August 23, 2022 09:14 ET | Source: Facts & Factors Facts & Factors

DUBLIN, Ireland, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Naphtha Market Size, Share, Growth Analysis Report By Type (Light Naphtha and Heavy Naphtha), By Application (Chemicals, Energy & Fuel and Others), By Process (Gasoline Blending, Naphtha Reforming, Steam Cracking and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Naphtha Market size & share was valued at approximately USD 248.5 billion in 2021. The market is expected to grow above a CAGR of 4.90% and is anticipated to reach over USD 331.1 billion by 2028.”

The report analyses the Naphtha market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Naphtha market.

What is Naphtha? How big is the Naphtha Industry?

Naphtha is a type of unrefined gasoline or gasoline made from raw ingredients and crude oil for usage in the chemical industry. The boiling point of naphtha, which is made from crude oil, lies between 30 and 200 °C. It might have a sizable amount of aromatic compounds in it. Naphtha is a highly volatile, colorless, and very flexible hydrocarbon compound. It is produced by distilling organic substances like wood, coal tar, petroleum, and shale.

Naphtha goes by various names, depending on where it comes from or what it is made of, including petroleum spirits, coal tar naphtha, shellite, wood naphtha, and white gas. As part of their commitment to the environment, major oil companies in the naphtha market have announced the beginning of clean fuel and aromatics initiatives. Some of the applications of naphtha include producing gasoline, cleaning fluids, polishing shoes, and providing fuel for portable stoves.

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Key Insights from Primary Research

Naphtha derivative called olefin-rich naphtha is largely used as a feedstock to manufacture inexpensive high-octane diesel. Due to a rise in the number of people and the rapid urbanization of areas, naphtha consumption has surged in both industrialized and developing nations. Petroleum naphtha is also frequently utilized as a solvent. It can be found in many different cleaning agents. Additionally, it is used to thin out asphalt, paint, and varnish.

Additionally, naphtha is employed in the dry cleaning sector. This raises the need for naphtha and is expected to fuel the market's growth. Modern technology has improved distillation processes and led to the development of novel furnace materials. The growth of the chemical sector is driving up naphtha usage. Additionally, the growth of emerging new markets and strategic partnerships will operate as market drivers, boosting the likelihood that the market will grow at a rate that can be used.

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Naphtha Market: COVID-19 Impact Analysis

The functions and needs of the naphtha market are spread across numerous industry verticals. However, production and manufacturing facilities have been impeded by the pandemic. Under limitations like lockdowns (both permanent and temporary) and functional impediments, the worldwide market has remained static. In addition, not enough money is being invested to meet the demand for the raw materials used in manufacturing.

In addition, the lack of workers to meet the demand of the global market is disrupting the supply chain mechanism. The market is regaining demand as the lockdown restrictions are being eased, which would help reduce the market's losses.

The report contains qualitative and quantitative research on the global naphtha Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Naphtha market include;

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The global naphtha market is segregated based on type, application, process, and region.

Based on type, light and heavy naphtha are segments of the global naphtha market. In 2021, the light naphtha category dominated the market over the forecast period. Based on application, the market is classified into chemicals, energy, fuel, and others. The chemicals segment dominated the market in 2021. The global naphtha market is segmented based on the process: gasoline blending, naphtha reforming, steam cracking, and others. In 2021, the steam cracking category dominated the market over the forecast period.

The global naphtha market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In 2021, the Asia Pacific region led the global naphtha market. Due to growth in numerous end-user industries, including paints & coatings, petrochemicals, and fertilizers, naphtha demand has been gradually rising in countries like India, China, and Japan. Over the next five years, China plans to build many chemical factories, undoubtedly raising the demand for naphtha.

The Asia-Pacific region dominates the naphtha market due to technological developments such as enhanced distillation methods and chemical advances. The broad and sophisticated usage of furnace materials will also significantly contribute to expanding the global naphtha market.

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The global naphtha market is segmented as follows:

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