The latest report by IMARC Group, titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global naphtha market reached a value of more than US$ 144 Billion in 2016. Naphtha is a colourless or pale-yellow hydrocarbon mixture with an acrid odour. It is a highly volatile and flammable liquid which exhibits superior heat resistant properties. Naphtha is produced by the distillation of organic substances, and is known by different names, such as petroleum naphtha, coal-tar naphtha, or wood naphtha, depending on the source. It is mainly used as a solvent, paint thinner, and feedstock in the petrochemical and plastic industries. Moreover, it helps in the refinement and distillation of crude oil into more efficient products, as well as forms a major component of several types of gasoline.
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Highlights of the global naphtha market:
- Rising demand for gasoline is the major driving force for the market growth.
- Based on application, petrochemical feedstock holds for the majority of the total market.
- Asia Pacific represent the leading market, accounting for the largest share globally.
The increase in the demand for gasoline is the key driver of the naphtha market as olefin rich naphtha is used for blending gasoline-grade fuel worldwide. Additionally, the usage of plastic in the construction and automotive sectors is growing on account of its lightweight, durability and longer life. This has created a huge demand for petrochemicals, especially ethylene and propylene, thereby boosting the naphtha market growth. Another important driver steering the demand for naphtha is its growing consumption as a feedstock in petrochemical industry. Moreover, the adoption of advanced technologies and the numerous applications of naphtha in hydrocarbon cracking, organic chemistry, laundry soaps, cleaning fluids, etc. are some of the other factors facilitating the global naphtha market. According to the report, the market is further expected to reach a value of US$ 176 Billion, exhibiting a CAGR of more than 3% during 2017-2022.
On the basis of application, the market is segmented into petrochemical feedstock and gasoline blending. Among these, petrochemical feedstock currently dominates the market, holding the majority of the total share. Region-wise, Asia Pacific represents the largest market globally. It is followed by Europe and North America. Other regions include Latin America, and Middle East and Africa. On evaluating the competitive landscape of the global naphtha market, it is found that the major players are BP P.L.C, Chevron Corporation, Mitsubishi Chemical, Reliance Industries Limited and Indian Oil Corporation.
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The report by IMARC Group has examined the global naphtha market on the basis of:
- Petrochemical Feedstock
- Gasoline Blending
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
- BP P.L.C
- Chevron Corporation
- Mitsubishi Chemical
- Mitsubishi Chemical
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