Pune, India, January 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Naphtha Market.
As per Market Research Future (MRFR)’s analysis, the global naphtha market is poised to scale new heights over the forecast period 2016 to 2023. It has developed application across different industrial processes such as the production of gasoline, shoe polish, cleaning fluids, and fuel for portable stoves. The expected upsurge in the demand for end-use products is likely to drive the growth of the market in the forthcoming years.
The petroleum industry resonates strong opportunities for the growth of the naphtha market. The industry has witnessed revenue growth in the recent years and is expected to accelerate consumption of naphtha as a feedstock. The regulatory overhangs are unlikely to have any negative effect on the expansion of the naphtha market in the foreseeable future.
Rapid urbanization has necessitated the proliferation of the transportation industry across the world. This, in turn, has generated excessive demand for gasoline. Naphtha has developed a crucial application in the blending of gasoline which is projected to favor the growth of the market across the review period.
The acceleration of revenue creations in the olefins and aromatics market is further forecasted to expedite the expansion of the naphtha market over the next couple of years. However, volatility in crude oil prices is anticipated to remain an impediment to the market growth.
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This MRFR report presents a detailed segmental analysis of the naphtha market based on type, application, and process. On the basis of type, the market has been segmented into heavy naphtha and light naphtha.
Based on application, the global naphtha market is segmented into chemicals, energy and fuel, and others.
By process, the naphtha market has been segmented into naphtha reforming, gasoline blending, steam cracking, and others.
By region, the global naphtha market has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is the largest market for naphtha, and the governments are also taking initiatives in establishing naphtha cracking facilities in the region. The market is anticipated to remain highly lucrative in the foreseeable future. The fast-developing economies such as China, India, Indonesia, and Thailand are witnessing high consumption of gasoline & energy. This, in turn, has been presumed to catapult the naphtha market on an upward trajectory over the assessment period.
North America is poised to secure the second spot in the global naphtha market. The factors expected to drive the market growth are a revival of the automotive industry, expansion & diversification of key players in the region, skyrocketing gasoline consumption, etc.
The Middle East & Africa is an important revenue pocket as it has emerged as the largest exporter od naphtha over the last few years. Furthermore, the presence of oil & gas producing countries in the region is prognosticated to augment the naphtha market in the region.
Some of the prominent players profiled in this MRFR report are Chevron Corporation. (US), Exxon Mobil Corporation. (US), Indian Oil Corporation Ltd (India), BP PLC (UK), Lotte Chemical Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Novatek (Russia), Mangalore Refinery and Petrochemicals Limited (India), Reliance Industries Limited (India), Shell Chemicals (US), SABIC (Saudi Arabia), and China Petrochemical Corporation (China).
In March 2018, Tamil Nadu, a South Indian state, has urged the Centre and State governments for the establishment of a naphtha cracker facility at Nagapattinam.
In October 2018, CPC Corp., a state-owned oil company in Taiwan, has signed a Memorandum of Understanding (MoU) with an Indonesian firm for the establishment of a naphtha cracking plant in Indonesia.
In November 2018, Lotte Chemical Titan Holding Berhad, which is the Malaysian subsidiary of South Korean petrochemical company, has announced that it has started its USD 3.6 Bn naphtha cracker plant project in Indonesia.