- A new study by Grand View Research, Inc. states volumes in the global naphtha market to be 265 million tons in 2014. They are expected to grow at a CAGR of 3.5% from 2015 to 2022. The market would be valued at USD 180 billion in 2022. Growing worldwide demand for transportation fuel would be the key growth driver in forthcoming years.
Leading sources of naphtha production are gas and chemical plants, and refineries. Others include wood feedstock and coal tar. Two compositions of naphtha are heavy formation and paraffinic. Heavy naphtha, also called straight run benzene, is largely used in refinery catalytic reformers for enhancing the fuels’ octane number.
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Naphtha is mainly used to produce gasoline and in steam cracking of olefins and aromatic petrochemicals. Aromatic form is applied to produce rubber, fats and personal care products.
Stringent government regulations and political environment in regional markets will impact global trade policies. Commercialization of refinery projects will be determined by financial viability and geopolitical scenario.
The global naphtha market is classified according to applications and geographies. Naphtha is used in steam cracking process to make gasoline, ethylene and propylene. Naphtha’s use as chemical feedstock contributed to over 64% of the total global volumes in 2014. This application would grow at a CAGR of 7.6% from 2015 to 2022.
Other application sub-segment is catalytic reforming process. It encompasses extraction of toluene, xylene and benzene. Light naphtha is critical to petrochemical steam crackers. It assists in production of aromatics and olefins. Olefins act as feedstock for manufacturing plastics. Growing demand for plastics in packaging, electricals & electronics, and construction sectors will fuel demand. Energy & fuel applications generated revenues worth 26% in 2014.
Asia Pacific, with over 44% share in global volumes, was the leading geographical segment in 2014. It was a major exporter of petroleum products that year. Burgeoning population is driving growth of electrical and transport equipment, and plastics in this region.
European market will grow on account of chemical applications such as gasoline production and propane cracking. North America held a 20% share in total revenues in 2014. It will exhibit stagnant demand in coming years owing to strict environmental regulations. Widespread consolidation of oil refineries in the Middle East would steer future growth.
Leading players in the global naphtha market include Chevron, British Petroleum, Shell, and ExxonMobil. Their success may be attributed to an efficient distribution network.
Information Source: Grand View Research
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