According to the new market research report by IMARC Group, The global naphtha market size reached US$ 153.5 Billion in 2021. Looking forward, the market expected to reach US$ 189.9 Billion by 2027, exhibiting a growth rate (CAGR) of 3.9% during 2022-2027.
Naphtha is a volatile, colorless and highly flammable liquid compound that is stored in closed bottles in a cool and well-ventilated area. It is obtained through the dry distillation of organic substances such as shale, coal tar, and crude oil. It represents the second lightest product among all the refinery yields and is generally obtained in the first distillation process after liquified petroleum gas (LPG). Depending on its source or composition, naphtha is known by several names like white gas, petroleum spirits, shellite, and ligroin. There are two types of naphtha depending on their structure and refinery process ¾ light and heavy naphtha. They are utilized in the manufacturing of gasoline, petrochemical steam crackers, paints, cleaning fluids, and fuel for portable stoves.
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Global Naphtha Market Trends / Drivers, restraints, and opportunities-
In the petrochemical industry, naphtha is widely used to dilute heavy oils, clean metal from pipelines and manufacture high-octane gas. Along with this, it is also utilized in the production of olefins and aromatics like ethylene, propylene, benzene, and toluene. As there is a high demand for cost-effective olefin-rich fuels due to the growing population and rapid urbanization, it is driving the consumption of naphtha across the globe. Furthermore, technological developments have led to the production of advanced furnace materials and technologies like catalytic cracking and hydro-pyrolysis of naphtha. These energy-efficient processes have increased the usage of naphtha as a feedstock in various sectors.
The competitive landscape of the market has also been examined with some of the key players being BP, Chevron, ExxonMobil, Indian Oil Corporation, Lotte Chemical Corporation, Mangalore Refinery and Petrochemicals Limited, Mitsubishi Chemical, OAO Novatek, Reliance Industries Limited, SABIC, Shell Chemicals, Sinopec, Total S.A. and Vitol.
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Key Market Segmentation
IMARC Group has segmented the report based on Application, and region:
On the basis of Application, the market includes:
1. Petrochemical Feedstock
2. Gasoline Blending
On the basis of the application, the market has been categorized into petrochemical feedstock, gasoline blending, and others. Among these, petrochemical feedstock is the biggest application segment, accounting for the majority of the market share.
On the basis of Region
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been classified into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa. Currently, Asia Pacific represents the leading segment, holding the biggest market share.
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