Naphtha Market by Latest Trend, Growing Demand and Technology Advancement 2021-2031

Balanced Relationship with Ecosystem Partners Necessary During COVID-19 Outbreak

Manufacturers in the naphtha market are maintaining optimum inventory levels to ensure continuity in production and supply chains during COVID-19 outbreak. Cash-rich companies are taking data-driven decisions before making inroads in new regions. Manufacturers are ensuring a balanced relationship with ecosystem partners and suppliers to prevent supply chain hiccups.

Companies are making strategic investments in new production and machinery technologies to stay financially afloat during the ongoing pandemic. Although aggressive capacity ramps are being witnessed in China, a new pandemic wave in Shanghai is grabbing the attention of market stakeholders. Complete relaxations in restrictions in Indian states such as Delhi and Maharashtra are benefitting stakeholders in the value chain.

Request Sample Copy: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=628

Naphtha Market: Prominent Regions

In terms of region, the global market for naphtha was led by Asia Pacific, which accounted for a notable 40% share in 2020. The high demand for naphtha in the region is the result of considerable construction and manufacturing activities as well as a rise in demand for plastic in industries such as construction, automotive, and electronics. The market for naphtha in North America is projected to expand at a moderate CAGR of 2.6%, while the market in Europe is estimated to expand at a CAGR of 2.1% during the forecast period. Rising demand for naphtha from oil & petrochemical industries in these regions is estimated to fuel the market in these regions.

High demand for mineral oil and rise in disposable income in emerging countries, which encourages people to buy new cars as well as purchase fuel-efficient vehicles, are key factors that are projected to propel the global naphtha market. However, there may be challenges with cost competitiveness for some regions such as Latin America due to volatility in crude prices and production rates. Furthermore, environmental concerns associated with fossil fuels have also led several buyers toward cleaner renewable energy sources, such as solar power and wind turbines over conventional forms of electricity generation.

Enquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=628

The increasing usage of plastic products is fuelling the demand for polypropylene and polyethylene, which, in turn, is driving the demand for naphtha that is utilized as a feedstock for the production olefins and aromatics that are employed in production of paints and coatings. Advancements in technology have led to the emergence of advanced furnace materials and enhanced distillation processes. This, coupled with the expansion of the chemical industry, particularly in Asia Pacific, is further boosting the consumption of naphtha in the region.

Naphtha Market: Key Players

Key market participants operating in the global naphtha market include BP, Chevron, Shell Chemicals, Mangalore Refinery and Petrochemicals Limited, Lotte Chemical Corporation, Reliance Industries Limited, SABIC, Vitol, Sinopec, ExxonMobil, Indian Oil Corporation, OAO Novatek, Total S.A., and Mitsubishi Chemical.

Global Naphtha Market: Segmentation

Naphtha Market by Application

Chemicals

Energy/Fuel

Others

Naphtha Market by Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Get Complete Report for Better Understanding: https://www.transparencymarketresearch.com/naphtha-market.html

Manufacturers Face Tug of War between Asia and America for Naphtha Sales

Petroleum naphtha is a name primarily used in the U.S. for the petroleum distillate containing mainly aliphatic hydrocarbons. Even though North America is the second-largest market, accounting for more than 20% share globally, the region is estimated to lose its strong business grounds in the near future, owing to the exponential growth in Asia Pacific. This is evident since Taiwan, India, and China are currently expanding markets for naphtha due to the burgeoning growth in plastics, construction, and automotive industries.

Relevant Reports Publish by TMR

Nanocoatings Market: https://www.globenewswire.com/news-release/2022/06/15/2463404/0/en/Growth-of-Nanocoatings-Market-estimated-at-a-CAGR-of-20-8-from-2022-to-2031-TMR-Report.html

Superabsorbent Polymer Market: https://www.globenewswire.com/news-release/2022/06/22/2467417/0/en/Superabsorbent-Polymer-Market-to-Reach-US-16-3-Bn-by-2031-TMR-Study.html

Bio-based Phenol Market: https://www.prnewswire.com/news-releases/bio-based-phenol-market-is-predicted-to-expand-at-a-cagr-of-5-5-during-the-forecast-period-notes-tmr-study-301573316.html

Coil Coatings Market: https://www.prnewswire.com/news-releases/coil-coatings-market-is-projected-to-be-valued-at-over-us-9-4-billion-by-2031--tmr-study-301577616.html

Butyric Acid Derivatives Market: https://www.einpresswire.com/article/576700856/butyric-acid-derivatives-market-is-expected-to-cross-the-value-of-us-1-4-bn-by-the-end-of-2031

U.S. Biochar Market: https://www.einpresswire.com/article/577232244/u-s-biochar-market-trends-and-dynamic-demand-by-2031

Pharmaceutical Packaging Market: https://www.einpresswire.com/article/578086795/pharmaceutical-packaging-market-to-reach-valuation-of-us-148-4-bn-by-2031

Waterproofing Membranes Market: https://www.transparencymarketresearch.com/waterproofing-membrane-market.html

About Us Section:

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact Us

Rohit Bhisey
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

This release was published on openPR.