The latest market report published by Credence Research, Inc. “Naphtha Market Size, By Product Type and By Geography- Growth, Future Prospects and Competitive Analysis, 2016 - 2030,” the global naphtha market was valued at US$ 102.6 Bn in 2016, and is expected to reach US$ 230.9 Bn by 2030, expanding at a CAGR of 5.97% from 2016 to 2030.
Global naphtha market is projected to witness significant growth over the forecast period. Growing demand for naphtha as a feedstock in petrochemical industry is projected to drive the demand for naphtha over the forecast period. Increasing use of plastic products fueling the demand for the polypropylene and polyethylene which in turn is driving the demand for naphtha used as a feedstock for the production olefins and aromatics using in production of paints and coatings. Further, naphtha also finds application in blending with gasoline.
Growing demand for gasoline is anticipated to augment the growth of global naphtha market. Moreover, recent technological advancement such as development of advance furnace materials, advanced distillation column and alternative technologies such as hydro- pyrolysis of naphtha and catalytic cracking of naphtha saves approximately 10% of the energy which in turn reduces the production cost. Thus, making naphtha the preferred feedstock for the end use applications. Growing chemical industry especially in Asia Pacific is projected to drive the global naphtha market during the forecast period (2016-2030). However, growing use of alternatives such as LPG for the production of propane and butane are expected to restrain the growth of global naphtha market during the forecast period (2016-2030).
By Product type, heavy naphtha segment was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. The segment is projected to witness stable growth during the forecast period. Light naphtha segment is expected to be the fastest growing segment during the forecast period. Growing use of light naphtha in petrochemical steam crackers is anticipated to fuel the demand over the forecast period (2016-2030).
By application, chemical segment was observed to be the largest segment in 2015 in global naphtha market. Increasing use of naphtha as a feedstock for the production of materials such as polyethylene and polypropylene in petrochemical industry is projected to fuel the growth of naphtha over the forecast period (2016-2030).
Considering the competition, the global naphtha market is expected to witness a significant rise in investment in capacity expansion for the production and supply of naphtha. Further, market has witnessed strategic mergers and collaborations among naphtha regional and global players. Such growth strategies are focused on increasing their market penetration in key consuming economies.
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Credence Research has recently issued a new market assessment report titled “Naphtha Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2022”. The global Naphtha Market study provides a comprehensive view of the ongoing and future phases of the Naphtha industry based on parameters such as major commercial events, research initiatives, government guidelines, market drivers, restraints and opportunities and detailed industry segmentation and regional distribution.
Based on geographic/regional distribution the global Naphtha Market is studied for key regional markets focusing on the respective geographic trends and statistics, and thereby delivering market size and forecast values. The Naphtha Market based on geographic classification is studied for North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa markets. Among these, the North America, Europe and Asia-Pacific Naphtha Market is studied for top country-level markets. The Naphtha industry in each individual country market is studied based on parameters such as per capita income, population, gross domestic product (GDP), status of infrastructure, purchasing power parity, etc. Technology development, industry concentration, end-user preference, and similar such grounds are also considered while estimating the market for Naphtha. The market estimates are provided for the period 2014-2022, along with corresponding compounded annual growth rates (CAGRs) for the forecast period 2016-2022.
This report on Naphtha Market also offers competition assessment tools such as market positioning of key players, attractive investment proposition, and Porter’s Five Forces model to give the readers a view of the competitive scenario of the Naphtha Market. The Naphtha Market report is concluded with company profiles chapter. This section highlights major information about the key players engaged in development, manufacture, distribution and sale of Naphtha in the international markets.
Major extracts from the Table of Content of Naphtha Market, 2016-2022 report:
Key Players Identified in the Naphtha Market include but are not limited to: British Petroleum, Shell, ExxonMobil, Chevron, Indian Oil Corporation, SABIC, Mitsubishi Chemical, Reliance Industries, Total S.A, Sinopec, Novachem, and Novatek among others.