Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
Naphtha is a flammable and colourless hydrocarbon mixture which is extremely volatile and insoluble in water. On an industrial level, it is obtained by the distillation of organic substances such as shale, petroleum or coal. There are two types of naphtha available, namely, light or paraffinic naphtha and heavy naphtha. Depending on its source, use or composition, it is also known as petroleum naphtha, wood naphtha or coal tar naphtha. It finds diverse applications across various industries such as in the production of gasoline, cleaning fluids, shoe polish, fuel for portable stoves, etc. The latest report by IMARC Group, titled “Naphtha Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global naphtha market reached a value of more than US$ 144 Billion in 2017.
The market is expected to witness a significant growth in the upcoming years. Growing consumption of naphtha as a feedstock in the petrochemical industry is the major driver of the market. Apart from this, naphtha also finds application in blending of gasoline. Rising demand for gasoline is further boosting the growth of the market. Additionally, expanding chemical industry, specifically in the Asia Pacific region, is projected to drive the global naphtha market in the upcoming years. Moreover, technological developments such as enhanced distillation process and use of advanced furnace materials are facilitating the market growth. According to the report, the market is expected to reach a value of US$ 181 Billion by 2023, registering a CAGR of more than 3% during 2018-2023.
The report has segmented the market on the basis of application into petrochemical feedstock and gasoline blending. Amongst these, petrochemical feedstock accounts for the majority of the total share. Region-wise, Asia Pacific represents the largest market, followed by Europe and North America. The other major regions include Latin America, and Middle East and Africa. The report has also analysed the competitive landscape of the market with some of the key global players being BP P.L.C, Chevron Corporation, Mitsubishi Chemical, Reliance Industries Limited and Indian Oil Corporation.
This report provides a deep insight into the global naphtha market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the naphtha industry in any manner.
Key Questions Answered in This Report:
How has the global naphtha market performed so far and how will it perform in the coming years? What are the key regions in the global naphtha market? What are the major application segments in the global naphtha market? What are the various stages in the value chain of the global naphtha market? What are the key driving factors and challenges in the global naphtha market? What is the structure of the global naphtha market and who are the key players? What is the degree of competition in the global naphtha market? How is naphtha manufactured?