IMARC Group has recently released a new research study titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the naphtha industry?
The global naphtha market size reached US$ 153.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 189.9 Billion by 2027, exhibiting a growth rate (CAGR) of 3.9% during 2022-2027.
What is naphtha?
Naphtha represents highly versatile, flammable, colorless, and extremely volatile hydrocarbon mixtures obtained from the distillation process of various organic substances, such as petroleum, coal tar, wood, shale, etc. They are incompatible with strong oxidizers and are insoluble in water. Naphtha materials are used in producing industrial solvents, cleaning fuel, and fluids for portable stoves and lanterns and prove highly effective in gasoline blending, fire juggling, and dry-cleaning solvents. They are even utilized as a feedstock chemical in the production of benzene, propylene, xylene, ethylene, butadiene, etc. As a result, naphtha hydrocarbon mixtures find extensive applications across numerous sectors, including petrochemical, agriculture, paints and coatings, aerospace, etc.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the naphtha market?
The elevating use of olefin-rich naphtha as a feedstock for economic high-octane fuel production and the expanding petrochemical industry are among the key factors driving the naphtha market. In addition to this, the growing construction, remodeling, and renovation activities in commercial and residential spaces and the escalating need for cleaning agents and paints formulated with naphtha are also positively influencing the global market.
Apart from this, the increasing usage of food-grade naphtha for films and coatings and as defoaming agents in the food packaging segment is acting as another significant growth-inducing factor. Moreover, the introduction of hydro-pyrolysis, which saves energy and reduces the manufacturing costs of the product, the launch of advanced furnace materials, and the rising adoption of naphtha in the rubber industry to dampen tread stocks for facilitating improved road adhesion are expected to propel the naphtha market over the forecasted period.
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The report has segmented the market into the following categories:
Breakup by Application:
- Petrochemical Feedstock
- Gasoline Blending
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
- BP p.l.c. (BP)
- Chevron Corporation (CVX)
- Exxon Mobil Corporation
- Lotte Chemical Corporation
- Mangalore Refinery and Petrochemicals Limited
- OAO Novatek
- Saudi Basic Industries Corporation (SABIC)
- Shell International B.V.
- Sinopec Group
- Total S.A.
- Vitol SA
- Mitsubishi Chemical
- Reliance Industries Limited
- Indian Oil Corporation
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