Naphtha Market Factors Behind the Rapid Growth and Future Outlook 2032
According to the research report, the global naphtha market is valued at USD 244.61 billion in 2021 and is expected to reach USD 336.26 billion by 2030, to grow at a CAGR of 3.7% during the forecast period.
The report “Naphtha Market Share, Size, Trends, Industry Analysis Report, End-Use (Petrochemical, Aerospace, Agriculture, Paints, Coatings, Others); By Type; Process; Application; By Region; Segment Forecast, 2022 – 2030” provides detailed insight into current market dynamics and analysis of future market growth.
The global naphtha market is propelled by raise in product range used in various industries namely construction, transportation, plastics, and others. High olefin naphtha is imitative of naphtha and is mostly used as a feedstock to produce economical, high-octane diesel and is also utilized in paints, asphalt thinners, and dry-cleaning processes as well. The surge in huge requirements for gasoline, and growing stipulations for petrochemicals such as propylene and ethylene for plastic production are factors driving the global naphtha market during the projection period.
The enlargement of the transport and electrical industry in major growing regions cause of expanding business activities by end users is forecasted to enhance the demand for naphtha. Technological advancement has led to magnifying distillation processes and the burgeoning of advanced furnace materials together with the growth of the chemical business is further widening the consumption of naphtha. Additionally, an elevation in emerging neoteric markets and strategic alliances will play an active role as market drivers and anticipate new opportunities for the naphtha market growth.
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As the new fiscal year begins, industry players are redrafting investment and spending budgets to cope with the long-term impact of the COVID-19 pandemic. However, the high cost of naphtha in North America, inconstancy in raw material prices, and a shift towards affordable alternatives such as Liquefied petroleum gas have forced market participants in the naphtha market to establish operations in the APAC region. Therefore, industry players must equilibrium their business application to benefit from opportunities in Asia to increase profits. Market participants need to naphtha business in fertilizer units, steel mills, power plants, and paint industry.
Naphtha Market Report Highlights
- Based on application, the naphtha market excelled by the chemical fragment that included benzene and petrochemicals, xylenes (BTX), and toluene, which occupies greater share of the industry in 2021. The segment is anticipated to sustain its dominance in the near future as well.
- The energy section holds the second-topmost share of the naphtha market in 2021; although, it is expected to slightly downshift by 2030. The other section includes all non-renewable utilization, the segment share decreases a bit by 2030.
- Asia Pacific commands the global naphtha market in terms of volume and revenue in 2021. Taiwan, China and India are currently stretching naphtha market due to enlargement in the automotive, construction, and plastics segment.
- The global naphtha market is divided by the major market players with a global presence, including: MGT PetrOil Group, Alexandria Mineral Oils Co., Vitol Group, Total S.A., Pure Chemicals Co., Chevron Phillips Chemical Company, Qatar Petroleum, Zahara Group, Saudi Aramco and others.
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Polaris Market Research has segmented the luxury furniture market report based on by type, process, application, end-use, and region:
Naphtha, Type Outlook (Revenue – USD Billion, 2022 – 2030)
- Naphtha, Process Outlook (Revenue – USD Billion, 2022 – 2030)
- Naphtha Reforming
- Steam Cracking
- Gasoline Blending
Naphtha, Application Outlook (Revenue – USD Billion, 2022 – 2030)
Naphtha, End-Use Outlook (Revenue – USD Billion, 2022 – 2030)
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