Naphtha Market to Grow with a CAGR of 4.68% through 2028
Augmenting demand of naphtha in the energy sector is expected
to drive the Global Naphtha Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Naphtha Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Naphtha Market stood at USD 249.95 billion in
2022 and is anticipated to grow with a CAGR of 4.68% in the forecast period,
2023-2028. The initiatives taken by government based on naphtha has led to
favorable market conditions for the Global Naphtha Market. Several factors
contribute to the growth of various naphtha market products. India, a significant player in the global
naphtha market, recently increased its tax on naphtha imports from 1% to 2.5%.
This strategic move aims to boost domestic sourcing of petrochemical
feedstocks, which could potentially reshape international trade patterns and
influence prices within the naphtha market. By promoting the Renewable Fuel Standard
Program, the U.S. government actively assesses and supports renewable
alternatives to conventional fuels, including naphtha. This comprehensive
program takes into account various sources such as diesel, jet fuel, heating
oil, naphtha, and liquefied petroleum gas (LPG) derived from canola/rapeseed
oil. These forward-thinking initiatives hold the potential to not only increase
the demand for bio-based naphtha but also provide a more sustainable and
environmentally friendly alternative to traditional naphtha. The persistent
need for naphtha within the energy sector embodies a core element in the
market's dynamics. As an essential component in various fuels, including
gasoline and kerosene, naphtha provides the means to power everything from
vehicles to heating systems. Its versatile properties make it an attractive
choice for energy production. As urbanization
and industrialization continue to advance across various regions, the demand
for energy in various forms is on the rise. Developing nations, in particular,
require increasing energy supplies to fuel their growth, and naphtha often
plays a crucial role in meeting this need. Its high energy content and
compatibility with other energy sources make it a preferred choice for powering
industries and supporting economic development.
Naphtha's
importance extends beyond its direct use as a fuel. It serves as a raw material
for the production of more complex energy products, such as petrochemicals and
plastics. These products are essential in various industries, including
manufacturing, construction, and healthcare. Therefore, the availability and
affordability of naphtha have a significant impact on the global energy
landscape and the overall economy. In conclusion,
naphtha is a vital component in the energy sector, providing the necessary fuel
for various applications and serving as a building block for the production of
other energy-related products. Its versatility, compatibility, and high energy
content make it a valuable resource in meeting the growing energy demands of
our modern world.
The Global Naphtha Market is segmented into type, end user, regional
distribution, and company
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market data Figures spread through XX Pages and an in-depth TOC on "Global
Naphtha Market”
Based on its end user, the petrochemical segment held
the largest share in the market. Light naphtha, a crucial component in
petrochemical steam crackers, plays a significant role in the production of
various materials. One of the main outcomes of the cracking process is the
generation of olefins and aromatics. These olefins serve as the primary raw
materials for the production of plastics such as polyethylene and
polypropylene, which are widely used in numerous applications. Moreover,
olefins also find extensive use in other chemical processes, including the
production of chemical intermediates, polymers, and synthetic rubber. By
harnessing the versatility of olefins, a diverse range of products can be
created, contributing to the development of various industries.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. The increasing population, along with the rising
consumption of electrical and transport equipment, is anticipated to drive the
demand for the product over the next seven years. Moreover, the growing demand
for plastics in the construction and automotive sectors is also expected to
contribute to the market growth during the forecast period. Furthermore, the rising production of polymers in
developing economies such as China, India, and Japan in the region is projected
to have a positive impact on the demand for naphtha over the forecast period.
The steady growth in these economies, coupled with the expanding industrial
sectors, is likely to fuel the demand for naphtha as a key raw material in
various manufacturing processes.
Major companies operating in Global Naphtha Market are:
- Alexandria Mineral Oils Co.
- BP PLC
- Chevron Phillips Chemical Company LLC
- China National Petroleum Corporation
- Exxon Mobil Corporation
- Formosa Petrochemical Corporation
- LG Chem Ltd.
- PetroChina Company Limited
- Reliance Industries Limited
- Royal Dutch Shell PLC
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“Growing application of naphtha in various end user
industries are key drivers of the naphtha market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of naphtha with every passing year are
anticipated to register an impressive growth to Global Naphtha Market in the
forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Naphtha Market By Type (Light Naphtha, Heavy
Naphtha), By End User (Petrochemical, Agriculture, Paints & Coatings,
Aerospace, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Naphtha Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and opportunities
in Global Naphtha Market.
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