The global naphtha market crossed a value of US$ 144 Billion in 2017. The market value is further projected to reach US$ 181 Billion by 2023, expanding at a CAGR of more than 3% during 2018-2023. Naphtha refers to a highly versatile hydrocarbon mixture which is colorless, flammable and extremely volatile in nature. It is produced by the distillation of organic substances including coal tar, petroleum, wood and shale. Naphtha is known by various names such as wood naphtha, petroleum spirits, coal tar naphtha, shellite and white gas, depending on its composition or source. There are two compositions of naphtha, based on the refinery process and hydrocarbon structure, namely, light (paraffinic) and heavy naphtha. Light naphtha plays a vital role in petrochemical steam crackers, whereas, heavy naphtha is commonly used in refinery catalytic reformers in order to enhance the performance of fuels. Apart from this, naphtha finds numerous applications in the manufacturing of cleaning fluids, fuel for portable stoves, gasoline, paints, etc.
Global Naphtha Market Drivers:
- Olefin-rich naphtha is majorly employed as a feedstock for economic high-octane fuel production. Proliferating demand for cost-effective fuel owing to rapid urbanization and growing global population has increased the consumption of naphtha in both the developing and developed economies.
- In the petrochemical industry, naphtha is used for manufacturing aromatics and olefins like benzene, butadiene, ethylene, toluene and propylene. Continuous growth in the industry has been proactive in maintaining the growth of the naphtha market.
- Naphtha-derived components are utilized in the formulation of a wide range of plastics, industrial chemicals and synthetic fiber precursors. Rising usage of these end-products across the globe has helped in creating an attractive market for naphtha.
- Progress in technology has led to the emergence of advanced furnace materials and enhanced distillation processes. This coupled with the expanding chemical industry, particularly in the Asia Pacific region, is further boosting the consumption of naphtha.
Breakup by Application:
The global naphtha market has been divided on the basis of application into petrochemical feedstock, gasoline blending and others. Amongst these, petrochemical feedstock dominates the market, holding the majority of the total market share.
On a geographical front, Asia Pacific enjoys the leading position in the global naphtha market on account of rising consumption of plastics in the region. Apart from Asia Pacific, other major regions include Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the global naphtha market has also been analyzed with some of the leading players being:
- Lotte Chemical Corporation
- Mangalore Refinery and Petrochemicals Limited
- OAO Novatek
- Shell Chemicals
- Total S.A.
- Mitsubishi Chemical
- Reliance Industries Limited
- Indian Oil Corporation
This report provides a deep insight into the global naphtha market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the naphtha market in any manner.
Key Questions Answered in This Report:
- How has the global naphtha market performed so far and how will it perform in the coming years?
- What are the key regions in the global naphtha market?
- What are the major application segments in the global naphtha market?
- What are the various stages in the value chain of the global naphtha market?
- What are the key driving factors and challenges in the global naphtha market?
- What is the structure of the global naphtha market and who are the key players?
- What is the degree of competition in the global naphtha market?
- How is naphtha manufactured?