The Naphtha Market is projected to be worth USD 431.03 Billion by 2030, registering a CAGR of 3.60% during the forecast period (2021 - 2030).
Naphtha Market is expected to have good growth globally across its segments by the end of the forecast period in 2030. The compound annual growth rate for the market stands at 3.60% as the consumption is at an all-time high, especially in the petrochemicals industry.
Naphtha can be recognized as a highly versatile commodity that can be derived from the shared oil. Also, you can find this commodity in refined petroleum alongside coal tar. This has a flammable nature and is a result of a colorless hydrocarbon mixture. It is volatile and also does not dissolve in water. Owing to its wide use in various industry vertices, it can be derived from the process of distillation of organic substances. The substances that are used are shale, coal, and petroleum. Naphtha is popular in use owing to its applicability in diverse fields. Some of them are the production of gasoline, cleaning the fluids, shoe polishing, alongside acting as fuel in portable stoves. The diverse nature and uses help the market to thrive for catering to the demand of a larger audience spread on a global scale.
The report aims to draw a competitive graph based on the attempts of the Key Market Players spread across various locations of the world. The report discusses the strategies of the players that will help in understanding the potential in the market and their revenue cycles. The global players functioning as a part of the Naphtha Market are as follows:
COVID 19 Analysis:
The Naphtha Market news has its functions and requirement spread across various industry verticles. But the pandemic has brought a hard time for the production and manufacturing units. During the restrictions like lockdowns of a permanent and temporary kind alongside functional restraints, the global market has been stagnant. Also, there is a lack of investment to meet the demand related to the raw material used for production. Also, the unavailability of labor is creating the lack of manpower to cater to the global market demand and the result of the same is a disrupted supply chain mechanism. As the lockdown restrictions are being eased, the market is regaining the demand that will help to curb the losses that have been witnessed by the market during the ongoing global forecast period of 2022-2030.
To regain the Naphtha Market demand, the governments of various regions across the globe are opting for regulations and schemes that will help the market. Also, the governments are investing in the research and development departments in collaboration with the key market players that will help the market develop cost-effective techniques and meet the demand smoothly for the ongoing period that ends in 2030.
The Significant Naphtha Market Growth as expected for the market during the forecast period of 2022-2030 is a result of major driving factors. The consumption of naphtha as a major feedstock ingredient especially in the petrochemicals industry has a promising future. Also, the application of the same across various market vertices to cater to the production level and global demand have a major role to play in enhancing the market functioning for the ongoing forecast period.
Crude oil is a major component of the Global Naphtha Market. The volatility that exists in the price at which crude oil can be procured is witnessing a major restraint for the market on the growth path during the ongoing forecast period that ends in 2030.
The naphtha cracking process makes use of ingredients like aromatics, alongside olefins. Aromatics are used for the production of edible fats that have a high demand and usage. Some of them are rubber and oil, and some personal care products. All these factors and their vibrant demand have a promising future for the Naphtha Market forecast during the forecast period that is 2022-2030. Olefins are one of the primary ingredients for the production of chemical intermediates, synthetic rubber, alongside polymers to cater to the market demand for the forecast period between 2022-2030.
The Naphtha Market Trends are mushrooming across various locations of the world. To cater to the vibrant demand of the market audience, the market performs in different segments. Also, while having an idea about the segments will help the investors understand the revenue scale and take market investment decisions accordingly. The global market segmentation functioning currently, is as follows:
Based on the Type Segment of the Naphtha Market, the market includes both light and heavy naphtha available across the globe.
The Naphtha Market functions with the applications like chemicals, fuels, and energy, amongst others that are being put to use across the production, manufacturing, and management sectors across several industry vertices. Naphtha Market Share, by Application, 2017 (%):
The processes that are a part of the Global Naphtha Market are gasoline blending, steam cracking, alongside naphtha reforming amongst the others taken up by various production units.
The Naphtha Market is functional in 5 major geographies of the world are the North American countries, European nations, Latin America, the APAC region, and the Middle East and African continent.
The historic trends of 2017 showed good growth for the Naphtha Market in the APAC region and owing to the prevalence of similar trends, this region is expected to record the highest CAGR growth of the market by the end of the ongoing forecast period in 2023. The main reason for this splendid growth in the region is due to the major expansion of the chemicals industry in the region. During the assessment period, it is expected that the technological advancements in the APAC region will be increasing. Also, the wide and advanced use of furnace materials will play a major role in facilitating the Global Naphtha Market Growth. The region expecting the second-largest growth in North America owing to the rising consumption of gasoline in the region. Also, the demand for naphtha has grown many folds in the fuel market functioning in the North American region during the forecast period ending in 2023.
|Market Size||2030: Significant value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Process, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Chevron Corporation.(US),Reliance Industries Limited (India),Shell Chemicals (US),SABIC (Saudi Arabia), BP PLC (UK), Exxon Mobil Corporation. (US),China Petrochemical Corporation (China),Indian Oil Corporation Ltd (India),Novatek (Russia),Mitsubishi Chemical Corporation (Japan),Lotte Chemical Corporation (South Korea),Mangalore Refinery and Petrochemicals Limited (India)|
|Key Market Opportunities||The application of the same across various market vertices to cater to the production level and global demand have a major role|
|Key Market Drivers||The consumption of naphtha as a major feedstock ingredient especially in the petrochemicals industry has a promising future.|
Naphtha, a highly versatile commodity found in shale oil. It is used in various applications such as naphtha reforming, gasoline blending, steam cracking, and others.
Surging production of rubber.
Asia Pacific holds the largest share in the global Naphtha market followed by North America and the Middle East & Africa, respectively.
BP PLC (UK), Chevron Corporation. (US), Exxon Mobil Corporation. (US), Lotte Chemical Corporation (South Korea), Indian Oil Corporation Ltd (India), Mangalore Refinery and Petrochemicals Limited (India), Novatek (Russia), Mitsubishi Chemical Corporation (Japan), Reliance Industries Limited (India), Shell Chemicals (US), SABIC (Saudi Arabia), and China Petrochemical Corporation (China), are some of the major players operating in the global Naphtha market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global Naphtha market adopt to gain a larger competitive advantage.