Naphtha Market Valuation Will Hit USD 431.03 Billion By
New York, U.S., Aug. 04, 2022 (GLOBE NEWSWIRE) — Naphtha Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Naphtha market Information by Type, Application, Process and Region – Forecast to 2030”, the market is estimated to grow at a CAGR of 3.60% to reach USD 431.03 billion by 2030.
All combinations of volatile and highly flammable liquid hydrocarbons known as naphtha are primarily used as cleaners, thinners and raw ingredients for gasoline production. The word “naphtha” is usually preceded by a particular suffix in modern usage. A volatile commercial product called coal tar naphtha is made by distilling coal tar. Shared oil can create naphtha, a very adaptable product. This item can also be found in petroleum refined with coal tar. The primary application of high olefin naphtha as a feedstock is producing low cost, high octane diesel. Due to accelerating urbanization and increasing world population, naphtha consumption has increased in emerging and developed economies.
It is a mixture of colorless hydrocarbons with a combustible tendency. Besides being volatile, it does not dissolve in water. It can be made from the distillation of organic molecules due to its widespread application in many industrial sectors. Shale, coal and oil are the materials used. Because it can be used in many different industries, naphtha is widely used. These include making gasoline, cleaning up bodily fluids, polishing shoes, and serving as fuel for portable stoves.
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|Market size 2030||$431.03 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By type, application, process and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Consumption of naphtha as a major base ingredient, especially in the petrochemical industry|
|The application of the same at various market peaks to meet the level of production|
Market Competitive Landscape:
Major Companies in the Naphtha Market are:
- Chevron Corporation (USA)
- Lotte Chemical Corporation (South Korea)
- Reliance Industries Limited (India)
- BP PLC (UK)
- ExxonMobil Corporation. (WE)
- China Petrochemical Corporation (China)
- Indian Oil Corporation Ltd (India)
- Novatek (Russia)
- Shell Chemicals (USA)
- SABIC (Saudi Arabia)
- Mitsubishi Chemical Corporation (Japan)
- Mangalore Refinery and Petrochemicals Limited (India)
Covered USP market:
The naphtha business is growing due to increased demand for gasoline as the olefin-rich substance is frequently used to blend gasoline-grade fuel. The global naphtha market is also driven by growing demand for petrochemicals like ethylene and propylene to produce plastics. In addition, the development of alternative technologies such as hydro-pyrolysis of the product saves energy and reduces the manufacturing cost. This contributes to a bright picture of the global naphtha market, as well as the development of distillation columns and new furnace materials. As part of their commitment to the environment, major oil companies in the naphtha market have announced the launch of clean fuels and clean aromatics initiatives. They are investing in capacity upgrades to add naphtha separation columns.
The naphtha sector is highly dependent on traditional raw material sources and has volatile prices. Companies enter into long-term contracts with members of the supply chain to combat fluctuating prices. The heavy reliance on the dynamics of the crude oil and natural gas industries has prompted companies to integrate their operations across the entire value chain, from raw material suppliers to finished product distribution.
Browse the in-depth market research report (147 pages) on naphtha: https://www.marketresearchfuture.com/reports/naphtha-market-987
COVID 19 analysis
Naphtha is typically used as a feedstock for gasoline reforming and blending or petrochemical cracking. The downstream integration of raw material suppliers entering the market poses a serious challenge. Most of the naphtha produced by the companies is used as feedstock for their petrochemical complex, with the rest being exported. The Covid-19 epidemic has had a considerable effect on the expansion of the construction sector. For this reason, coatings and paints are required to manufacture them, which reduces naphtha requirements. Following the easing of lockdown restrictions, the market is regaining demand, which will help contain the losses incurred by the naphtha market over the projection period.
The contagion of COVID-19 has had a staggering impact on the global naphtha market. The lockdown put in place in response to the outbreak has hampered the building materials supply chain. This has also resulted in a severe labor shortage. As part of their commitment to the environment, major oil companies in the naphtha market have announced the launch of clean fuels and clean aromatics initiatives. They are investing in capacity upgrades to add naphtha separation columns. Wealthy companies use data to guide their judgments before entering new markets. To avoid supply chain disruptions, manufacturers strive to maintain a balanced relationship with suppliers and ecosystem partners.
The light naphtha segment is estimated to gain a head start during the forecast period.
The energy and fuels segment is rated to achieve a lead in the segment throughout the forecast period.
The steam cracking segment is estimated to be ahead of the forecast period.
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The Asia-Pacific region dominates the global market share. The demand for naphtha has steadily increased due to the expansion of many end-use sectors, including fertilizers, petrochemicals, paints and coatings. Over the next seven years, increasing population and increased use of transportation and electrical equipment are expected to drive product demand. During the forecast period, the naphtha market is expected to grow owing to the growing demand for plastics in the automotive and construction industries.
Over the projected period, increasing polymer production in developing countries such as China, India and Japan is expected to positively impact the region’s naphtha demand. However, it is expected that the strict restrictions of the European Union and the health concerns related to chemical exposure will restrain the expansion of the market. The chemical processes involved in the production of gasoline and the breakdown of propane are expected to influence product demand in the European market. For the foreseeable future, heavy consolidation of oil refineries in the Middle East is expected to increase product demand. Due to its advantageous geographical location, the chemical and energy industries can take advantage of national supply to reduce their costs. Additionally, it is expected that this would present a chance for the plastics industry to advance its integration.
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