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Global Bio Naphtha Market Share, Trends, Research: By Source: HVO (Hydrogenated Vegetable Oil), SAF (Sustainable Aviation Fuel), Others; By End-Use: Petrochemicals, Transportation, Utilities, Others; By Distribution Channels: Direct, Indirect; Regional Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Bio Naphtha Market Outlook
The global market size for bio naphtha reached an approximate size of 645.41 thousand tonnes by volume in 2023. The global bio naphtha market is expected to grow at a CAGR of 19% between 2024 and 2032, to reach a volume of 3099.02 thousand tonnes by 2032.
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News and Development in the market
In September 2023, Keenan Recycling, a national food waste recycling business, unveiled its new hybrid vehicle at RWM & Letsrecycle Live in Birmingham. This vehicle replaces fossil diesel fuel with a mixture of hydrotreated vegetable oil (HVO) and hydrogen gas, resulting in a reduction in carbon dioxide emissions. This allows the company to draw further economic and environmental utilisation from food waste.
In February 2023, Honeywell UOP, using its Ecofining technology, that it jointly developed with Eni SpA, formulated a process for producing high yields of bio naphtha from bio based feedstock such as cooking oil and animal fats. It claims that this process reduces greenhouse gas and carbon dioxide emissions.
In December 2021, Mitsui Chemicals, a Japanese petrochemical producer, announced that it started producing 3000t of bio naphtha as its contribution to 2050 decarbonisation goal. It plans to combine bio naphtha with conventional naphtha to manufacture bio-petrochemical products, supplementing the global bio naphtha market.
In June 2021, Neste announced a long-term agreement with LyondellBasell, one of the world’s largest plastics and chemicals companies. Under the agreement, LyondellBasell would source Neste’s 100% renewable feedstock Neste RE™, made from bio-based sources. The feedstock would be processed by LyondellBasell in Germany to produce polymers under the brand CirculenRenew.
In January 2021, UPM BioFuels announced the expansion of its biofuel capabilities, starting the engineering phase of a next generation biorefinery. The new refinery is expected to have an annual production capacity of 500,000 tonnes, scaling up the capabilities of UPM BioFuels. The new biorefinery would introduce multiple sustainable feedstocks and lower CO2 emissions.
Key Trends in the Market
Naphtha is a flammable liquid hydrocarbon mixture, and bio naphtha refers to naphtha produced by the hydro treatment of the renewable sources. It consists of mainly paraffin and is obtained from exhausted food oils, vegetable oils, or any organic waste such as petroleum distillates. They are used as a feedstock for petrochemical crackers.
- The key drivers of the bio naphtha market are the rising demand for home decor materials, consumer electronics and automotive vehicles. The promotion of bio-based petrol and diesel by governments worldwide is also helping in the upsurge of demand in the market.
- Several experiments highlight the progress made in the cracking of naphtha, which is a key trend in the bio naphtha market. The demand for increased light olefin yields has encouraged the study of steam cracking of renewable naphtha and also paved new roads in the market, helping in the overall growth of the market globally.
- Strict implementation of government policies regarding pollution, fuel blending practices, and fuel composition by regulatory bodies has encouraged the majority of the population to accept the use of renewable fuels such as bio naphtha. These developments will increase the growth of the bio naphtha market year-over-year at a fast rate.
- Increase in adoption of advanced technology such as NExBTL helps in the production of bioplastics which in turn can be used in industries that use renewable raw materials like automotive industries. Bioplastics can be recycled with conventional fossil-based plastic products, and then used in energy generation as a fuel.
Market Analysis
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Based on source, the global bio naphtha market is divided into hydrogenated vegetable oil (HVO), sustainable aviation fuel (SAF), and others. On the basis of end use the market can be segmented into petrochemicals, transportation, utilities, and others. Based on distribution channels, it is divided into direct and indirect. By region, the market is categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global bio naphtha market, covering their competitive landscape and latest developments.
- Neste Oil
- UPM Corporation
- Eni S.p.A.
- Total Energies SE
- Royal Dutch Shell Plc
- Sunshine Kaidi New Energy Group Co., Ltd.
- Preem AB
- OMV Group
- Repsol, S.A.
- Phillips 66
- Others
Market Share by Source
Bio naphtha is a by-product of hydrogenated vegetable oil and sustainable aviation fuel. Due to the nature of hydrogenated vegetable oil technology it finds wide applications in conventional petroleum refineries. This technology can be easily adapted and used to produce conventional equipment and logistics for ships. It also has low capital costs due to high credit values. These plants are actively spread across North America, Europe and Asia and are slowly expanding in South America too, supporting the growth of the bio naphtha market.
Sustainable aviation fuel acts as a replacement for jet fuel. It is an essential contributing factor to the decarbonisation of the aviation industry. Although it’s still lacking in terms of legislative support from the world, European countries have already made it mandatory to blend sustainable aviation fuel for conventional jets.
Market Share by Region
The Asia Pacific has been leading the global bio naphtha market by region because of the rising consumption of plastic by the countries of the region and also due to rapid growth in end-user industries such as petrochemical, transportation and utilities. China, India and Japan are the major countries influencing the market in the Asia Pacific. Technological developments such as increase in chemical factories in China and rise in enhanced distillation methods is another factor influencing the market.
Moreover, Arab Gulf countries also play a major role in global biofuels supply by exporting a large volume of feedstock for bio naphtha, mainly as used cooking oil and hydrogenated vegetable oil. The steady feedstock supply is contributing in the progress of the bio naphtha market regionally and globally.
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Competitive Landscape
Neste Oil is the world’s largest producer of renewable diesel and was established in 1948. It is an oil refining and marketing company located in Finland. It is the world’s first company to supply bio naphtha on a commercial scale. It concentrates on low-emission and high-quality traffic fuels for better functioning of society. NExBTL was launched by the company to produce bioplastics that can be beneficially used in various industries.
UPM Biofuels was established in 2015 in Finland and has a strong presence in the bio naphtha market. Its products can be used in place of fossil-fuel raw materials in numerous innovative products such as plastics, glue, and films. UPM BioVerno is a key product line of the company. It assures to be 100% bio-based and offer products with similar properties to fossil-based naphtha.
Eni, a global energy company, was founded in 1953 in Milan, Italy. They work to support changes that create long-term value and provide an opportunity for all to have access to dependable and clean energy. It focuses on issues such as decarbonisation while working to protect the environment. They believe to be getting closer to their goal of decarbonisation by 2040 by providing their clients with decarbonised products and services.
Other market players include Total Energies, Royal Dutch Shell, Kaidi Finland (Sunshine), Preem, OMV, Repsol, Phillips 66 and others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by End-Use |
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| Breakup by Distribution Channels |
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| Breakup by Region |
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| Market Dynamics |
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| Price Analysis |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Bio Naphtha Market Analysis
8.1 Key Industry Highlights
8.2 Global Bio naphtha Historical Market (2018-2023)
8.3 Global Bio naphtha Market Forecast (2024-2032)
8.4 Global Bio naphtha Market by Source
8.4.1 HVO (Hydrogenated Vegetable Oil)
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 SAF (Sustainable Aviation Fuel)
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global Bio naphtha Market by End-Use
8.5.1 Petrochemicals
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Transportation
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Utilities
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Bio naphtha Market by Distribution Channels
8.6.1 Direct
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Indirect
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 Global Bio naphtha Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America Bio naphtha Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Bio naphtha Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Bio naphtha Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Bio naphtha Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Mexico
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Argentina
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Bio naphtha Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 South Africa
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Price Analysis
15.1 North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.2 Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.3 Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.4 Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
15.5 Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Neste Oil
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 UPM Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Eni S.p.A.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Total Energies SE
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Royal Dutch Shell Plc
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Sunshine Kaidi New Energy Group Co., Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Preem AB
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 OMV Group
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Repsol, S.A.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Phillips 66
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
16.3 Consumer Analysis
16.3.1 Dow, Inc
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 Demographic Reach and Achievements
16.3.1.4 Certifications
16.3.2 INEOS Group
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.2.3 Demographic Reach and Achievements
16.3.2.4 Certifications
16.3.3 LyondellBasell Industries N.V.
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 Demographic Reach and Achievements
16.3.3.4 Certifications
16.3.4 SABIC
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 Demographic Reach and Achievements
16.3.4.4 Certifications
16.3.5 BASF SE
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Demographic Reach and Achievements
16.3.5.4 Certifications
16.3.6 Borealis AG
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Demographic Reach and Achievements
16.3.6.4 Certifications
16.3.7 Others
17 Key Trends and Developments in the Market
Key Questions Answered in the Report
The global market size for bio naphtha was estimated to be 645.41 thousand tonnes by volume in 2023.
The expected market size is projected to reach an approximate volume of 3099.02 thousand tonnes by 2032.
The global market for bio naphtha is expected to grow at a CAGR of 19% between 2024 and 2032.
Naphtha is a flammable liquid hydrocarbon mixture. Bio naphtha refers to naphtha produced by the hydro-treatment of renewable sources.
The key drivers of the market are the rising demand for home decor materials, consumer electronics and automotive vehicles, implementation of government policies and technological advancements.
The market for bio naphtha is segmented on the basis of source, end use, distribution channels and regions.
Key market players include Neste Oil, UPM Corporation, Eni S.p.A., Total Energies SE, Royal Dutch Shell Plc, Sunshine Kaidi New Energy Group Co., Ltd., Preem AB, OMV Group, Repsol, S.A., and Phillips 66, among others.
Major regional markets for bio naphtha include North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.
Bio naphtha consists of primarily paraffin.
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