According to the latest report by IMARC Group, titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global naphtha market size reached US$ 159.5 Billion in 2022. Naphtha is a petrochemical feedstock that is widely utilized in various industries due to its versatile properties. It is a flammable liquid hydrocarbon mixture that comprises lighter hydrocarbons. It is obtained from the refining process of crude oil and can produce various chemicals, such as ethylene and propylene. It has low sulfur content and cleaner combustion properties as compared to other petrochemical feedstock. As it is utilized in fire juggling and dry-cleaning solvents, the demand for naphtha is rising across the globe.
Global Naphtha Market Trends:
At present, the increasing adoption of gasoline as a solvent in various applications represents one of the major factors impelling the growth of the market. In line with this, the rising utilization of plastics, synthetic rubber, and fibers in everyday products around the world is bolstering the growth of the market. Besides this, the growing demand for lighter feedstocks in steam crackers for petrochemical production is offering a positive market outlook. Moreover, the increasing preference for sustainable chemical feedstock is offering lucrative growth opportunities to industry investors. Apart from this, the growing demand for cleaning agents, paint thinners, and varnishes in various industrial applications across the globe is positively influencing the market. In addition, the rising employment of naphtha as a fuel in some power generation applications, especially where natural gas is limited or unavailable, is propelling the growth of the market. Furthermore, the increasing development of cleaner and more efficient naphtha-based processes to reduce the environmental impact around the world is contributing to the growth of the market. Additionally, the rising production of olefins, aromatics, and other chemicals is strengthening the growth of the market. Looking forward, the market value is projected to reach US$ 192.7 Billion by 2028, expanding at a CAGR of 3.3% during 2023-2028.
- Based on the application, the market has been classified into petrochemical feedstock, gasoline blending, and others. At present, petrochemical feedstock dominates the market, accounting for the largest share.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being BP plc, Chevron Corporation, Exxon Mobil Corporation, Lotte Chemical Corporation, Mangalore Refinery and Petrochemicals Limited, OAO Novatek, Saudi Basic Industries Corporation (SABIC), Shell International B.V., Sinopec Group, Total S.A., Vitol SA, Mitsubishi Chemical, Reliance Industries Limited, and Indian Oil Corporation.
|Base Year of the Analysis
||Million Tons, US$ Billion
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||BP plc, Chevron Corporation, Exxon Mobil Corporation, Lotte Chemical Corporation, Mangalore Refinery and Petrochemicals Limited, OAO Novatek, Saudi Basic Industries Corporation (SABIC), Shell International B.V., Sinopec Group, Total S.A., Vitol SA, Mitsubishi Chemical, Reliance Industries Limited, and Indian Oil Corporation
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800