The Global Naphtha Market is forecast to reach USD 185.64 Billion by 2028, according to a new report by Reports and Data. Naphtha can be defined as a difficult corrosive fuel that has poor lubricity and low flashpoint. Its poor lubricity it important to include a lubricity enhancer when using the compound. The fuel can be categorized into two types, aromatic and aliphatic. The difference in these two sub-categories of fuel is based on the kind of hydrocarbons forming up the solvent and the process of its manufacturing. Aliphatic solvents are formed of cycloparaffins (naphthenes) and paraffinic hydrocarbons.
It can be directly obtained by distillation from crude petroleum. In the case of aromatics, which is generally alkyl-substituted benzene and rarely found, it can be obtained from petroleum as straight-run materials. Naphtha is considered to be an essential solvent due to good dissolving power. It availability in varying ranges from the ordinary paraffin straight-run to the highly aromatic types and different level of volatility helps in delivering products usable for various purposes. Some of its major uses are as solvents for cutback asphalt, solvents (diluents) for paints, and solvents in the rubber industry, among others. Thus, such a wide arena of applications is fostering the growth of the market.
In regards to region, North America can be seen to hold a considerable position in the industry. The market position held by the region is attributed to the fact that countries within the region like U.S. is a prominent chemical manufacturer, and the boom in shale gas is supporting the expansion of the sector in this region.
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Key participants include British Petroleum (BP PLC), AMOC (Alexandria Mineral Oils Co.), China Petroleum Chemical Corporation, Chevron Phillips Chemical Company, Formosa Petrochemical Co., Exxon Mobil Corporation, MGTPetroil.com, LG Chem, Reliance Industries Limited and Petroleos Mexicanos.
Further key findings from the report suggest
The Naphtha market held a market share of USD 154.02 Billion in the year 2020 that is forecasted to grow at a rate of 2.7% during the forecast period.
In context to Type, the Heavy Naptha segment is projected to witness a considerable growth rate of 3.3% during the forecast period, which is expected to occupy more than 50.0% of the market by 2028. The growth rate witnessed by the Heavy Naptha segment is attributed to continuously increasing demand for petroleum naphtha and the applicability of heavy naphtha in refinery catalytic reformers to improve octane number of the fuels, which contributes to the growth rate witnessed by this segment.
In context to End-user, the Agriculture segment held a considerable market share of more than 15.0% in 2020, with a CAGR of 2.9% during the forecast period. The market share held by the Agriculture segment is attributed to the continuously growing population, elevating emphasis on agriculture, which in turn raises the demand for fertilizers to support cultivation and agricultural activities, in which the compound acts as a raw material that contributes to the market share held by this segment.
In regards to Application, the Energy fuel segment is projected to witness a considerable growth rate of 3.2% during the forecast period, which is expected to hold more than 25.0% of the market in 2028. The applicability of the compound in energy fuel as a fuel source for lanterns, power stoves because of its lower emission levels as compared to hydrocarbon-based fuels like coal oil, contributes to the growth rate witnessed by this segment.
In regards to the region, Europe held more than 20.0% of the market in 2020, with a CAGR of 2.8% during the forecast period. The expanding Agriculture sector, Aerospace industry and increasing demand for Paints Coatings are some of the mentionable factors supporting the expansion of the industry in this region.
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For the purpose of this report, Reports and Data have segmented the global Naphtha market according to Type, Application, End-user, and Region:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
Energy fuel additive
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
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