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The naphtha market size is estimated to reach US$232.3 billion by 2027 after growing at a CAGR of 3.8% from 2022-2027.
HYDERABAD, TELANGANA, INDIA, October 31, 2022 / / -- The size is estimated to reach US$232.3 billion by 2027 after growing at a CAGR of 3.8% from 2022-2027. Naphtha is a flammable liquid hydrocarbon mixture that is made from the fractional distillation of crude oil or boiling coal tar. The mixture as solvent, diluent, or feedstock is used in industries like in petrochemical, paints & coating, agriculture, plastics, etc. but it is mainly used in the petrochemical sector during steam reforming process for making aromatics and olefins like benzene, butadiene, propylene, etc. and as a catalyst in heater exchanger for making hydrogen gas that has high octane number. The drivers for the naphtha market are an increase in feedstock demand by the petrochemical industry, an increase in solvent demand by the paints and coating sector, technological advancements in naphtha reforming. However, as naphtha is generally made during the distillation of crude oil the fluctuating price of crude oil can have a negative on the production of naphtha which can hamper the growth of the naphtha industry
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Key takeaways:
This IndustryARC report on the Naphtha market highlights the following areas -
1. Asia-Pacific dominates the naphtha market as the region consists of some of the major end-users of the naphtha like petrochemicals, agriculture, plastics, rubber, etc. in countries like China, India, Thailand, Indonesia, etc.
2. Naphtha is used in the production of gasoline which is used as solvent and diluents in various products like household cosmetics and chemicals, pesticides, fuels, and essential oils
3. Naphtha consumption has risen in both emerging and industrialized economies due to the increasing demand for cost-effective fuel due to rapid urbanization and a growing global population.
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Segmental Analysis:
1. Light Naphtha held the largest share in the naphtha market in 2021, with a share of over 30%. This owns to factor like light naphtha is mainly used as feedstock in petrochemical production of olefins and aromatics like ethene, butadiene, benzene, toluene that produces a variety of chemical products like synthetic fibers, plastics, and industrial chemicals like glycols.
2. Petrochemical feedstock held the largest share in the naphtha market in 2021 with a share of over 34%. This owns to factor like naphtha as feedstock is used for producing petrochemicals like ethylene, propylene, and naphtha chemicals like light naphtha are used for generating petrochemicals containing gasoline and butane.
3. Petrochemical held the largest share in the naphtha market in 2021, with a share of over 41%. This owns to factors like the mixture forms an efficient feedstock to produce aromatics and olefins that are used to make products which people use on daily basis like plastics, medicines, cosmetics, furniture, appliances, electronics, etc.
Competitive landscape:
The top 5 players in the Naphtha industry are:
1. Exxon Mobile Corporation
2. Saudi Arabia Oil. Co
3. Formosa Petrochemical Corporation
4. Chevron Philips Chemical Company
5. Shell Chemicals
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