Press release
Naphtha Industry Witnesses Significant Growth Through Key Acquisitions and Developments
Naphtha Market
๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ฉ๐ก๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
The global naphtha market is projected to reach approximately US$241.45 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 3.51% during the forecast period. Naphtha, a colorless and volatile hydrocarbon, is primarily derived from petroleum refineries through fractional distillation of crude oil or by boiling coal tar. It serves as a crucial solvent in diluting heavy crude oil to reduce viscosity and is extensively utilized in the petrochemical industry.
๐๐ฅ๐ข๐๐ค ๐ญ๐ก๐ ๐ฅ๐ข๐ง๐ค ๐๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ: https://www.maximizemarketresearch.com/request-sample/41851/
๐๐๐ฒ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐จ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก
The surge in demand for naphtha is largely attributed to its extensive use in jet fuel and the petrochemical sector, which consumes a significant portion of the global naphtha production. The market's competitiveness has intensified due to the availability of cost-effective alternatives like shale gas and Liquefied Petroleum Gas (LPG). In response, manufacturers are adopting strategies such as competitive pricing, strategic mergers and acquisitions, and technological advancements to secure a substantial market share.
๐๐ญ๐ซ๐๐ญ๐๐ ๐ข๐ ๐๐๐ซ๐ ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ
The naphtha market has witnessed notable mergers and acquisitions aimed at enhancing production capacities and market presence:
ExxonMobil's Strategic Closure in France: In April 2024, ExxonMobil Chemical France announced the shutdown of its steam cracker and chemical production at the Gravenchon site, citing uncompetitive operations since 2018.
INEOS's Acquisition in France: In April 2024, UK-based INEOS acquired TotalEnergies' 50% share in Naphtachimie, Appryl, and Gexaro businesses, becoming the sole owner of units at Lavera, France.
LyondellBasell's Asset Sale: In May 2024, LyondellBasell sold its Bayport, Texas ethylene oxide unit and associated business to INEOS Oxide for $700 million.
๐๐ฅ๐ข๐๐ค ๐ญ๐ก๐ ๐ฅ๐ข๐ง๐ค ๐๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ: https://www.maximizemarketresearch.com/request-sample/41851/
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ
Several countries have undertaken significant initiatives to bolster their positions in the naphtha market:
Vietnam: Siam Cement Group (SCG) announced a $700 million investment to pave the way for Vietnam's first petrochemical complex, marking a significant development in the region's petrochemical industry.
South Korea: S-Oil's Shaheen project in Ulsan reached 42% completion as of October 2024, with plans to finalize the petrochemical complex by 2026, enhancing the country's naphtha processing capabilities.
Singapore: In May 2024, Shell sold its refinery and petrochemical assets in Singapore to a joint venture between Indonesia's Chandra Asri and Swiss miner Glencore, aligning with Shell's strategy to reduce its carbon footprint.
Japan: Mitsui Chemicals announced plans to close its phenol plant at Ichihara Works by fiscal year 2026 and its polyethylene terephthalate (PET) plant at Iwakuni-Ohtake Works in October 2024, as part of a strategic restructuring.
Europe: Saudi Basic Industries Corp (SABIC) planned to permanently shut its No. 3 naphtha-fed cracker at Geleen, Netherlands, after routine maintenance, reflecting ongoing consolidation in the European petrochemical sector.
United States: LyondellBasell's strategic asset sale in Texas underscores the dynamic nature of the U.S. naphtha market, with companies optimizing portfolios to enhance competitiveness.
๐๐ฅ๐ข๐๐ค ๐ญ๐ก๐ ๐ฅ๐ข๐ง๐ค ๐๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ: https://www.maximizemarketresearch.com/market-report/global-naphtha-market/41851/
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๐๐๐ฒ ๐๐๐๐๐ซ๐ข๐ง๐ ๐ฌ:
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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