Naphtha Market Overview to 2027
Naphtha market of the world has witnessed a healthy growth and as per the market analysis, growth will be remain continue in forecast period. The growth of the naphtha market is attributed towards the growing demand for petrochemicals. Presently, plastics is seen as the building blocks for the infrastructure of a country.
One of the main drivers for the naphtha market is the tremendous demand the developing economies have for petrochemicals, mainly ethylene and propylene for production of plastics. The regulatory policies by Asian governments that are aimed at motivating chemicals manufacturing will also play a vital role to attract investments from the companies from North America and Europe region.
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January 2016 – Petrobras has agreed a new five-year naphtha supply contract with petrochemical producer Braskem. With this agreement, Braskem will pay Petrobras 102.1% of the Amsterdam-Rotterdam-Antwerp benchmark price for 7 million tons per year of naphtha. Braskem depends on naphtha from Petrobras to feed its petrochemical plants and agreement would further help the company to strengthen its share in Latin America region.
April 2015 – A joint agreement between NuStar and PMI has been expanded and extended in relation to the transportation and storage of naphtha. This strategy would help the NuStar to increase the market share in the region.
November 2015 – Indian Oil Corp planned to expand capacity at its naphtha cracker in Panipat to 1.2 million tons per year by 2019 end. The expansion would increase the capacity of the cracker in northern India from about 850,000 tons per year.
Naphtha Market- Top 10 Global key Players & Their Strategy: Some of the prominent players at the forefront of competition in the Global Naphtha Market that are profiled in MRFR Analysis.
- British Petroleum,
- Total S.A,
- Indian Oil Corporation,
- Mitsubishi Chemical,
- Reliance Industries,
- ADNOC and others are
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As per MRFR analysis, the global naphtha market is segmented into types and application. On the basis of types, the market is segmented into light naphtha and heavy naphtha. And on the basis of application, the market is segmented into chemicals, petroleum/oil, energy and others.
Overall, Asia Pacific naphtha demand is likely to witness significant growth over the forecast period. Over the past few years, the region has emerged as the largest exporting hub of petroleum products and this trend is expected to remain continue over near future. Huge development of the transport and electrical sectors in the region on account of increasing trade activities along with use of technological advancement by consumers is expected to drive demand of naphtha market in the region. In North America, the boom in exploiting shale gas from the reservoirs have caused production low cost ethane gas, hence lowering the production cost of ethylene to 60% on comparing with naphtha as a feedstock is one of the factor that may restrain the global naphtha market.
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