Global Naphtha Market to Grow at a CAGR of 4.2% in the forecast period of 2024-2032

Global naphtha market is majorly dominated by the Asia Pacific market, which is being driven by the rapidly emerging economies within the region. The Middle East region is one of the significant producers of the naphtha, which is the result of its favourable geographical location. Within Asia Pacific, China has emerged as a leading market for the product, accounting for nearly one-fifth of the global market share. In 2018, China imported 516, 985 tons of naphtha, recording an increment of 11% in comparison to 2017. The demand for naphtha is increasing steadily with the increase in demand for plastic products, especially in the developing economies. Out of the two varieties of naphtha, the production of heavy naphtha remains twice the production of its light variety, thus occupying most of the market.

The expanding petrochemical industry and the rising global demand for petrochemical products is further aiding the global naphtha market. Most of the petrochemicals are produced from naphtha, though light naphtha is generally used in petrochemical steam crackers. In June 2020, Chevron Phillips Chemical Company LLC, a joint venture of Chevron Corp. (NYSE: CVX) and Houston-based Phillips 66 (NYSE: PSX), signed an agreement to develop a world-scale petrochemical complex in Qatar, in partnership with Qatar Petroleum. After this successful collaboration, both Chevron Phillips and Qatar Petroleum, signed a new agreement in September 2020, according to which they will jointly develop a new petrochemical plant in the U.S. Gulf Coast region, thus producing new growth opportunities for naphtha market, globally.

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Market Breakup by Types, Applications, and Regions:

• The different types of naphtha available in the market can be bifurcated into light and heavy naphtha. 

• It finds application in sectors like petrochemical, agriculture, paints and coating, and aerospace, among others.

• Region-wise, the global naphtha market can be divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

Key Findings of the Report:

• With the growing demand for gasoline, the demand for naphtha has also increased as it is used to blend gasoline-grade fuel, which is driving the market forward.

• The naphtha market is expanding with the rising demand for and production of vehicles, especially in the emerging economies. 

• With naphtha being the major feedstock in the petrochemical industry, the increasing demand for the petrochemical components provides further impetus to the market.

• Increased production of plastic, which involves the use of petrochemicals like propylene and ethylene, is driving the global naphtha market forward.

Key Offerings of the Report:

• The EMR report gives an overview of the global naphtha market for the periods (2018-2023) and (2024-2032).

• The historical (2018-2023) and forecasted (2024-2032) market information for the types, applications, and regions for the global naphtha market have also been provided in the EMR report.

• The report provides an assessment of the market using Porter’s Five Forces model along with SWOT and value chain analysis.

The major players in the global naphtha market are the Shell, Chevron Phillips Chemical Company, Exxon Mobil Corporation, Mitsubishi Chemical Corporation, SABIC, LOTTE Chemical CORPORATION, Indian Oil Corporation Ltd, Vitol, and Reliance Industries Limited, among others. The EMR report covers the market share, capacity, and latest developments like mergers and acquisitions, capacity expansions, and plant turnarounds for the major players.

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