Naphtha Market Size Worth USD 409.5 Billion 2032 | Emergen Research

The global naphtha market size was USD 282.0 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.8% during the forecast period. The naphtha market is experiencing significant growth, driven by rising demand from the petrochemical industry and the increasing need for olefin-rich naphtha. Market insights reveal that primary feedstock in the petrochemical sector, naphtha, is utilized extensively for the synthesis of aromatics and olefins, including propylene, butadiene, ethylene, and benzene.

One of the noteworthy developments contributing to this growth is the plan unveiled by South Korean corporation S-Oil Corp in March 2023. The company is set to establish a substantial petrochemical facility linked to the Shaheen refinery, featuring a naphtha-fueled steam cracker capable of producing 180,000 tons of ethylene annually. The collaboration aims to utilize naphtha to produce core petrochemical raw materials, such as ethylene, propylene, and butadiene, with an expected operational commencement by 2026.

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The market for olefin-rich naphtha, essential for manufacturing high-octane and low-cost diesel, is witnessing a surge in demand, particularly in industrialized and developing countries. Moreover, naphtha finds extensive use as a solvent in various applications, including cleaning agents, asphalt, paints, and varnishes, further bolstering market growth.

However, the market faces restraints such as fluctuations in crude oil prices and a shift towards cheaper substitutes like Liquefied Petroleum Gas (LPG) and natural gas liquids. For instance, Venezuela-based PDV LLC's announcement in July 2019 regarding plans to construct pipelines to address the shortage of imported naphtha highlights challenges in the market.

In terms of market segmentation, the dominance of the heavy naphtha segment is evident, attributed to its increasing properties and extensive applications in petrochemical production. Similarly, the steam cracking segment is poised for steady growth, fueled by its primary applications in gasoline feedstock and aromatics reformation.

The petrochemicals segment emerges as a key end-user, expected to hold a significantly large market share due to the rising demand for synthetic materials and plastics. Technological advancements in refining procedures further contribute to market growth by enabling more effective petrochemical feedstock extraction and processing.

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Naphtha Top Companies and Competitive Landscape
The global naphtha market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective naphtha products in the market.

Some major players included in the global naphtha market report are:
• Alexandria Mineral Oils Company
• Bajrang Petrochemicals Pvt Ltd.
• Slope Electric Cooperative
• Chevron Corporation
• China Petrochemical Corporation
• SABIC
• Exxon Mobil Corporation
• BP PLC
• Reliance Industries Limited
• Shell International B.V.
• Indian Oil Corporation Ltd
• PAO Novatek
• SASOL Limited
• LG Chem
• Formosa Petrochemical Corporation

Naphtha Latest Industry News
• In May 2022, BP plc and Clean Planet Energy, a UK-based company that is constructing facilities to transform difficult-to-recycle plastic waste into circular petrochemical feedstocks and Ultra-Low Sulfur Diesel (ULSD), inked a 10-year off take deal. The Teesside facility, which is intended to process 20,000 tons of waste plastics annually into naphtha and ULSD, is Clean Planet Energy's first facility, and under the terms of the new deal, BP is expected to get its output.

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Naphtha Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global naphtha market on the basis of type, process, sales channel, end-use, and region:
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Light Naphtha
o Heavy Naphtha

• Process Outlook (Revenue, USD Billion; 2019-2032)
o Naphtha Reforming
o Steam Cracking
o Gasoline Blending
o Others

• Sales Channel Outlook (Revenue, USD Billion; 2019-2032)
o Direct Sale
o Indirect Sale

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Petrochemicals
o Aerospace
o Agriculture
o Paints
o Coatings
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

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