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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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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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