According to the recent report by IMARC Group, titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global naphtha market size reached around US$ 151.7 Billion in 2019. Naphtha is a volatile, colorless and highly flammable liquid compound that is stored in closed bottles in a cool and well-ventilated area. It is obtained through the dry distillation of organic substances such as shale, coal tar, and crude oil. It represents the second lightest product among all the refinery yields and is generally obtained in the first distillation process after liquified petroleum gas (LPG). Depending on its source or composition, naphtha is known by several names like white gas, petroleum spirits, shellite, and ligroin. There are two types of naphtha depending on their structure and refinery process ¾ light and heavy naphtha. They are utilized in the manufacturing of gasoline, petrochemical steam crackers, paints, cleaning fluids, and fuel for portable stoves.
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Global Naphtha Market Trends:
In the petrochemical industry, naphtha is widely used to dilute heavy oils, clean metal from pipelines and manufacture high-octane gas. Along with this, it is also utilized in the production of olefins and aromatics like ethylene, propylene, benzene, and toluene. As there is a high demand for cost-effective olefin-rich fuels due to the growing population and rapid urbanization, it is driving the consumption of naphtha across the globe. Furthermore, technological developments have led to the production of advanced furnace materials and technologies like catalytic cracking and hydro-pyrolysis of naphtha. These energy-efficient processes have increased the usage of naphtha as a feedstock in various sectors. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
- On the basis of the application, the market has been categorized into petrochemical feedstock, gasoline blending, and others. Among these, petrochemical feedstock is the biggest application segment, accounting for the majority of the market share.
- Region-wise, the market has been classified into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa. Currently, Asia Pacific represents the leading segment, holding the biggest market share.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Chevron Corporation, ExxonMobil Corporation, Indian Oil Corporation Limited, BP PLC, Lotte Chemical Corporation, Mangalore Refinery and Petrochemicals Limited, Mitsubishi Chemical Corporation, Sinopec, Total S.A., OAO Novatek, Reliance Industries Limited, SABIC, Shell Chemicals, and Vitol Netherlands Coöperatief U.A.
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