According to ChemAnalyst report, “Global Naphtha Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Type, Sales Channel, Regional Demand, Company Share, Manufacturing Process, 2015-2035”, Naphtha market has shown significant growth as it reached 190 million tonnes in 2022 and is expected to achieve a healthy global CAGR of 4.15% in the forecast period until 2035. With the growing demand of Naphtha from the Petrochemical and other major end-user industries for the production of aromatics and olefins, including benzene, ethylene, butadiene, propylene, toluene, and others is anticipated to boost the global Naphtha market in the forecast period. The industrial production of Naphtha is linked with the safety concerns on eco-system before it can be further manufactured and introduced in the market around the world.
Naphtha is basically a mixture of hydrocarbons that consists around 5 and 10 carbon molecules. It is a colourless, volatile, insoluble and flammable liquid which is incompatible with strong oxidizing agents such as nitric acid. Naphtha is synthesized from natural gas condensates, petroleum distillates, and the distillation of coal tar and peat. Crude oil is one of the major sources of Naphtha which is widely used as a precursor to gasoline, butane and other liquid fuels. Many different industries use Naphtha as a crude oil or refined products such as kerosene and others. Naphtha is extensively used as solvents for paints, rubbers, cleaning agents, petroleum, cutback asphalts, industrial extraction processes and others. It also finds its industrial application as a raw material to produce high quality plastics like polyethene and polypropylene. Naphtha burns cleanly that makes it an ideal chemical to use in heating units, power stoves, blow torches and cigarette lighters.
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Naphtha is considered as an important commodity chemical used in numerous industrial and commercial applications. In the Naphtha cracking process, ingredients like aromatics and olefins are highly used. Aromatics are exclusively used in the production of edible fats whereas, olefins are used to make chemical intermediates, rubbers, plastics etc. Olefin-rich Naphtha is mainly used as a feedstock to manufacture cost-effective fuels. Exponentially rising demand of aromatics and olefin-rich Naphtha by the food & beverage and chemical industry is expected to boost the global market of Naphtha in the future. Petrochemical industry considers Naphtha as one of the most important feedstock for the production of ethylene, butadiene, toluene, propylene, benzene, and xylene, which are further used in the making of products like synthetic resins, synthetic fiber, synthetic rubber, dyes, medicine, personal care, fuels, cosmetics and others.
Global Naphtha Market is segmented on the basis of end-use, type, sales channel and region. Based on the type, the global Naphtha market is segmented into heavy Naphtha and light Naphtha. Light Naphtha is likely to dominate the global Naphtha market in upcoming years as it is highly used as steam crackers in the flourishing petrochemical industry. On the basis of end-use, the global Naphtha market is segregated into Gasoline Blending, Steam Cracking, Naphtha Reforming, and others. Gasoline Blending industry dominated the global Naphtha market in 2022 and is expected to maintain its dominance until 2035. Rapid urbanization and industrialization in emerging and industrialized economies is increasing the demand for cost-effective fuels, which will accelerate the demand of Naphtha, further augmenting the global Naphtha market in upcoming years. Initiatives and projects for the construction of chemical plants in the Asia Pacific region to produce various plastics, along with other petrochemical products used in end-use industries, including automotive, electronics, battery vehicles, and others is anticipated to boost the global Naphtha market in the forecast period until 2035.
Region wise, Asia Pacific region dominates the global Naphtha market is anticipated to maintain its dominance until 2035. The dominance of the global Naphtha market is driven by the growth and developments in major end-user industries including petrochemical, agrochemical, construction and others in Asia Pacific. As gasoline is a refined Naphtha, major economies like India and China are the major consumers of gasoline and its continuously growing demand is likely to boost the global Naphtha market in the forthcoming years.
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“Global Naphtha Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Type, Sales Channel, Regional Demand, Company Share, Manufacturing Process, 2015-2035” Some of the major players operating in Naphtha market include are Exxon Mobil Corporation, Reliance Indusries Limited, Nippon Oil Corporation, Phillips 66 Company, Indian Oil Corporation Limited, Marathon Petroleum Corporation, Flint Hills Resources, Chevron Corporation, Idemitsu Kosan Co., Ltd, Nayara Energy Limited, GS Caltex Corporation, BP p.l.c., Monroe Energy LLC, and VPR Energy.
“Rapidly growing demand for cost-effective fuels propelled by increasing urbanization and industrialization in emerging and industrialized economies is likely to boost the global Naphtha market in the forecast period as Olefin-rich Naphtha is highly used to produce cost-effective fuels. Projects for the construction of chemical plants in the Asia Pacific region to produce numerous petrochemical products used in end-use industries, including automotive, electronics, battery vehicles, and others is anticipated to boost the global Naphtha market in upcoming years. Continuously growing demand of gasoline in India and China, is likely to augment the market growth of Naphtha across the globe over the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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