Naphtha Market is Estimated to Grow at a CAGR of 3.87% by 2030
According to ChemAnalyst report, “Naphtha Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Naphtha market has shown significant growth as it reached 422 million tonnes in 2020 and is expected to achieve a healthy global CAGR of 3.87% in the forecast period until 2030. With the growing demand of Naphtha from the Petrochemical and other major end-user industries for the production of aromatics and olefins, including benzene, ethylene, butadiene, propylene, toluene, and others is anticipated to boost the global Naphtha market over the next ten years. The industrial production of Naphtha is linked with the safety concerns on eco-system before it can be further manufactured and introduced in the market around the world.
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Naphtha is basically a mixture of hydrocarbons that consists around 5 and 10 carbon molecules. It is a colorless, volatile, insoluble and flammable liquid which is incompatible with strong oxidizing agents such as nitric acid. Naphtha is synthesized from natural gas condensates, petroleum distillates, and the distillation of coal tar and peat. Crude oil is one of the major sources of Naphtha which is widely used as a precursor to gasoline, butane and other liquid fuels. Many different industries and regions use Naphtha as a crude oil or refined products such as kerosene and others. Naphtha is extensively used as solvents for paints, rubbers, cleaning agents, petroleum, cutback asphalts, industrial extraction processes and others. It also finds its industrial application as a raw material to produce high quality plastics like polyethene and polypropylene. Naphtha’s ability to burn cleanly makes it an ideal chemical to use in heating units, power stoves, blow torches and cigarette lighters.
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Naphtha is considered as an important commodity chemical used in numerous industrial and commercial applications. In the Naphtha cracking process, ingredients like aromatics and olefins are highly used. Aromatics are exclusively used in the production of edible fats whereas, olefins are used to make chemical intermediates, rubbers, plastics etc. Olefin-rich Naphtha is mainly used as a feedstock to manufacture cost-effective fuels. Exponentially rising demand of aromatics and olefin-rich Naphtha by the food & beverage and chemical industry is expected to boost the global market of Naphtha in the future. Petrochemical industry considers Naphtha as one of the most important feedstock chemical as it used in the production of ethylene, butadiene, toluene, propylene, benzene, and xylene, which are further used in the making of products like synthetic resins, synthetic fiber, synthetic rubber, dyes, medicine, personal care, fuels, cosmetics and others.
Global Naphtha Market is segmented on the basis of end-use, type, sales channel and region. Based on the type, the global Naphtha market is segmented into heavy Naphtha and light Naphtha. Light Naphtha is likely to dominate the global Naphtha market in upcoming years as it is highly used as steam crackers in the flourishing petrochemical industry. On the basis of end-use, the global Naphtha market is segregated into petrochemical, aerospace, agriculture, paints and coatings, and others. Petrochemical industry dominated the global Naphtha market in 2020 and is expected to maintain its dominance until 2030. Rapid urbanization and industrialization in emerging and industrialized economies is increasing the demand for cost-effective fuels, which will accelerate the demand of Naphtha, further augmenting the global Naphtha market in upcoming years. Initiatives and projects for the construction of chemical plants in the Asia Pacific region to produce various plastics, along with other petrochemical products used in end-use industries, including automotive, electronics, battery vehicles, and others is anticipated to boost the global Naphtha market in the forecast period until 2030.
On the start of COVID-19, in 2020, global Naphtha market witnessed a major decline. Government authorities in emerging and industrialized countries imposed countrywide lockdowns due to which many end-user industries halted their operations and production units in order to curb the spread of coronavirus. The demand of Naphtha fell in the first half of 2020, due to disruptions in the global supply chain which negatively affected the Naphtha market across the globe. Industries including aerospace, petrochemical, construction, automotive and others were severely affected. As there was a ban on travel during the covid times, the demand for new airplanes decreased which further affected the aerospace industry. Once the lockdowns and restrictions are lifted, the demand of Naphtha as a feedstock by the petrochemical industry will boost the global Naphtha market over the next few years.
Region wise, Asia Pacific region dominates the global Naphtha market is anticipated to maintain its dominance until 2030. The dominance of the global Naphtha market is driven by the growth and developments in major end-user industries including petrochemical, agrochemical, construction and others in Asia Pacific. As gasoline is a refined Naphtha, major economies like India and China are the major consumers of gasoline and its continuously growing demand is likely to boost the global Naphtha market over the next ten years.
Naphtha Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Naphtha market include Reliance Industries Limited, China Petrochemical Corporation, Exxon Mobil Corporation, Saudi Arabian Oil Co., LG Chem, Mangalore Refinery and Petrochemicals Limited, Formosa Petrochemical Corporation, Mitsubishi Chemical Corporation, BP PLC, Shell Chemicals, Chevron Corporation, Reliance Industries Limited, and Others.
“Rapidly growing demand for cost-effective fuels propelled by increasing urbanization and industrialization in emerging and industrialized economies is likely to boost the global Naphtha market in the forecast period as Olefin-rich Naphtha is highly used for the production of cost effective fuels. Projects for the construction of chemical plants in the Asia Pacific region to produce numerous petrochemical products used in end-use industries, including automotive, electronics, battery vehicles, and others is anticipated to bolster the global Naphtha market in upcoming years. Continuously growing demand of gasoline in India and China as they are major consumers, is likely to augment the market growth of Naphtha across the globe over the next ten years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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