The latest report by IMARC Group, titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global naphtha market reached a value of US$ 153.5 Billion in 2021. Naphtha is a highly versatile hydrocarbon compound that is flammable, colorless, and highly volatile in nature. Depending on its source or composition, it is known as coal tar naphtha, wood naphtha, petroleum spirits, shellite, and white gas. It is obtained by distillation of gasoline or raw petrol from raw material and crude oil. It represents the second lightest product among all refinery yields. As a result, it finds utilization across various end-user industries such as petrochemical, agriculture, paints and coatings, and aerospace.
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Global Naphtha Market Trends:
The market is primarily driven by the significant demand for naphtha in the transportation, construction, and plastic industries. In the petrochemical industry, it is used as a feedstock as well as for manufacturing aromatics and olefins like benzene, butadiene, ethylene, toluene, and propylene. The rising need for gasoline that uses olefin-rich material is also propelling the demand for naphtha. In addition, the rising demand for cost-effective fuel has increased the naphtha consumption in both emerging and industrialized economies due to rapid urbanization and the growing population. Furthermore, the advent of technologies, such as hydro-pyrolysis, which saves energy and decreases production cost, has led to the introduction of distillation columns and advanced furnace materials, which are also expected to create a positive outlook for the market. Looking forward, the market is expected to reach US$ 189.9 Billion by 2027, exhibiting a CAGR of 3.9% during the forecast period (2022-2027).
- Based on the application, the market has been segmented into petrochemical feedstock, gasoline blending, and others. Amongst these, petrochemical feedstock represents the largest application segment.
- Region-wise, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has 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.
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