The global naphtha market is driven by rapid urbanization, rising global population, burgeoning petrochemical industry, and the increasing consumption of naphtha as a feedstock.
As per the latest report by IMARC Group, titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global naphtha market size reached US$ 150 Billion in 2018. Naphtha refers to a colorless, volatile and flammable liquid that is procured through the dry distillation of organic substances like shale or crude oil in a refinery. 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 use, source and composition, naphtha is known by various names including ligroin, shellite, white gas and petroleum spirits. It is utilized as a feedstock in the petrochemical industry to dilute heavy oils and move them through pipelines for cleaning metal as well as to prepare lighter fluid and high-octane gas.
Global Naphtha Market Trends:
Olefin-rich naphtha is primarily utilized as a feedstock in the production of economic high-octane fuel. Presently, the demand for cost-effective fuel is rising due to rapid urbanization and growing global population, which is increasing the consumption of naphtha in both the developing and developed economies. Apart from this, naphtha is used for manufacturing aromatics and olefins like benzene, butadiene, ethylene, toluene and propylene in the petrochemical industry. Further, naphtha-derived components are utilized in the formulation of a wide range of plastics, industrial chemicals and synthetic fiber precursors. Rising use of these end-products is also boosting the sales of naphtha across the globe. Additionally, progress in technology has led to the emergence of advanced furnace materials and enhanced distillation processes. This coupled with the expanding chemical industry, particularly in the Asia Pacific region, is further driving the growth of the market. Looking forward, the market value is projected to reach US$ 187 Billion by 2024, expanding at a CAGR of around 3.8% during 2019-2024.
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Insights on Market Segmentation:
Breakup by Application
1. Petrochemical Feedstock
2. Gasoline Blending
Based on the application, the market has been classified into petrochemical feedstock, gasoline blending and others. At present, petrochemical feedstock accounts for the majority of the total market share.
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Breakup by Region
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific represents the largest market for naphtha around the world. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
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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