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 2027”, 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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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.
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Important industry developments:
- August 2019: 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 2019: Venezuela-based PDV LLC imported massive quantities of naphtha from Russia through ships to meet the rising petrochemical demand in the country.
Major Table of Content For Naphtha Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Naphtha Market Analysis, Insights and Forecast, 2027
- North America Naphtha Market Analysis, Insights and Forecast, 2027
- Europe Naphtha Market Analysis, Insights and Forecast, 2027
- Asia Pacific Naphtha Market Analysis, Insights and Forecast, 2027
- Middle East and Africa Naphtha Market Analysis, Insights and Forecast, 2027
- Latin America Naphtha Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
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.
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