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Thursday, December 29, 2022

Global Naphtha Market To Be Driven By The Thriving Agriculture Sector In The Forecast Period Of 2023-2028

The new report by Expert Market Research titled, ‘Global Naphtha Market Size, Share, Price, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global naphtha market, assessing the market based on its segments like types, end uses, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Naphtha Market Share, Size, Price, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

  • Forecast CAGR (2023-2028): 3.0%

Naphtha is a crucial component in the production of fertilisers. In this regard, the growing expansion of the agriculture industry is driving the market growth. Meanwhile, this compound is also deployed in the manufacturing of industrial paints and coatings. Hence, the growing investments in the construction sector, owing to the rapid urbanisation across the emerging economies, is further propelling the demand for the naphtha.

Over the forecast period, the anticipated increase in the demand for naphtha from the plastic and transportation industry is likely to bolster the production of the compound. In terms of region, the Asia Pacific region is likely to witness significant growth owing to the high economic growth of emerging economies, such as India and China.

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Naphtha Industry Definition and Major Segments

Naphtha, also known as wooden naphtha, is defined as chemical compound, which is highly volatile in nature and is chiefly used as a solvent in the conversion process for the production of gasoline. It is a flammable compound which is procured by distilling petroleum. It is colourless and is insoluble.

On the basis of type, the market can be segmented into:

  • Light
  • Heavy

Based on end-use, the market has been segmented into:

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

The regional markets for naphtha include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Naphtha Market Trends

The key trends in the naphtha market include the technological advancements in the aerospace and automotive industry, which is generating a significant demand for the compound. Naphtha is used in the production of rubber, hence, the anticipated increase in demand for rubber from the industrial sector is likely to be another key trend in the market.

Moreover, the increasing production capacity of petroleum across the developing economies owing to the increasing demand for fuel is another key trend in the market. However, the growing availability of cheaper alternatives to naphtha, such liquified petroleum gas (LPG), may impede the market growth.

Key Market Players

The major players in the market are:

  • Shell Corporation
  • Chevron Phillips Chemical Company LLC
  • Exxon Mobil Corporation
  • Mitsubishi Chemical Corporation
  • Saudi Basic Industries Corporation
  • Vitol Group
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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Contact Person: Steven Luke, Corporate Sales Specialist – U.S.A.
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