Naphtha Market Outlook
According to the report by Expert Market Research (EMR), the global naphtha market size grew substantially in 2023. Aided by the rising demand for petrochemical feedstocks and the pivotal role of naphtha in various sectors, the market is projected to further grow at a CAGR of 4.20% between 2024 and 2032.
Naphtha, a flammable hydrocarbon mixture, is extracted during petroleum refining. This colourless to reddish-brown liquid is a crucial component for the production of gasoline and serves as a primary feedstock in the petrochemical industry, particularly in the production of ethylene and propylene. Its diverse range of applications doesn’t end there; it’s also employed in cleaning and thinning products that require a solvent.
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The global naphtha market growth can be attributed to several catalysts. For one, the petrochemical industry’s insatiable appetite for naphtha remains a core driver. As urbanisation spreads and economies flourish, there’s an escalated demand for plastics and other petrochemical products, which invariably pushes naphtha demand upwards.
Also, naphtha is gaining prominence in power plants and industrial operations, especially in regions where natural gas prices are steep or its supply is erratic. When juxtaposed against other heavy fuels, naphtha offers benefits like reduced emissions, making it an appealing alternative.
Another compelling factor bolstering the naphtha market demand is its resurgence in the gasoline blending pool. With the automotive sector expanding and modern engines requiring cleaner fuels, refineries are increasingly gravitating towards naphtha-rich gasoline blends. This trend is particularly prevalent in Asia and parts of Europe.
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Moreover, the technological advancements in the petrochemical sphere are leading to more efficient naphtha cracking processes. Innovations in catalysts and process technologies are amplifying yield and reducing environmental footprints, thus enhancing naphtha’s appeal.
Furthermore, burgeoning regions, especially in Asia Pacific, accounts for a significant portion of the naphtha market share. Rapid industrialisation across emerging economies such as India and China, coupled with expansive refinery capacities in countries like China and India are providing a substantial thrust to the global market for naphtha.
Naphtha Market Segmentation
The market can be divided based on type, end use, and region.
Market Breakup by Type
- Light
- Heavy
Market Breakup by End Use
- Petrochemicals
- Agriculture
- Paints and Coatings
- Aerospace
- Others
Market 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 global naphtha market. Some of the major players explored in the report by Expert Market Research are as follows:
- Shell Corporation
- Chevron Phillips Chemical Company LLC
- Exxon Mobil Corporation
- Mitsubishi Chemical Corporation
- Saudi Basic Industries Corporation
- Vitol Group
- Others
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