San Francisco 22 April 2019 Naphtha Market Analysis By Application (Chemical, Energy & Fuel) And Segment
Forecasts To 2022
Global naphtha market size was 270.7 million tons in 2014 and is anticipated to grow at a CAGR of 3.4% from 2015 to 2022. Increasing global demand for transportation fuel is expected to drive growth. Demand is also being driven by its robust use for hydrocarbon cracking process in the petrochemical industry.
Naphtha is an essential part of hydrocarbon
cracking process, which is conducted under extreme pressure and heat, as it
exhibits superior heat resistant properties. Various environmental regulations
and region dependent pricing also make the choice for usage of naphtha
materials in the production process.The global demand is estimated to be worth
USD 183.38 billion by 2022.
Chemical feedstock was the largest
application of naphtha accounting for 65% of the total market share in 2014 and
is anticipated to grow at a CAGR of 7.7% over the forecast period. Chemical
feedstock is used for steam cracking process which produces gasoline. Growing
demand for gasoline is expected to subsequently bolster demand. Lighter grades
of the product are used for petrochemical steaming process, which produces
rubber, olefins, polymers and aromatics.
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The global market is also being driven by
increasing demand of plastics in electronics, packaging and construction
industries in future. Energy & fuel contributed to over 25% of the total
market revenue in 2014. Rising energy & fuel consumption, particularly in
Asia Pacific on account of rapid industrialization as well as expansion of
cities, is anticipated to fuel growth. Increasing demand for automobiles is
also anticipated to play a vital role in augmenting demand for fuel, which in
turn is expected to have a positive impact on the market over the forecast
period.
Asia Pacific naphtha demand was 121.7
million tons in 2014 and is likely to witness significant gains over the
forecast period. Over the past few years, the region has emerged as the largest
exporting hub of petroleum products and the trend is expected to continue over
the forecast period. Development of the transport and electrical sectors in the
region on account of increasing trade activities coupled with adoption of
technological advancement by consumers is expected to drive demand.
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The North American
market has attained maturity and is expected to witness stagnant growth at a
CAGR of 3.0%, in terms of volume, over the projected period. The Middle East
market is characterized by consolidation of refineries, which is expected to
result in local companies expanding their presence in the global market.
CNPC, British Petroleum, Shell, Chevron and
ExxonMobil together accounted for more than 50% of the global industry in
2014.These companies have a strong hold in the market on account of their
efficient worldwide-distribution networks. Companies including Reliance
Industries and Mitsubishi Chemical are integrated in their operations for crude
oil and natural gas production which has resulted in increasing their overall
economic profitability.
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Naphtha
Market@ https://www.grandviewresearch.com/press-release/global-naphtha-market
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