Naphtha Market 2027 : Rising Demand For Naphtha in the Agriculture Sector
The increasing demand for agrochemicals, the
growing demand for cost-effective fuel, and advancements in high yield
manufacturing processes have resulted in boosting the Naphtha market.
Naphtha Market Size – USD 154.02 Billion in 2020, Growth - CAGR of 2.7%, Trends .
The Global Naphtha Market is forecast to reach USD 185.64 Billion by 2028,
according to a new report by Reports and Data. Naphtha can be defined as a
difficult corrosive fuel that has poor lubricity and low flashpoint. Its poor
lubricity it important to include a lubricity enhancer when using the compound.
The fuel can be categorized into two types, aromatic and aliphatic. The
difference in these two sub-categories of fuel is based on the kind of
hydrocarbons forming up the solvent and the process of its manufacturing.
Aliphatic solvents are formed of cycloparaffins (naphthenes) and paraffinic
hydrocarbons. It can be directly obtained by distillation from crude petroleum.
In the case of aromatics, which is generally alkyl-substituted benzene and
rarely found, it can be obtained from petroleum as straight-run materials. Naphtha
is considered to be an essential solvent due to good dissolving power. It
availability in varying ranges from the ordinary paraffin straight-run to the
highly aromatic types and different level of volatility helps in delivering
products usable for various purposes. Some of its major uses are as solvents
for cutback asphalt, solvents (diluents) for paints, and solvents in the rubber
industry, among others. Thus, such a wide arena of applications is fostering
the growth of the market.
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Top Companies:
British Petroleum (BP PLC)
AMOC
(Alexandria Mineral Oils Co.)
China
Petroleum & Chemical Corporation
Chevron
Phillips Chemical Company
Formosa
Petrochemical Co
Exxon
Mobil Corporation, MGTPetroil.com
LG Chem
Reliance Industries Limited and
Petroleos Mexicanos.
Further Key Finding from the Report Suggestion:
·
The Naphtha market
held a market share of USD 154.02 Billion in the year 2020 that is forecasted
to grow at a rate of 2.7% during the forecast period.
·
In context to Type,
the Heavy Naptha segment is projected to witness a considerable growth rate of
3.3% during the forecast period, which is expected to occupy more than 50.0% of
the market by 2028. The growth rate witnessed by the Heavy Naptha segment is
attributed to continuously increasing demand for petroleum Naphtha and the applicability
of heavy Naphtha in refinery catalytic reformers to improve octane number of
the fuels, which contributes to the growth rate witnessed by this segment.
·
In context to
End-user, the Agriculture segment held a considerable market share of more than
15.0% in 2020, with a CAGR of 2.9% during the forecast period. The market share
held by the Agriculture segment is attributed to the continuously growing
population, elevating emphasis on agriculture, which in turn raises the demand
for fertilizers to support cultivation and agricultural activities, in which
the compound acts as a raw material that contributes to the market share held
by this segment.
·
In regards to
Application, the Energy & fuel segment is projected to witness a considerable
growth rate of 3.2% during the forecast period, which is expected to hold more
than 25.0% of the market in 2028. The applicability of the compound in energy
& fuel as a fuel source for lanterns, power stoves because of its lower
emission levels as compared to hydrocarbon-based fuels like coal oil,
contributes to the growth rate witnessed by this segment.
·
In regards to the
region, Europe held more than 20.0% of the market in 2020, with a CAGR of 2.8%
during the forecast period. The expanding Agriculture sector, Aerospace
industry and increasing demand for Paints & Coatings are some of the
mentionable factors supporting the expansion of the industry in this region.
Market Overview:
Consumers are placing a higher importance on
sustainability and, as a result, are choosing items based on factors like
circularity and carbon footprint. Furthermore, consumer concern about carbon
emissions has prompted increased investment in renewable energy, energy
efficiency, and transportation decarbonization. These developments have had
considerable impact on chemical end sectors, particularly in the automobile and
construction industries. COVID-19 has exacerbated the situation by lowering the
automobile and construction industries (as well as many others) and disrupting
current supply lines.
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The global Naphtha market is segmented
into:
Type Outlook (Volume, Kilo Tons; Revenue, USD
Billion; 2020-2028)
·
Heavy Naptha
·
Light Naphtha
Application Outlook (Volume, Kilo Tons;
Revenue, USD Billion; 2020-2028)
·
Energy & fuel
additive
·
Chemical feedstock
·
Others
End-user Outlook (Volume, Kilo Tons; Revenue,
USD Billion; 2020-2028)
·
Agriculture
·
Petrochemical
·
Aerospace
·
Paints & Coatings
·
Others
Regional Outlook:
- North
America (U.S.A., Canada, Mexico)
- Europe (Italy,
U.K., Germany, France, Rest of Europe)
- Asia
Pacific (China, India, Japan, South Korea, Australia, Rest of
APAC)
- Latin
America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle
East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of
MEA)
Key Questions Addressed in the Report:
- What
are the dominating factors that are influencing the growth of the
industry?
- In
the forecast period, which market segment is expected to rise the most?
- What
are the risks and challenges that the industry is facing?
- In
the coming years, which area is projected to dominate the market?
- Who
are the major players in the market?
- What
kind of strategic business plans have they made?
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