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Naphtha Market

Global Naphtha Market Size, Share, Growth, Analysis: By Type: Light, Heavy; By End Use: Petrochemicals, Agriculture, Paints and Coatings, Aerospace, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032

Global Naphtha Market Outlook

The global naphtha market size was valued at USD 168.18 billion in 2023. The market is further projected to grow at a CAGR of 4.2% between 2024 and 2032, reaching a value of USD 242.73 billion by 2032.

 

Key Takeaways

  • In 2023, the consumption volume of naphtha reached 1.2 million metric tons.
  • The global price of naphtha was approximately USD 789 per metric ton in 2022 and USD 648 per metric ton in 2021.
  • The production capacity of petrochemicals was 2.4 billion metric tons in 2022.

 

Naphtha is a light hydrocarbon mixture derived from crude oil or natural gas condensates. It is mainly used as a feedstock for petrochemicals, such as ethylene and propylene, or as a blending component for gasoline. Naphtha is also used as a solvent, a fuel, and a raw material for explosives and synthetic fibers. Naphtha is a key component in energy, automotive, plastic, and chemical industries, as it is the main source of aromatics, olefins, and gasoline blending components.

 

The global naphtha market is driven by increasing demand for petrochemicals in Asia Pacific, rising demand for fertilisers in India, and the use of naphtha as a significant feedstock component, particularly in the petrochemicals industry. The naphtha market expansion can also be attributed to the increasing product consumption in several industries including construction, transportation, and plastic. In addition, the increasing demand for petrochemicals, like propylene and ethylene to produce plastics is increasing the naphtha market value. Further, the advent of alternative technologies like hydro-pyrolysis for breaking down naphtha saves energy and helps in reducing the production cost. This, coupled with the development of advanced furnace materials and distillation columns, is creating a positive naphtha market outlook.

 

Global Naphtha Market

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Key Trends and Developments

Expansion of petrochemical sectors, increasing prices of naphtha, and strong naphtha trade flows are boosting the market growth

 

Date Event
October 2023 Russia surpassed UAE to become India's top naphtha supplier, accounting for 37% of India's naphtha imports in January-September 2023
March 2023 S-Oil Shaheen project aims to build petrochemical facilities for S-Oil Corp, the Korean unit of Saudi Arabian Oil Co, involving the construction of the world’s biggest naphtha-fed steam cracker
December 2022 Saudi Aramco and SABIC launched joint venture project, Yanbu Aramco SABIC Refining and Petrochemical (YASREF), in Yanbu, Saudi Arabia, to process 400,000 bpd of Arabian heavy crude oil and produce 263,000 bpd of naphtha
June 2021 In the Industrial Chemicals Zone in Abu Dhabi, Reliance Industries Limited (RIL) and Abu Dhabi National Oil Company (ADNOC) signed an agreement to jointly develop a new facility to produce ethylene dichloride, PVC, and chlor-alkali on an annual basis using naphtha as feedstock.

 

 

Trends Impact
Strong growth of petrochemical sector in Asia Asia is the largest consumer and importer of naphtha, accounting for more than 70% of the global naphtha demand. The region is also the hub of petrochemical production, especially in China and India, where naphtha is the main feedstock for ethylene and propylene.
Increase of naphtha price relative to other feedstocks The recovery of naphtha demand has pushed up the naphtha price relative to other feedstocks such as liquefied petroleum gas (LPG), ethane, or coal. For example, the naphtha-LPG price spread in Asia widened from an average of USD 53 per ton in 2020 to USD 101 per ton in June 2021, making naphtha more expensive than LPG. The higher price has improved the profitability of naphtha producers and traders, as well as the naphtha cracking margins for petrochemical producers.
Expansion of naphtha trade flows The regional imbalances of naphtha supply and demand have created opportunities for naphtha trade flows and arbitrage. For example, the Middle East, which is a net exporter of naphtha, has increased its naphtha exports to Asia, where the demand is strong, and the price is high. The US, which is a net importer of naphtha, has also increased its naphtha imports from Europe, where the supply is surplus, and the price is low. The expansion of naphtha trade flows and arbitrage has enhanced the liquidity and flexibility of the naphtha market.

 

Global Naphtha Market Trends

The petrochemical sector is the largest consumer of naphtha, accounting for the majority of the total demand. The demand for petrochemical products such as plastics, synthetic fibres, and solvents is expected to grow in the coming years, driven by the increasing population, urbanisation, and industrialisation. To meet this demand, several new petrochemical plants and crackers are being built or planned in regions such as Asia, Middle East, and North America. This may increase the demand for naphtha as a feedstock and support the naphtha market growth.

 

Moreover, the introduction of new and advanced products, such as low-carbon hydrogen is leading to naphtha market development. This development aligns with the growing global focus on sustainability and the transition to low-carbon energy sources. The integration of low-carbon hydrogen in naphtha production processes can contribute to mitigating the environmental impact associated with traditional naphtha production.

 

Global Naphtha Market

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Market Segmentation

Global Naphtha Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup Categories
Type Light, Heavy
End Use Petrochemicals, Agriculture, Paints and Coatings, Aerospace, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

 

Petrochemicals sector is expected to hold significant market share because it uses naphtha as a primary feedstock to produce petrochemicals

According to the naphtha market report, the petrochemical segment accounted for the largest share as it is a primary feedstock to produce various petrochemicals, such as ethylene, propylene, benzene, toluene, and xylene. These petrochemicals are used to manufacture plastics, synthetic fibres, rubber, solvents, and other chemicals. The demand for naphtha from the petrochemical industry is driven by the growing consumption of these products in various sectors, such as packaging, automotive, construction, and electronics.

 

Furthermore, the report estimates that the agriculture segment held the second-largest share of the global naphtha market. Naphtha is also used as a raw material for the synthesis of ammonia, which is further converted into urea, ammonium nitrate, and other nitrogenous fertilisers used in agriculture. Naphtha-based ammonia is preferred over natural gas-based ammonia due to its lower cost and higher purity. The demand for naphtha from the agriculture sector is influenced by the rising population, food security, and need for better crop yield.

 

According to the naphtha market overview, the paints and coatings segment is also witnessing steady growth rate since the historical period. Naphtha helps to reduce the viscosity and improve the flow of paints and coatings, as well as to enhance their drying and curing properties. Naphtha-based paints and coatings are widely used in various industries, such as automotive, construction, marine, and aerospace in the form of solvent and diluent. The demand for naphtha from the paints and coatings sector is dependent on the growth of these end-use industries and the increasing demand for high-performance and eco-friendly products, such as low-carbon hydrogen naphtha.

 

Light naphtha contributes to market growth as it is a heavily traded commodity for making petrochemical steam crackers

Light naphtha is a liquid hydrocarbon mixture obtained from natural gas condensates, petroleum distillates, and the catalytic cracking of heavy oil fractions. It consists mainly of pentane and hexane and is used as a feedstock for gasoline production, petrochemicals, and solvents.

 

The light segment is expected to lead the naphtha market share as it is a heavily traded commodity, with its production widely spread across North America, Northeast Asia, and the Middle East, accounting for nearly 60% of the total global production. The production of light naphtha is increasing globally and is anticipated to create a surplus in stock in the coming years, exceeding market demand. 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 demand for light naphtha is further influenced by the growth of the petrochemical industry, especially in Asia Pacific.

 

Meanwhile, as per naphtha market analysis, heavy naphtha is a heavier fraction of crude oil that boils between 150°C and 270°C. It contains more aromatics and naphthene than light naphtha and is used as a feedstock for reforming, hydrotreating, and aromatics extraction. It is also used as a blending component for gasoline and jet fuel. The demand for heavy naphtha is influenced by several factors, including its refining capacity and efficiency, the quality and price of crude oil, and environmental regulations on fuel specifications. Heavy naphtha is used as a feedstock for manufacturing high-octane gasoline components through catalytic reforming. It is also utilised in the petrochemical industry for producing solvents and olefins.

 

Naphtha Market By Region

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Competitive Landscape

The naphtha market is witnessing increased consolidation and collaboration among market players to enhance their competitiveness, market access, and portfolio diversification.

 

Company Year Founded Headquarters Products/Services
Shell Corporation 1907 The Hague, Netherlands Oil and gas exploration, production, refining, marketing, chemicals, renewable energy
Chevron Phillips Chemical Company LLC 2000 Texas, United States Petrochemicals, olefins, polyolefins, aromatics, alpha olefins, specialty chemicals
Exxon Mobil Corporation 1999 Texas, United States Oil and gas exploration, production, refining, marketing, fuels, lubricants, petrochemicals
Mitsubishi Chemical Corporation 1934 Tokyo, Japan Basic chemicals, petrochemicals, plastics, polymers, performance products

 

Other key players in the global naphtha market include LG Chem, Reliance Industries Ltd., Saudi Basic Industries Corporation, Formosa Petrochemical Corporation, Petróleos Mexicanos, Sasol Limited, BP PLC, China National Petroleum Corporation (CNPC), and Vitol Group, among others.

 

Global Naphtha Market Analysis by Region

Asia Pacific dominates the market due to high production of naphtha in the region

The Asia Pacific region has the largest and fastest-growing naphtha market in the world because it is the largest producer of petrochemicals, especially ethylene and propylene, which contributes to more than half of the naphtha demand in the region. Naphtha consumption in the region is mainly driven by the demand for ethylene and propylene, which are the building blocks for various products, such as plastics, synthetic fibres, detergents, and solvents. The region is expected to maintain its dominant position in the naphtha market, as petrochemical demand continues to grow in China, India, Japan, and South Korea, driven by the increasing population and rapid industrialisation.

 

The naphtha industry in the European region is expected to witness moderate growth. The naphtha production in the Europe region is mainly concentrated in Russia, Germany, the UK, and France due to the increasing demand from the end-use industries, such as construction, packaging, consumer goods, and automotive, in the emerging markets of Eastern Europe and Turkey. The naphtha consumption in the region is also supported by the gasoline demand, as naphtha is used as a blending component to meet the gasoline specifications in some countries, such as Germany, France, and Italy.

 

The Middle East and Africa naphtha market size is estimated to grow at a promising CAGR as it exports the product on a large level, leading to an increase in market revenue. The region has an abundance of crude oil, which is needed in distillation, a key process for naphtha production. Moreover, the Middle East and African region has a moderately growing chemical industry, which is expected to contribute to healthy naphtha market growth in the future.

 

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:

  • 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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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
  • LG Chem
  • Reliance industries ltd.
  • Saudi Basic Industries Corporation
  • Formosa Petrochemical Corporation
  • Petróleos Mexicanos
  • Sasol Limited
  • BP PLC
  • China National Petroleum Corporation (CNPC)
  • 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 (2018-2023) 
    8.3    Global Naphtha Market Forecast (2024-2032)
    8.4    Global Naphtha Market by Type
        8.4.1    Light
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Heavy
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Naphtha Market by End Use
        8.5.1    Petrochemicals
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Agriculture
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Paints and Coatings
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Aerospace
            8.5.4.1    Historical Trend (2018-2023)
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Others
    8.6    Global Naphtha Market by Region     
     8.6.1    North America
         8.6.1.1    Historical Trend (2018-2023) 
         8.6.1.2    Forecast Trend (2024-2032)
     8.6.2    Europe
         8.6.2.1    Historical Trend (2018-2023) 
         8.6.2.2    Forecast Trend (2024-2032)
     8.6.3    Asia Pacific
         8.6.3.1    Historical Trend (2018-2023) 
         8.6.3.2    Forecast Trend (2024-2032)
     8.6.4    Latin America
         8.6.4.1    Historical Trend (2018-2023) 
         8.6.4.2    Forecast Trend (2024-2032)
     8.6.5    Middle East and Africa
         8.6.5.1    Historical Trend (2018-2023) 
         8.6.5.2    Forecast Trend (2024-2032)
9    North America Naphtha Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Naphtha Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5   Others
11    Asia Pacific Naphtha Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Naphtha Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Naphtha Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    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    LG Chem
            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    Reliance industries ltd.
            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    Saudi Basic Industries Corporation
            17.2.7.1    Company Overview
            17.2.7.2    Product Portfolio
            17.2.7.3    Demographic Reach and Achievements
            17.2.7.4    Certifications
        17.2.8    Formosa Petrochemical Corporation
            17.2.8.1    Company Overview
            17.2.8.2    Product Portfolio
            17.2.8.3    Demographic Reach and Achievements
            17.2.8.4    Certifications
        17.2.9    Petróleos Mexicanos
            17.2.9.1    Company Overview
            17.2.9.2    Product Portfolio
            17.2.9.3    Demographic Reach and Achievements
            17.2.9.4    Certifications
        17.2.10    Sasol Limited
            17.2.10.1    Company Overview
            17.2.10.2    Product Portfolio
            17.2.10.3    Demographic Reach and Achievements
            17.2.10.4    Certifications
        17.2.11    BP PLC
            17.2.11.1    Company Overview
            17.2.11.2    Product Portfolio
            17.2.11.3    Demographic Reach and Achievements
            17.2.11.4    Certifications
        17.2.12    China National Petroleum Corporation (CNPC)
            17.2.12.1    Company Overview
            17.2.12.2    Product Portfolio
            17.2.12.3    Demographic Reach and Achievements
            17.2.12.4    Certifications
        17.2.13    Vitol Group
            17.2.13.1    Company Overview
            17.2.13.2    Product Portfolio
            17.2.13.3    Demographic Reach and Achievements
            17.2.13.4    Certifications
        17.2.14    Others
18    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Naphtha Market: Key Industry Highlights, 2018 and 2032
2.    Global Naphtha Historical Market: Breakup by Type (USD Million), 2018-2023
3.    Global Naphtha Market Forecast: Breakup by Type (USD Million), 2024-2032
4.    Global Naphtha Historical Market: Breakup by End Use (USD Million), 2018-2023
5.    Global Naphtha Market Forecast: Breakup by End Use (USD Million), 2024-2032
6.    Global Naphtha Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Naphtha Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Naphtha Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Naphtha Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Naphtha Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Naphtha Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Naphtha Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Naphtha Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Naphtha Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Naphtha Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Naphtha Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Naphtha Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    North America Historical Price Trends and Forecast 2018-2032
19.    Europe Historical Price Trends and Forecast 2018-2032
20.    Asia Pacific Historical Price Trends and Forecast 2018-2032
21.    Latin America Historical Price Trends and Forecast 2018-2032
22.    Middle East and Africa Historical Price Trends and Forecast 2018-2032
23.    Global Naphtha Market Structure

Key Questions Answered in the Report

In 2023, the naphtha market reached an approximate value of USD 168.18 billion.

The market is expected to grow at a CAGR of 4.2% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 242.73 billion by 2032.

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.

Key trends aiding market expansion include the advent of alternative technologies like hydro-pyrolysis of the product, expansion of naphtha trade, and increasing naphtha prices.

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.

The major end use sectors of naphtha in the market are petrochemicals, agriculture, paints and coatings, and aerospace, among others.

Naphtha is utilised in cleaning solutions, laundry soaps, and hydrocarbon cracking. It is also used as a fuel for camp stoves.

Key players in the industry are Shell Corporation, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Mitsubishi Chemical Corporation, LG Chem, Reliance industries ltd., Saudi Basic Industries Corporation, Formosa Petrochemical Corporation, Petróleos Mexicanos, Sasol Limited, BP PLC, China National Petroleum Corporation (CNPC), and Vitol Group, among others.

Analyst Review

The global naphtha market attained a value of USD 168.18 billion in 2023, 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 2024-2032, growing at a CAGR of 4.2%. The naphtha market is projected to reach USD 242.73 billion by 2032.

 

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, LG Chem, Reliance industries ltd., Saudi Basic Industries Corporation, Formosa Petrochemical Corporation, Petróleos Mexicanos, Sasol Limited, BP PLC, China National Petroleum Corporation (CNPC), and Vitol Group, among 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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