Naphtha Market Size Worth USD 409.5 Billion in 2032 | Emergen Research

Rising demand for naphtha from the petrochemical industry and increasing need for olefin-rich naphtha are key factors driving Naphtha market revenue growth.

Vancouver, Jan. 23, 2024 (GLOBE NEWSWIRE) — The global naphtha market size was USD 282.0 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.8% during the forecast period. Rising demand for naphtha from the petrochemical industry and increasing need for olefin-rich naphtha are key factors driving market revenue growth.

The primary feedstock utilized in the petrochemical industry is naphtha, which uses around half of the naphtha produced. In the petroleum industry, it is employed in the synthesis of aromatics and olefins, which include propylene, butadiene, ethylene, and benzene. For instance, a plan released in March 2023 by the South Korean corporation S-Oil Corp states that a sizable petrochemical factory is anticipated to relate to the Shaheen refinery. This collaboration involves a naphtha-fueled steam cracker capable of producing 180,000 tons of ethylene yearly. Naphtha would be used by the petrochemical complex to produce up to 3,200 thousand tons of core petrochemical raw materials a year such as ethylene, propylene, butadiene, and other chemicals. The site is expected to be operational by 2026.

The essential application for olefin-rich naphtha is as a feedstock for the manufacturing of excessive-octane and low-price diesel. The demand for low priced petrol is rising in each industrialized and developing international locations owing to rapid urbanization and increasing populace. Petroleum naphtha is a widely utilized solvent, which is used in a huge range of cleaning marketers. Asphalt, paints, and varnishes are also diluted with it. The dry cleansing industry also makes use of naphtha, which increases the requirement for naphtha. The UK is expected to steer the next oil and gasoline tasks, with 25% of pipelined projects in the European location, which are expected to begin operations via 2025. There are 111 petroleum and fuel commercial projects in the works in the country where eighty-three of them are upstream, twenty-three are midstream, three are refineries, and two are petrochemicals.

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Fluctuations and volatility of crude oil prices is a key factor, which could restrain market revenue growth. In addition, switch from naphtha use to less expensive substitutes, such as Liquefied Petroleum Ga (LPGs) and natural gas liquid, is another factor, which could restrain market revenue growth. For instance, in July 2019, a producer of natural gas and oil based in Venezuela, PDV LLC, announced that it planned to construct tiny pipelines to handle the shortage of imported naphtha, which have hampered the export and manufacturing of heavy crude products.

Segment Insights

Type Insights:

On the basis of type, the global naphtha market is segmented into light naphtha and heavy naphtha. The heavy naphtha segment accounted for largest revenue share in the global naphtha market in 2022 due to increasing properties and extensive applications of heavy naphtha and rising use of heavy naphtha in the production of petrochemicals. Many petrochemical products, such as plastics, synthetic rubber, and resins, require heavy naphtha as a necessary raw ingredient, which is also an essential part of the process used to make fuel products such as petrol. In addition, increasing popularity of shale gas has raised the need for heavy naphtha as a solvent for the transportation of crude oil. Moreover, rising need of naphtha in the automotive industry is another factor driving revenue growth of this segment.

Process Insights:

On the basis of process, the global naphtha market is segmented into naphtha reforming, steam cracking, gasoline blending, and others. The steam cracking segment is expected to register steadily fast revenue growth rate in the global naphtha market over the forecast period. This is because primary applications are high-octane gasoline feedstock, aromatics reformation, and the use of steam cracking for producing olefins. In addition, rising demand for naphtha from the Food & Beverages and chemical industries is also expected to drive revenue growth of this segment during the forecast period. For instance, in 2019, the Saudi Arabian Oil Company (Saudi Aramco) started the Ras Tanura refinery clean fuels as well as aromatics project, valued USD 2.6 billion, to improve the plant’s environmental friendliness.

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Regional Insights:

Asia Pacific market accounted for largest revenue share in the global naphtha market in 2022. This is due to emergence of multiple end-use sectors, including fertilizers, paints and coatings, and petrochemicals, which have led to a consistent rise in the requirement for naphtha in countries such as China, Japan, and India. In addition, development of multiple chemical companies in China throughout the next five years is also expected to drive market revenue growth of this region during the forecast period.

North America accounted for second -largest revenue share in the global naphtha market in 2022 due to rising demand for naphtha in the region owing to rapid growth of the petrochemical and oil industries. In addition, increasing production of tight oil along with shale gas in North America, particularly the U.S., is also expected to drive market revenue growth of this region during the forecast period. For instance, in May 2023, Chevron Corp announced to restart oil operations in Venezuela, with the intention of advancing a plan to recover all the OPEC member’s debt by the end of 2025. Similarly, in November, Washington granted Chevron Corporation an automatically renewed six-month license to restart its mainly idle operations in Venezuela and export crude oil to the U.S., therefore avoiding the sanctions imposed on the South American countries.

Scope of Research

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Major Companies and Competitive Landscape

The global naphtha market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective naphtha products in the market.

Some major players included in the global naphtha market report are:

• Alexandria Mineral Oils Company
• Bajrang Petrochemicals Pvt Ltd.
• Slope Electric Cooperative
• Chevron Corporation
• China Petrochemical Corporation
• SABIC
• Exxon Mobil Corporation
• BP PLC
• Reliance Industries Limited
• Shell International B.V.
• Indian Oil Corporation Ltd
• PAO Novatek
• SASOL Limited
• LG Chem
• Formosa Petrochemical Corporation

Strategic Development

• In May 2022, BP plc and Clean Planet Energy, a UK-based company that is constructing facilities to transform difficult-to-recycle plastic waste into circular petrochemical feedstocks and Ultra-Low Sulfur Diesel (ULSD), inked a 10-year off take deal. The Teesside facility, which is intended to process 20,000 tons of waste plastics annually into naphtha and ULSD, is Clean Planet Energy’s first facility, and under the terms of the new deal, BP is expected to get its output.

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For the purpose of this report, Emergen Research has segmented the global naphtha market on the basis of type, process, sales channel, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Light Naphtha
  • Heavy Naphtha

•  Process Outlook (Revenue, USD Billion; 2019-2032)

• • Naphtha Reforming
  • Steam Cracking
  • Gasoline Blending
  • Others

• Sales Channel Outlook (Revenue, USD Billion; 2019-2032)

• • Direct Sale
  • Indirect Sale

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Petrochemicals
  • Aerospace
  • Agriculture
  • Paints
  • Coatings
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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