Global Naphtha Market Size to Exceed USD 216.6 Billion by 2033: Market Growth Report

Global Naphtha Market Size to Exceed USD 216.6 Billion by 2033           

According to a research report published by Spherical Insights & Consulting, The Global Naphtha Market is Expected to Grow from USD 170.2 Billion in 2023 to USD 216.6 Billion by 2033, at a CAGR of 2.44% during the forecast period 2023-2033. 

Browse 210 Market Data Tables and 45 Figures Spread Through 190 Pages and In-Depth TOC On the Global Naphtha Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Light Naphtha, Heavy Naphtha), By Application (Chemicals, Energy/Fuel), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033.

The naphtha market is a term used for international commerce and industry involving naphtha, a highly flammable liquid hydrocarbon fraction obtained from crude oil or coal tar, as a solvent, fuel, and petrochemical feedstock. The dry distillation of organic materials like coal, shale, or petroleum yields naphtha, a flammable oil with a variety of hydrocarbons. Furthermore, the naphtha market is being driven by technological advances in refining, which have enhanced the quality and volume of naphtha, making it a more viable feedstock for petrochemical production. The utilization of cutting-edge technologies, including steam cracking, has facilitated the effective processing of naphtha into high-value olefins, like ethylene, further enhancing its competitiveness. The advancement of these technologies has influenced the growth and evolution of the naphtha market by driving performance, flexibility, and sustainability in naphtha usage. However, the naphtha market is confronted with risks such as changing crude oil prices, alternative feedstock competition such as shale gas and LPG, and increasing environmental issues, affecting its market share and growth.

The light naphtha segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 63.5% during the forecast period.

Based on the product type, the global naphtha market is divided into light naphtha and heavy naphtha. Among these, the light naphtha segment dominated the largest share in 2023 and is anticipated to grow at a CAGR of 63.5% during the forecast period. Light naphtha is much in demand in the petrochemical sector owing to its paraffin content, which is used to make plastics and chemical products. The increase in industrialization and urbanization in the economy fuels the demand for light naphtha as a feedstock and blending material, propelling the growth in the petrochemical and automobile sectors. 

The chemicals segment held the highest share in 2023 and is estimated to grow at a CAGR of 65.12% during the projected period.

Based on the application, the global naphtha market is divided into chemicals and energy/fuel. Among these, the chemicals segment held the highest share in 2023 and is estimated to grow at a CAGR of 65.12% during the projected period. Naphtha finds major applications in the manufacture of gas, ethylene, and propylene. The growth in the chemicals segment is being fuelled by demand for chemicals, such as paints and coatings. In addition, the growing demand for chemicals and cleaning products consumed in the automobile and production sector has also strengthened the demand for naphtha products.

Asia Pacific is anticipated to hold the highest share of the global naphtha market over the projected period.

Asia Pacific is anticipated to hold the highest share of the global naphtha market over the projected period. The dominance of the market is due to reasons like accelerating industrialization and urbanization, growth in the automotive sector, and increased disposable income contribute to market expansion. Furthermore, growth in plastic consumption in the construction industry propels the naphtha market growth in Asia Pacific.

North America is estimated to grow at the fastest CAGR of the global naphtha market during the forecast period. The area is witnessing a surge in gasoline consumption, driven by economic growth and increased business activity. Moreover, North America propels the presence of eminent marketplace players, which creates a stimulus for innovation, funding, and infrastructure development in the petrochemical industry. 

Company Profiling

Major vendors in the global naphtha market are Saudi Arabian Oil Co., LG Chem, Formosa Petrochemical Corporation, Reliance Industries Limited, Petróleos Mexicanos, Exxon Mobil Corporation, JFE Chemical Corporation, Shell plc, Indian Oil Corporation Ltd, Asahi Kasei Corporation, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development 

In December 2023, Coolbrook broke naphtha in its full-scale pilot plant, confirming its RotoDynamic Reactor Technology for electric steam cracking and lowering CO2 emissions by 300 million tons per year, cementing its position as a leader in electric steam cracking and decarbonization.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global naphtha market based on the below-mentioned segments: 

Global Naphtha Market, By Product Type

• Light Naphtha
• Heavy Naphtha

Global Naphtha Market, By Application 

• Chemicals
• Energy/Fuel

Global Naphtha Market, By Regional 

•  North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa