Naphtha Market 2024 Global Industry Analysis With Forecast To 2032 | Emergen Research
Emergen Research
The global naphtha market size was USD 282.0 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.8% during the forecast period
VANCOUVER, BRITISH COLUMBIA, CANADA, June 4, 2024 /EINPresswire.com/ -- The global naphtha market, valued at USD 282.0 billion in 2022, is projected to experience a steady growth rate with a (CAGR) of 3.8% through the forecast period. This growth is largely driven by increasing demand for naphtha in the petrochemical industry and the rising need for olefin-rich naphtha.
Key Market Drivers
Naphtha is a crucial feedstock in the petrochemical industry, accounting for approximately half of its production use. It plays a vital role in synthesizing essential chemicals like propylene, butadiene, ethylene, and benzene. An example of the growing demand is S-Oil Corp’s recent project in South Korea, which involves a naphtha-fueled steam cracker capable of producing 180,000 tons of ethylene annually. The petrochemical complex, expected to be operational by 2026, will produce up to 3.2 million tons of core petrochemical raw materials each year.
You Can Download Free Sample PDF Copy Of This Report At: https://www.emergenresearch.com/request-sample/2765
The market also benefits from the application of olefin-rich naphtha in producing high-octane, low-cost diesel. Additionally, naphtha's use as a solvent in a variety of industries, including cleaning agents, asphalt, paints, and varnishes, further fuels its demand.
Technological Advancements
Technological advancements are another significant factor driving market growth. For instance, Honeywell UOP’s introduction of the 'Kerosene Uncracking' method in India demonstrates the continuous innovation within the industry, enhancing the efficiency of converting kerosene into naphtha.
Market Restraints
Despite the positive growth outlook, the market faces challenges. Fluctuating crude oil prices pose a significant risk to market stability. Additionally, the shift towards cheaper alternatives such as Liquefied Petroleum Gas (LPG) and natural gas liquids could potentially limit the market's growth. Venezuela’s PDV LLC, for example, has constructed small pipelines to address naphtha shortages affecting heavy crude production and export.
Segment Insights
Naphtha Types: The market is segmented into light and heavy naphtha. Heavy naphtha dominated the market in 2022 due to its extensive applications in producing petrochemicals and fuel products. The growing popularity of shale gas has also increased the demand for heavy naphtha as a solvent in crude oil transportation.
Processes: The naphtha market is divided into naphtha reforming, steam cracking, gasoline blending, and others. Steam cracking is expected to show significant growth due to its use in producing olefins and high-octane gasoline feedstock. Projects like Saudi Aramco’s Ras Tanura refinery, aimed at improving environmental standards, highlight the ongoing investments in steam cracking technology.
End-Use: The petrochemicals segment is anticipated to hold the largest market share. The increasing demand for synthetic materials and plastics, coupled with advancements in refining processes, drives this growth. Notably, the partnership between Petronas and Saudi Aramco in Malaysia’s RAPID project underscores the importance of naphtha in producing a wide array of petrochemicals.
Request For Customization: https://www.emergenresearch.com/request-for-customization/2765
Future Prospects
The future of the global naphtha market looks promising, with ongoing developments and investments in the petrochemical sector set to bolster growth. The UK's leading role in upcoming oil and gas projects, alongside significant initiatives in Asia and the Middle East, highlights the global importance of naphtha.
Naphtha Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global naphtha market on the basis of type, process, sales channel, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Light Naphtha
Heavy Naphtha
Process Outlook (Revenue, USD Billion; 2019-2032)
Naphtha Reforming
Steam Cracking
Gasoline Blending
Others
Sales Channel Outlook (Revenue, USD Billion; 2019-2032)
Direct Sale
Indirect Sale
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Petrochemicals
Aerospace
Agriculture
Paints
Coatings
Others
Some major players included in the global naphtha market report are:
Alexandria Mineral Oils Company
Bajrang Petrochemicals Pvt Ltd.
Slope Electric Cooperative
Chevron Corporation
China Petrochemical Corporation
SABIC
Exxon Mobil Corporation
BP PLC
Reliance Industries Limited
Shell International B.V.
Indian Oil Corporation Ltd
PAO Novatek
SASOL Limited
LG Chem
Formosa Petrochemical Corporation
To Visit Full Report & Table of Contents Naphtha Market: https://www.emergenresearch.com/industry-report/naphtha-market
Naphtha Latest Industry News
In May 2022, BP plc and Clean Planet Energy, a UK-based company that is constructing facilities to transform difficult-to-recycle plastic waste into circular petrochemical feedstocks and Ultra-Low Sulfur Diesel (ULSD), inked a 10-year off take deal. The Teesside facility, which is intended to process 20,000 tons of waste plastics annually into naphtha and ULSD, is Clean Planet Energy's first facility, and under the terms of the new deal, BP is expected to get its output.
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Eric Lee
Emergen Research
+91 90210 91709
email us here
Visit us on social media:
Facebook
X
LinkedIn
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.