- Technological breakthroughs have resulted in the development of new furnace materials and improvement in distillation procedures. This, together with the growth of the chemical industry, is likely to drive the naphtha market.
- Growing gasoline consumption is estimated to propel the global naphtha market, as naphtha is used to blend gasoline
ALBANY, N.Y., April 25, 2022 /PRNewswire/ -- The value of global naphtha market stood at US$ 249.68 Bn in 2020. The global market is likely to rise at a CAGR of 5.1% during the forecast period, from 2021 to 2031. The global naphtha market is anticipated to attain the valuation of US$ 431.53 Bn by 2031. As part of their environmental responsibilities, major oil firms in the global naphtha market are launching clean fuel and aromatics programs. They are expanding their capability to include naphtha splitter columns. These columns aid in the separation of heavy and light naphtha from hydro-treated naphtha. The continuous catalytic reforming (CCR) and isomerization units, which have operational capacities of 65,000 and 90,000 barrels each day, respectively, are fed by these columns.
Majority of industry players rely on third-party distributors in order to connect to their target customers. The most common technique used by naphtha manufacturers to improve product penetration in diverse end-use situations is a distribution agreement. The market is expected to grow at a modest rate; however, development of the global naphtha market is expected to be slowed down by changing crude oil prices and the presence of affordable options such as LPG (Liquefied Petroleum Gas) and shale gas. As a result, producers are expanding their sales channels in critical applications of naphtha, such as dry-cleaning solvents, rubber solvents, and paint solvents to assure high naphtha sales.
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Key Findings of Market Report
- Firms in the global naphtha market can rely on reliable income streams in the architecture, engineering and construction (AEC) industry. In 2020, the chemical sector contributed to 60% of the global consumption of naphtha, a pattern that is projected to continue during the forecast period.
- As the global naphtha market is so fiercely competitive, businesses are forming long-term contracts with suppliers of raw materials to avoid fluctuating pricing. As the global market is dominated by a large number of market players, including a significant number of small and medium-scale producers, firms are improving their distribution networks. In order to boost naphtha sales, huge firms have their own distribution as well as marketing networks all over the world. Companies are focusing on feedstock for petrochemical cracking or gasoline reforming and blending to expand their company.
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- The chemicals category, which comprised toluene, and xylenes (BTX) and petrochemicals and benzene, led the global naphtha market in 2020, accounting for more than 60% of the global market. In the next few years, the category is likely to remain in its leading position. Naphtha is primarily used in steam cracking to produce olefins, reforming to produce aromatics, and also in the form of a feedstock for high-octane gasoline. It can be utilized as a solvent as well.
Global Naphtha Market: Growth Drivers
- Growing demand for polyethylene and polypropylene is likely to boost the demand for naphtha, which is used as a feedstock for the making of aromatics and olefins used in paints and coatings applications
- The global naphtha market is expected to be propelled by growing demand for mineral oil as well as increasing disposable income in developing countries, which drives consumers to buy new automobiles and fuel-efficient vehicles
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Global Naphtha Market: Key Competitors
- Mangalore Refinery and Petrochemicals Limited
- Reliance Industries Limited
- Chevron Shell Chemicals
- BP plc.
- Indian Oil Corporation
- Mitsubishi Chemical Holdings Corporation
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Global Naphtha Market: Segmentation
Application
- Chemicals
- Energy/Fuel
- Others
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