market Share, Size, Report and Forecast 2024-2032″, the global bio naphtha market size reached a volume of 645.41 thousand tonnes in 2023. Aided by increasing demand for sustainable and renewable energy sources and the growing applications of bio naphtha in various sectors, the market is projected to further grow at a CAGR of 19% between 2024 and 2032 to reach a volume of 3099.02 thousand tonnes by 2032.
Bio naphtha is a renewable hydrocarbon obtained from biomass through processes such as gasification, pyrolysis, and fermentation. It is used as a feedstock for producing ethylene, propylene, and other chemicals in the petrochemical sector. Additionally, bio naphtha serves as a renewable alternative to conventional naphtha, which is derived from fossil fuels. The bio naphtha market is driven by the rising focus on sustainability, the increasing demand for bio-based chemicals, and stringent regulations aimed at reducing carbon emissions.
The global shift towards sustainability and renewable energy sources is a significant driver of the bio naphtha market. Governments, industries, and consumers are increasingly adopting sustainable practices to reduce carbon footprints and combat climate change, boosting the demand for bio naphtha.
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The growing demand for bio-based chemicals in various sectors, including plastics, pharmaceuticals, and cosmetics, is driving the market for bio naphtha. Bio naphtha serves as a renewable feedstock for producing bio-based chemicals, offering a sustainable alternative to fossil fuel-based feedstocks, leading to bio naphtha market growth.
Stringent environmental regulations aimed at reducing greenhouse gas emissions and promoting the use of renewable energy sources are driving the adoption of bio naphtha. Regulatory frameworks and incentives support the development and commercialization of bio naphtha as a sustainable alternative to conventional naphtha.
Continuous advancements in bio naphtha production technologies, including gasification, pyrolysis, and fermentation, have enhanced the efficiency and cost-effectiveness of bio naphtha production. Innovations in catalyst design, process optimization, and feedstock utilization are driving market growth.
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The expansion of the global petrochemical sector, driven by the increasing demand for plastics, chemicals, and fuels, is boosting the demand for bio naphtha. Bio naphtha is used as a feedstock in the production of ethylene, propylene, and other petrochemical products, supporting bio naphtha market development.
Bio naphtha can be blended with gasoline or used as a feedstock for producing renewable diesel and jet fuel. The increasing demand for sustainable transportation fuels and the adoption of biofuels in the aviation and automotive sectors drive the market for bio naphtha.
The chemicals and plastics sector uses bio naphtha as a renewable feedstock for producing bio-based plastics, resins, and other chemical products. The growing demand for sustainable and biodegradable plastics supports the market growth.
Bio naphtha can be used in renewable energy applications, such as power generation and cogeneration. The emphasis on renewable energy sources and the need for sustainable alternatives to fossil fuels drive the adoption of bio naphtha in energy applications.
As per the bio naphtha market analysis, North America, including the United States and Canada, is a significant market for bio naphtha due to strong regulatory support, advanced technological capabilities, and the presence of major petrochemical companies. The region’s emphasis on sustainability and renewable energy supports market growth.
Europe, with its stringent environmental regulations and strong focus on sustainability, represents a significant market for bio naphtha. Countries such as Germany, the United Kingdom, and the Netherlands are key contributors to market growth, driven by high demand for renewable feedstocks and bio-based chemicals.
Market Segmentation
The market can be divided based on source, end-use, distribution channels, and region
Market Breakup by Source
• HVO (Hydrogenated Vegetable Oil)
• SAF (Sustainable Aviation Fuel)
• Others
Market Breakup by End-Use
• Petrochemicals
• Transportation
• Utilities
• Others
Market Breakup by Distribution Channel
• Direct
• Indirect
Material Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the bio naphtha market. Some of the major players explored in the report by expert market research are as follows:
• Neste Oil
• UPM BioVerno
• Eni S.p.A.
• Total Energies
• Royal Dutch Shell Plc
• Sunshine Kaidi New Energy Group Co., Ltd.
• Preem AB
• OMV Group
• Repsol S.A.
• Phillips 66
• Others
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