Naphtha Market to Reach USD 241.45 Billion by 2030 at 3.51% CAGR

► Naphtha Market Poised for Robust Growth, Projected to Reach USD 241.45 Billion by 2030
The global naphtha market is on an upward trajectory, with projections indicating a market size of USD 241.45 billion by 2030, growing at a CAGR of 3.51% from 2024 to 2030. This growth is primarily driven by increasing demand in the petrochemical sector, particularly in Asia Pacific, which accounted for a significant 44.7% market share in 2023.

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► Competitive Landscape

Key players shaping the global naphtha market include ExxonMobil, Shell, Chevron, BP, Reliance Industries Limited, Indian Oil Corporation Ltd, SABIC, and China Petrochemical Corporation. These companies are focusing on strategic initiatives such as mergers and acquisitions, technological advancements, and capacity expansions to strengthen their market positions.

• United States: Growth and Consolidation
In the United States, the naphtha market is experiencing steady growth, supported by the resurgence of the petrochemical industry and increased shale gas production. Chevron Corporation's decision to restart oil operations in Venezuela aims to bolster naphtha supply chains and recover debts by 2025. Additionally, ExxonMobil's completion of a USD 2 billion expansion at its Beaumont refinery in March 2023 added 250,000 barrels per day capacity, enhancing energy product output to meet growing demand.

• Asia Pacific: Opportunities and Trends
Asia Pacific continues to dominate the global naphtha market, driven by rapid industrialization and urbanization in countries like China, India, and Japan. The region's petrochemical industry, especially in China, is expanding, with the government implementing policies to attract investments. ExxonMobil's investment in a multibillion-dollar chemical complex in Guangdong province exemplifies this trend. Furthermore, Japanese firms like Mitsui Chemicals and Sumitomo Chemical are exploring renewable chemicals and recyclable plastics, aligning with global sustainability goals.

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• Middle East and Africa: Consolidation and Updation
The Middle East and Africa region is witnessing consolidation in the naphtha market. Saudi Aramco's procurement agreements worth USD 6 billion with local suppliers aim to strengthen the domestic supply chain. Additionally, SABIC and ExxonMobil have announced plans to permanently shut some plants in Europe due to high costs, while retrofitting facilities to process more ethane, a cheaper alternative to naphtha. These strategic moves are indicative of the region's efforts to optimize operations amidst global market challenges.

• Europe: Trends and Consolidation
Europe's naphtha market is undergoing significant changes, with companies adapting to high energy costs and shifting demand patterns. SABIC is retrofitting facilities in Europe and the UK to process more ethane, reducing reliance on naphtha. Similarly, LyondellBasell sold its U.S. ethylene oxide and derivatives business in May, indicating a strategic shift in operations. These developments reflect Europe's focus on enhancing efficiency and sustainability in the petrochemical sector.

► Recent Developments

In September 2023, QatarEnergy signed a naphtha sales agreement with Marubeni Petroleum, a subsidiary of Japanese conglomerate Marubeni, strengthening trade relations between the Middle East and Asia.

In December 2023, Coolbrook successfully cracked naphtha in its large-scale pilot plant, validating its RotoDynamic Reactor Technology for electric steam cracking, potentially reducing CO2 emissions by 300 million tons annually.

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► Market Segmentation: In-Depth Analysis:

• by Application

Chemicals
Petrochemicals
Fertilizers
Gasoline
Others

The global naphtha market is divided into various segments based on its application, including chemicals, petrochemicals, fertilizers, gasoline, and others. Due to the growing demand from the chemical sector, the chemicals category is anticipated to increase at the greatest CAGR over the course of the projected period. In the chemical industry, naphtha is utilized as a cleaning solvent, a diluting agent in the extraction of bitumen, an ingredient in pharmaceuticals, and an additive for shoe polish.

• by Type

Heavy
Light

The worldwide naphtha market is divided into two segments based on type: heavy and light naphtha. Demand, supply, and trade data for light and heavy naphtha are distinguished in the report. Naphtha with a high aromatic and naphthenic concentration that is suitable for reforming is covered by the Heavy Naphtha analysis. Although light and heavy naphtha have quite distinct uses, their prices and balances are tightly related.

• by Process

Gasoline Blending
Naphtha Reforming
Steam Cracking
Others

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► Learn about the top players driving innovation in the Market :

1. British Petroleum
2. Chevron
3. ExxonMobil
4. Shell
5. CNPC
6. Huarui Coal Chemicals Co., Ltd.
7. Keisham Global Trading
8. Typical General Trading (L.L.C)
9. Jch International Co., Ltd.
10.Arham Petrochem Private Limited (APPL)
11.Qingdao Yonghui Petroleum Chemical CO., LTD
12.Premier Commodities, LLC
13.Softplus General Trading L.L.C.
14.Anglo Gulf Limited
15.Indian Oil Corporation Ltd
16.Lotte Chemical Corporation
17.Mangalore Refinery and Petrochemicals Limited
18.Mitsubishi Chemical Corporation
19.Novatek
20.Reliance Industries Limited
21.SABIC
22.China Petrochemical Corporation

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