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Global Naphtha Market: By Type: Light, Heavy; By End Use: Petrochemicals, Agriculture, Paints and Coatings, Aerospace, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global Naphtha Market Outlook
The global naphtha market attained a value of nearly USD 161.4 billion in 2022 and expected to grow at a CAGR of around 4.20% in the forecast period of 2023-2028 and is projected to reach USD 205.9 billion by 2028.
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The rising demand for plastic products is spurring the demand for polyethylene and polypropylene which, in turn, is boosting the consumption of naphtha.
In the Asia Pacific, China holds around a fifth of the global share followed by South Korea in the global naphtha market. The production rate of the product in China grew annually by 9% during 2012-2016. It is also a significant consumer and importer of the product. Despite the ongoing trade war with the US, consumption of naphtha in China has been growing at a healthy pace. In October 2018, the country imported 516, 985 tonnes of the substance, a robust growth of 11% as compared to October 2017.
The total production of heavy naphtha is twice as large in volumes as the production of light variety. However, light naphtha is a heavily traded commodity. The production of light naphtha is widely spread in three regions - North America, Northeast Asia, and the Middle East – which account for nearly 60% of the total global production. Its output is increasing globally and is expected to create a surplus stock in the coming years, exceeding the market demand for the product. The fast-expanding tight oil and shale gas output in North America, particularly the US, will contribute to the projected surplus supply and capacity expansions. The North America region might soon overtake the Middle East and Africa as the leading exporter of light naphtha. The global consumption of the substance, on the other hand, is anticipated to witness a continuous rise at a moderate annual rate of around 2% in the next ten years.
Properties and Applications
Naphtha refers to a group of flammable and volatile mixtures of liquid hydrocarbons. It is colourless, insoluble in water and incompatible with strong oxidisers. It is obtained by the distillation of various organic substances like coal tar, wood, petroleum, and shale. It is known by several names such as petroleum or wood naphtha, white gas, ligroin, etc., depending on its source, use, and composition.
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Based on the hydrocarbon structure and refinery process, there are two compositions of naphtha – light (paraffinic) and heavy naphtha. Light naphtha is commonly used in petrochemical steam crackers whereas heavy naphtha plays a vital role in refinery catalytic reformers to improve fuel performance.
Some of its major end-use sectors include petrochemicals, agriculture, paints and coatings, and aerospace, among others. It is primarily used as a feedstock for manufacturing high-octane gasoline component through the process of catalytic reforming. Moreover, it finds application in the chemical and petrochemical industries for manufacturing solvents and olefins in steam crackers, respectively.
Market Analysis
The global naphtha market is being fuelled by the growing consumption of the product in diverse industries like construction, transportation, and plastic. The growing demand for gasoline is fostering the growth of the industry as the olefin-rich material is used for blending gasoline-grade fuel. In addition, the increasing demand for petrochemicals, like propylene and ethylene for the production of plastics, is driving the global naphtha market. Further, the advent of alternative technologies like hydro-pyrolysis of the product saves energy and helps in reducing the production cost. This, coupled with the development of advanced furnace materials and distillation column, is creating a positive outlook for the global naphtha market.
The Asia Pacific represents the leading naphtha market owing to the increasing sales of vehicles in the region. The growing consumption of plastics in the automotive and construction sectors is also contributing to the global naphtha market growth. Further, geographical advantages and high consolidation of oil refineries in the Middle East offer ample opportunities to the energy and chemical sectors in the region. Whereas, stringent regulatory scenario in North America along with the declining production of petroleum products may hinder the growth of the industry. Besides this, the petrochemical industry in North America, particularly in the United States, is preferring low-cost alternatives like LPG which is expected to deter the growth.
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Competitive Landscape
The report examines the following major players in the global naphtha market including their capacity, market share, and latest developments like plant turnarounds, capacity expansions, and mergers and acquisitions:
- Shell Corporation
- Chevron Phillips Chemical Company LLC
- Exxon Mobil Corporation
- Mitsubishi Chemical Corporation
- Saudi Basic Industries Corporation
- Vitol Group
- Others
EMR’s comprehensive report covers the value chain analysis, and assesses the global naphtha market based on Porter’s five forces model. It also provides a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, End Use, Region |
| Breakup by Type | Light, Heavy |
| Breakup by End Use | Petrochemicals, Agriculture, Paints and Coatings, Aerospace, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Price Analysis | Historical and Forecast Price Trends- Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Shell Corporation, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Mitsubishi Chemical Corporation, Saudi Basic Industries Corporation, Vitol Group, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Naphtha Market Analysis
8.1 Key Industry Highlights
8.2 Global Naphtha Historical Market (2018-2022)
8.3 Global Naphtha Market Forecast (2023-2028)
8.4 Global Naphtha Market by Type
8.4.1 Light
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Heavy
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Naphtha Market by End Use
8.5.1 Petrochemicals
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Agriculture
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Paints and Coatings
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Aerospace
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.5.5 Others
8.6 Global Naphtha Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
9 North America Naphtha Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Naphtha Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Naphtha Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Naphtha Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Naphtha Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 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 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Shell Corporation
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Chevron Phillips Chemical Company LLC
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Exxon Mobil Corporation
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Mitsubishi Chemical Corporation
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Saudi Basic Industries Corporation
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Vitol Group
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Naphtha Market: Key Industry Highlights, 2018 and 2028
2. Global Naphtha Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Naphtha Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Naphtha Historical Market: Breakup by End Use (USD Million), 2018-2022
5. Global Naphtha Market Forecast: Breakup by End Use (USD Million), 2023-2028
6. Global Naphtha Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Naphtha Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Naphtha Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Naphtha Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Naphtha Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Naphtha Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Naphtha Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Naphtha Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Naphtha Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Naphtha Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Naphtha Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Naphtha Market Forecast: Breakup by Country (USD Million), 2023-2028
18. North America Historical Price Trends and Forecast 2018-2028
19. Europe Historical Price Trends and Forecast 2018-2028
20. Asia Pacific Historical Price Trends and Forecast 2018-2028
21. Latin America Historical Price Trends and Forecast 2018-2028
22. Middle East and Africa Historical Price Trends and Forecast 2018-2028
23. Global Naphtha Market Structure
Key Questions Answered in the Report
In 2022, the global naphtha market attained a value of nearly USD 161.4 billion.
The naphtha market is projected to grow at a CAGR of 4.20% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 205.9 billion by 2028.
The major drivers of the market include growing consumption of the product in diverse industries, like construction, transportation, and plastic, growing demand for gasoline, increasing demand for petrochemicals, and the development of advanced furnace materials and distillation column.
The key trends in the market include the advent of alternative technologies like hydro-pyrolysis of the product, which saves energy and helps in reducing the production cost.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Light and heavy are the leading types of naphtha in the market.
Petrochemicals, agriculture, paints and coatings, and aerospace, among others, are the major end use sectors of naphtha in the market.
The key players in the market include Shell Corporation, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Mitsubishi Chemical Corporation, Saudi Basic Industries Corporation, and Vitol Group, among others.
Analyst Review
The global naphtha market attained a value of USD 161.4 billion in 2022, driven by the growing consumption of the product in diverse industries like construction, transportation, and plastic. Aided by the growing development of advanced furnace materials and distillation column, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 4.20%. The naphtha market is projected to reach USD 205.9 billion by 2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the market can be segmented into light and heavy. On the basis of end uses, the industry is divided into petrochemicals, agriculture, paints and coatings, and aerospace, among others. The major regional markets for naphtha are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Shell Corporation, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Mitsubishi Chemical Corporation, Saudi Basic Industries Corporation, Vitol Group, Others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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