IMARC Group, a leading market research company, has recently released report titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global naphtha market price, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the naphtha market?
The global naphtha market size reached US$ 159.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 192.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.3% during 2023-2028.
What is naphtha?
Naphtha stands as a volatile, colorless, and extremely flammable liquid compound, meticulously stored within sealed containers within a cool and well-ventilated environment. It is derived through the dry distillation of organic substances like shale, coal tar, and crude oil. Among the gamut of refinery outputs, naphtha ranks as the second lightest product and is typically procured during the initial distillation phase, following liquefied petroleum gas (LPG). Depending on its source or composition, this substance is recognized under various monikers such as white gas, petroleum spirits, shellite, and ligroin. Within the naphtha classification, two distinct types exist — light and heavy naphtha — their differentiation rooted in structure and the refining process. These variants find utility in an array of applications including the production of gasoline, petrochemical steam crackers, paints, cleansing agents, and as fuel for portable stoves.
Global Naphtha Market Trends:
Within the petrochemical realm, naphtha finds extensive application in the realm of diluting heavy oils, purifying metal within pipelines, and the fabrication of high-octane gasoline. Concurrently, it plays a pivotal role in the synthesis of olefins and aromatics, encompassing ethylene, propylene, benzene, and toluene. The surging demand for economically viable, olefin-rich fuels, spurred by burgeoning populations and rapid urbanization, is a significant driver behind the global surge in naphtha consumption.
Furthermore, strides in technology have given rise to advanced furnace materials and innovative methodologies such as catalytic cracking and hydro-pyrolysis of naphtha. These energy-efficient processes have significantly augmented the use of naphtha as a feedstock across diverse sectors.
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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.
Insights on Market Segmentation:
Breakup by Application
1. Petrochemical Feedstock
2. Gasoline Blending
On the basis of the application, the market has been categorized into petrochemical feedstock, gasoline blending, and others. Among these, petrochemical feedstock is the biggest application segment, accounting for the majority of the market share.
Breakup by Region
1. Asia Pacific
2. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been classified into Latin America, Asia Pacific, Europe, North America, and Middle East and Africa. Currently, Asia Pacific represents the leading segment, holding the biggest market share.
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