Press release
Global Naphtha Market To Be Driven By The Thriving Agriculture Sector In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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Naphtha Market Size, Share, Price, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 3.0%
Naphtha is a crucial component in the production of fertilisers. In this regard, the growing expansion of the agriculture industry is driving the market growth. Meanwhile, this compound is also deployed in the manufacturing of industrial paints and coatings. Hence, the growing investments in the construction sector, owing to the rapid urbanisation across the emerging economies, is further propelling the demand for the naphtha.
Over the forecast period, the anticipated increase in the demand for naphtha from the plastic and transportation industry is likely to bolster the production of the compound. In terms of region, the Asia Pacific region is likely to witness significant growth owing to the high economic growth of emerging economies, such as India and China.
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Naphtha Industry Definition and Major Segments
Naphtha, also known as wooden naphtha, is defined as chemical compound, which is highly volatile in nature and is chiefly used as a solvent in the conversion process for the production of gasoline. It is a flammable compound which is procured by distilling petroleum. It is colourless and is insoluble.
On the basis of type, the market can be segmented into:
Light
Heavy
Based on end-use, the market has been segmented into:
Petrochemicals
Agriculture
Paints and Coatings
Aerospace
Others
The regional markets for naphtha include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Naphtha Market Trends
The key trends in the naphtha market include the technological advancements in the aerospace and automotive industry, which is generating a significant demand for the compound. Naphtha is used in the production of rubber, hence, the anticipated increase in demand for rubber from the industrial sector is likely to be another key trend in the market.
Moreover, the increasing production capacity of petroleum across the developing economies owing to the increasing demand for fuel is another key trend in the market. However, the growing availability of cheaper alternatives to naphtha, such liquified petroleum gas (LPG), may impede the market growth.
Key Market Players
The major players in the market are:
Shell Corporation
Chevron Phillips Chemical Company LLC
Exxon Mobil Corporation
Mitsubishi Chemical Corporation
Saudi Basic Industries Corporation
Vitol Group
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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