Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global naphtha market size reached US$ 159.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 192.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.3% during 2023-2028.

Naphtha is a highly versatile, colorless, flammable, and extremely volatile hydrocarbon mixture with a gasoline odor. It is obtained from the distillation process of organic substances, including coal tar, petroleum, wood, and shale. It is insoluble in water and incompatible with strong oxidizers and finds applications in producing industrial solvents, cleaning fluids and fuel for portable stoves and lanterns. It is also utilized in gasoline blending, fire juggling, and dry-cleaning solvents. Besides this, naphtha is used as a feedstock chemical in the manufacturing of propylene, benzene, xylene, ethylene, and butadiene.

Naphtha Market Trends:

At present, olefin-rich naphtha is widely used as a feedstock for economic high-octane fuel production. This, coupled with continuous growth in the petrochemical industry and the increasing adoption of naphtha for manufacturing aromatics and olefins, represents one of the key factors creating a positive outlook for the market. Rising construction, renovation, and remodeling activities in residential and commercial spaces are also catalyzing the demand for paints and cleaning agents formulated with naphtha. Additionally, the easy availability of products formulated with naphtha across online distribution channels is currently supporting the growth of the market. Apart from this, the increasing use of food-grade naphtha for coatings and films and as defoaming agents in food packaging solutions is offering lucrative growth opportunities to manufacturers. Furthermore, the incorporation of various processes to remove impurities from naphtha is strengthening the market growth. Moreover, the advent of technologies, such as the development of hydro-pyrolysis, which saves energy and decreases production costs, is leading to the introduction of advanced furnace materials. Additionally, the expanding use of naphtha in the rubber industry for dampening tread stocks to obtain better road adhesion is propelling the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each segment of the global naphtha market report, along with forecasts at the global and regional levels from 2023-2028. The report has categorized the market based on application.

Breakup by Application:

• Petrochemical Feedstock
• Gasoline Blending
• Others

Petrochemical feedstock dominates the market as naphtha finds extensive applications in cleaning agents, paints, and varnishes. It is also used for manufacturing aromatics, benzene, butadiene, ethylene, toluene, and propylene.

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

The Asia Pacific exhibits a clear dominance in the market due to the expansion of the construction, automotive, and plastic industries in the region. In addition, the increasing production of polymers in different countries across the region is impelling the growth of the market.

Competitive Landscape:

The competitive landscape of the global naphtha market has also been analyzed with some of the leading players being:

• BP plc
• Chevron Corporation
• Exxon Mobil Corporation
• Lotte Chemical Corporation
• Mangalore Refinery and Petrochemicals Limited
• OAO Novatek
• Saudi Basic Industries Corporation (SABIC)
• Shell International B.V.
• Sinopec Group
• Total S.A.
• Vitol SA
• Mitsubishi Chemical
• Reliance Industries Limited
• Indian Oil Corporation

This report provides a deep insight into the global naphtha market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the naphtha market in any manner.

Key Questions Answered in This Report:

• How has the global naphtha market performed so far and how will it perform in the coming years?
• What are the key regions in the global naphtha market?
• What has been the impact of COVID-19 on the global naphtha market?
• What are the major application segments in the global naphtha market?
• What are the various stages in the value chain of the global naphtha market?
• What are the key driving factors and challenges in the global naphtha market?
• What is the structure of the global naphtha market and who are the key players?
• What is the degree of competition in the global naphtha market?
• How is naphtha manufactured?