Naphtha market to grow at a CAGR of 5.1% during the forecast period, according to the TMR study
- Advances in technology have resulted in the development of new furnace materials and improved distillation procedures. This, combined with the growth of the chemical industry, is expected to boost the naphtha market.
- Rising gasoline consumption is estimated to propel the global naphtha market as naphtha is used to blend gasoline
ALBANY, NY, April 25, 2022 /PRNewswire/ — The value of naphtha market stood at $249.68 billion in 2020. The global market is expected to grow at a CAGR of 5.1% during the forecast period, 2021 to 2031. The global naphtha market is expected to reach the valuation of US$431.53 billion by 2031. As part of their environmental responsibilities, major oil companies in the global naphtha market are launching clean fuels and aromatics programs. They are expanding their capability to include naphtha separation columns. These columns facilitate the separation of heavy and light naphtha from hydrotreated naphtha. The continuous catalytic reforming (CCR) and isomerization units, which have operating capacities of 65,000 and 90,000 barrels per day respectively, are fed by these columns.
The majority of industry players rely on third-party distributors to connect with their target customers. The most common technique used by naphtha manufacturers to improve product penetration in various end-use situations is a distribution agreement. The market is expected to grow at a modest pace; however, the development of the global naphtha market is expected to be slowed by the development of crude oil prices and the presence of affordable options such as LPG (liquefied petroleum gas) and shale gas. As a result, producers are expanding their sales channels in critical naphtha applications, such as dry-cleaning solvents, rubber solvents, and paint solvents to ensure strong naphtha sales.
Get a PDF brochure for more information – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=628
Key Findings of the Market Report
- Companies in the global naphtha market can rely on reliable revenue streams in the architecture, engineering, and construction (AEC) industry. In 2020, the chemical sector contributed 60% of global naphtha consumption, a trend that is expected to continue during the forecast period.
- With the global naphtha market being so fiercely competitive, companies enter into long-term contracts with raw material suppliers to avoid price fluctuations. As the global market is dominated by a large number of players, including a large number of small and medium-sized producers, companies are improving their distribution networks. In order to stimulate naphtha sales, large companies have their own distribution and marketing networks around the world. Companies focus on feedstock for petrochemical cracking or gasoline reforming and blending to grow their business.
Get a Covid 19 analysis – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=628
- The chemicals category, which included toluene and xylenes (BTX) as well as petrochemicals and benzene, dominated the global naphtha market in 2020, accounting for more than 60% of the global market. Over the next few years, the category should maintain its leading position. Naphtha is primarily used in steam cracking to produce olefins, reforming to produce aromatics, and also as a feedstock for high octane gasoline. It can also be used as a solvent.
Global Naphtha Market: Growth Drivers
- Growing demand for polyethylene and polypropylene is expected to drive demand for naphtha, which is used as a feedstock for the manufacture of aromatics and olefins used in paints and coatings applications
- The global naphtha market is expected to be propelled by growing demand for mineral oil as well as increasing disposable income in developing countries, which is driving consumers to purchase new automobiles and fuel-efficient vehicles.
Global Naphtha Market: Key Competitors
- Mangalore Limited Refinery and Petrochemicals
- Reliance Industries Limited
- Chevron Shell Chemicals
- BP plc.
- Indian oil company
- Mitsubishi Chemical Holdings Corporation
Inquire Before You Buy – https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=628
Global naphtha market: segmentation
- Chemical products
The chemicals and materials industry struggles with the tangible impact of economic and cultural shifts, explore Transparency Market Research’s award-winning coverage of the world Chemicals and Materials:
Dry Mixed Recycling Market – https://www.transparencymarketresearch.com/dry-mixed-recycling-market.html
Acrylic Powder Market – https://www.transparencymarketresearch.com/acrylic-powder-market.html
About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global market intelligence reports and services. Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continually updated and reviewed by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports.
For more information on advanced industries research, visit our YouTube channel – https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Transparency Market Research
90 State Street,
Albany NY – 12207
UNITED STATES – Canada Toll Free: 866-552-3453
E-mail: [email protected]
Source of the press release: https://www.transparencymarketresearch.com/pressrelease/naphtha-market.htm
SOURCE Transparency Market Research