(MENAFN- The Express Wire) Naphtha Market: How to Leverage on Technology During Covid19 Crisis? Fortune Business Insights
Posted on Sep 25 2020 5:39 AM
"Naphtha Market Size, Share and Global Trend By Type (Heavy, Light), By End-Use (Chemicals, Petrochemicals, Fertilizers, Gasoline, Others) and Geography Forecast till 2026
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Increasing demand for petrochemical products across the globe will primarily drive the global naphtha market size during the forecast period. Petrochemicals are those materials that convert oil and gas into consumable goods such as plastics, tires, detergents, medical equipment, etc. According to the International Energy Agency (IEA), these products will account for 33% of the global oil demand by 2030 and 50% by 2050. Moreover, feedstock derived from oil and gas make up about 90% of all raw materials, while coal and biomass fill up the remaining 10%. The IEA further reports that there is an increasing demand for naphtha as feedstock for chemical production, especially in the US which produces around 40% of the ethane-based petrochemicals in the world. Thus, these preexisting conditions and future expectations will collectively broaden the " naphtha market " outlook in the coming years.
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In its report, titled ' Naphtha Market Size, Share and Global Trend By Type (Heavy, Light), By End-Use (Chemicals, Petrochemicals, Fertilizers, Gasoline, Others) and Geography Forecast till 2026 , Fortune Business Insights shares an exhaustive evaluation of the drivers, prospects, and various other dynamics that will shape the market during the forecast period. Besides this, the report also contains an extensive and intensive overview of the industry outlook and its plausible impact on the naphtha market trends.
Key players in this market include:
- Zahara Group
- Basin Electric Power Cooperative
- Pure Chemicals Co.
- Saudi Aramco
- Mangalore Refinery and Petrochemicals Limited
- MGT PetrOil Group
- Banner Chemicals Group
- Alexandria Mineral Oils Co.
- Chevron Phillips Chemical Company
- Gem Polymer Petrochemicals L.L.C
- Qatar Petroleum
- Key Market Driver Product-friendly regulations by the local governments
- Key Market Restraint Non-economic costs involved in the storage and transportation of naphtha
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Key Segmental Overview:
1. By Type
2. By End-Use
- Chemicals
- Petrochemicals
- Fertilizers
- Gasoline
- Others
3. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Adverse Health Effects from Naphtha May Slowdown Growth Pace
Naphtha refers to a particular class of hydrocarbons that are obtained through distillation of coal-tar or petroleum. It is generally utilized in the chemical industry as feedstock for producing adhesives, varnishes, and coatings. Despite its wide applicability, naphtha has been designated as hazardous to human health. According to the New Jersey Department of Health and Senior Services, repeated exposure to naphtha can damage the nervous system and affect kidney functions. It also contains benzene which is a known carcinogenic substance. In addition to these, burning of naphtha can release toxic gases in the air that will not only affect human health, but will also have adverse environmental consequences. Therefore, production and use of this substance is likely to be subject to stringent regulation by government authorities, the naphtha market analysis says. This can have a negative impact of the progress of this market in the forecast period.
Growing Petrochemical Industries to Fuel the Market in Asia-Pacific
Asia-Pacific is expected to register a considerable growth rate owing to the increasing demand for petrochemical products due to fast-paced economic development and low labour costs in India and China. North America is set to dominate the naphtha market share on account of shale oil and gas extraction and production in the region, coupled with a large availability of crude oil reserves. In Latin America, the market will primarily be driven by a rapidly transforming fertilizer industry, while a flourishing chemical industry in Europe will make the region the second largest region in terms of share in this market.
Rising Focus on Increasing Production Capacities to Stimulate Competition
The naphtha market report by Fortune Business Insights foresees the development of a highly competitive market in the forecast period. This will be a result of increasing investment by key players to bolster their production capacities as well as strengthen their supply chain logistics. Furthermore, many private players are benefitting from lowering of trade barriers by developing nations of Asia and Africa, which is expected to spur competition at the domestic level.
Important industry developments:
- August 2020: West Bengal-based Haldia Petrochemicals announced ₹8000 crores worth of investment in a naphtha cracker and polypropylene unit in Odisha with an aim to enhance its manufacturing capacities and expand its business horizons.
- July 2020: Venezuela-based PDV LLC imported massive quantities of naphtha from Russia through ships to meet the rising petrochemical demand in the country.
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Major Table of Content For Naphtha Market:
Introduction Executive Summary Market Dynamics Key Insights Global Naphtha Market Analysis, Insights and Forecast, 2026 North America Naphtha Market Analysis, Insights and Forecast, 2026 Europe Naphtha Market Analysis, Insights and Forecast, 2026 Asia Pacific Naphtha Market Analysis, Insights and Forecast, 2026 Middle East and Africa Naphtha Market Analysis, Insights and Forecast, 2026 Latin America Naphtha Market Analysis, Insights and Forecast, 2026 Competitive Landscape Company Profile Conclusion An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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