Naphtha is a flammable liquid produced from natural gas condensates and petroleum distillates. It is found in shale oil and coal tar. Its application in cooking fuel, shoe polish, cleaning fluids, and gasoline can lead to its continuous production. The global naphtha market report by Market Research Future (MRFR) contains its scope and prospects for the period between 2020 and 2027 (forecast period). The impact of the COVID-19 pandemic and its aftereffects on the value and supply chain are discussed in high detail.
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Market Scope
The global naphtha market is estimated to accrue huge revenues for the forecast period owing to its consumption as a feedstock in the petrochemicals industry. Consumption of the commodity in the manufacture of cleaning fluids, industrial solvents, and gasoline can bode well for the market fortunes. The by-products of naphtha such as aromatics and olefins can fuel the market growth. Aromatics are used extensively in personal care products, rubber, and edible fats and oils. The large-scale production of plastics in industries of construction, electrical and electronics, and automotive can demand the need for olefins and bolster the global naphtha market.
But volatile prices of crude oil can hamper market growth.
Segmentation
The global naphtha market has been segmented into type, application, and process.
On the basis of type, the market has been bifurcated into light naphtha and heavy naphtha.
Based on application, the global naphtha market has been divided into chemicals, energy and fuel, and others. The chemicals segment is expected to dominate the market till 2027 due to the need for naphtha for the development of various consumer products.
By process, the global naphtha market has been segregated into gasoline blending, naphtha reforming, steam cracking, and others.
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Regional Analysis
APAC accounted for the largest market share in 2017 and expected to register the highest CAGR during the review period. The expanding chemicals industry in the region is the primary driver of the naphtha market in the region. Moreover, technological developments such as enhanced distillation processes and other production methods can encourage market growth. Developing countries of China, India, Indonesia, and Thailand are major consumers of gasoline and energy. This can offer plenty of growth opportunities for the global naphtha market and fuel the production capacity expansions of players in these countries.
North America is expected to be the second fastest-growing market for naphtha owing to rising gasoline consumption in the region. The key factors driving the growth are presence of prominent players and the resurgence of the automotive industry. Furthermore, the rising demand for naphtha in refineries is expected to fuel market growth during the forecast period.
The MEA naphtha market can expand owing to being home to various oil & gas producing countries. It is the largest naphtha exporting region and most of the exports cater to the surging demand in APAC. Algeria, Saudi Arabia, and the UAE dominate naphtha exports in this region. The expansion plans of oil-producing countries for production of naphtha can drive the market growth. Lastly, the European naphtha market is expected to grow at a moderate growth rate. This can be attributed to the closure of naphtha-based production plants due to easy availability of natural gas and fluctuations in raw material prices.
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Competitive Outlook
Lotte Chemical Corporation, Reliance Industries Limited, BP PLC, Mitsubishi Chemical Corporation, Indian Oil Corporation Ltd, Shell Chemicals, Chevron Corporation, Novatek, Exxon Mobil Corporation, SABIC, China Petrochemical Corporation, and Mangalore Refinery and Petrochemicals Limited are prominent players of the global naphtha market.
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