Naphtha Market Size To Grow At A CAGR Of 3% In The Forecast Period Of 2022-2027
The ‘Global Naphtha Market Share, Size, Price, Analysis, Outlook, Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global naphtha market, assessing the market on the basis of its segments like types, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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Naphtha Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 3%
|Market Size in 2020||USD 152.23 Billion|
|Revenue Forecast in 2027||USD 181.77|
|Growth Rate CAGR||3.0%|
|Major Players||Shell CorporationChevron Phillips Chemical Company LLCExxon Mobil CorporationMitsubishi Chemical CorporationSaudi Basic Industries CorporationVitol GroupOthers|
Naphtha is a crucial ingredient in the thermal cracking process which produces ethylene. Hence, the rising demand for ethylene to manufacture alcohol, fabricated plastic products, and antifreeze, is leading to a heightened demand for the naphtha market.
Meanwhile, naphtha is also used as a feedstock to produce raw materials which are in turn used to make petrochemicals. Over the forecast period, the anticipated increase in demand for petrochemical products such as plastics and soaps from the household sector is likely to bolster the naphtha market.
Naphtha is also utilised to make fertilisers, so the thriving agriculture industry across the emerging economies is playing a pivotal role in the market. Moreover, the increasing application of paints and coatings in the construction industry is further propelling the growth of this market. Rapid urbanisation and robust residential construction activities are likely to bolster the incorporation of naphtha in the construction industry.
At a regional level, the Asia Pacific occupies a significant share in the naphtha market. Prices of naphtha and its refining margins witnessed a significant increase in the year 2021. The region is also witnessing an increase in demand for petrochemicals which is in turn generating a strong demand for naphtha.
Naphtha Industry Definition and Major Segments
Naphtha, also known as wooden naphtha, is defined as chemical compound which is highly volatile in nature and is chiefly used as a solvent in the conversion process for the production of gasoline. It is a flammable compound which is procured by distilling petroleum. Naphtha is crucial in the production of major downstream products of petrochemicals.
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Based on type, the market can be bifurcated into:
On the basis of end use, the market has been classified into:
• Paints and Coatings
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Naphtha Market Trends
The key trends in the global naphtha market include the growing research and development activities by the major market players aimed towards finding ways to produce naphtha using sustainable sources. In February 2021, Royal Dutch Shell, a prominent oil and gas company in Germany, announced that it has been aiming at producing naphtha from crops and renewable sources energy in order to reduce the dependence on crude oil for the production of the product.
Technological advancements and progressive product innovations in the aerospace industry are crucial trends in the market. In addition to this, the increasing incorporation of military turbojets in the air force by military powers is further providing impetus to the naphtha market. Naphtha is also applied in various military components which are likely to witness a heightened demand due to the increasing military expenditure across the emerging economies.
The robust infrastructural development across the developing countries and increasing investments in the renovation projects to improve the commercial structures are likely to be the key trends in the market.
Furthermore, the market for naphtha is anticipated to be aided by the growing efforts of farmers to boost the health of crops and plants. This would likely lead to an increase in demand for fertilisers in the agriculture sector, thereby, escalating the incorporation of naphtha in the agricultural sector.
Key Market Players
The major players in the naphtha market report are:
- Shell Corporation
- Chevron Phillips Chemical Company LLC
- Exxon Mobil Corporation
- Mitsubishi Chemical Corporation
- Saudi Basic Industries Corporation
- Vitol Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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