South Korea Naphtha Market Size, Share, and COVID-19 Impact Analysis, By Application (Petrochemical Feedstock, Gasoline Blending, and Others), and South Korea Naphtha Market Insights, Industry Trend, Forecasts to 2035

South Korea Naphtha Market Insights Forecasts to 2035.

• The South Korea Naphtha Market Size is Expected to Grow at a CAGR of around 4.06% from 2024 to 2035.
• The South Korea Naphtha Market Size is Expected to reach a significant share by 2035.

According to a research report published by Spherical Insights and Consulting, The South Korea Naphtha Market Size is expected to grow 4.06% CAGR from 2024 to 2035, is expected to reach a significant share by 2035.The market is growing mainly due to the petrochemical industry's ongoing expansion and the rising demand for energy in all forms.

Market Overview

The industry that produces, distributes, and uses naphtha a flammable and volatile liquid hydrocarbon made from coal tar or crude oil is known as the South Korean naphtha market. For the production of ethylene, propylene, and other vital chemicals, naphtha is mostly utilized as a petrochemical feedstock. Additionally, it contributes to the blending of gasoline, improving the quality of the fuel. South Korea's industrial expansion, the need for petrochemical products, and improvements in refining technologies are the main factors propelling the market. Additionally, Naphtha is used in a variety of chemical processes as a diluent and solvent. It is useful in the manufacturing of agrochemicals, pharmaceuticals, and other specialty chemicals due to its capacity to dissolve and blend with a variety of organic compounds. The market for naphtha in South Korea helps with metal cleaning procedures and the extraction of valuable materials in addition to its use in the manufacturing of chemicals. The fact that it is a versatile raw material highlights how crucial it is to a variety of industries, which will position the South Korean naphtha market as a major contributor to the country's industrial and economic growth over the anticipated period.

Report Coverage

This research report categorizes the market for the South Korea naphtha market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea naphtha market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea naphtha market.

Driving Factors

The market for naphtha in South Korea is essential to the industrial landscape of the nation because of its many uses and adaptability as a liquid hydrocarbon. The use of the liquid as a feedstock for chemical production is one of its main uses in this country. It is an essential component of the production of plastics, resins, and other chemical goods that are used in many different industries. Furthermore, a major contributor to the production of premium gasoline is the South Korean naphtha market. Moreover, naphtha, a flexible liquid hydrocarbon, is refined in refineries to produce gasoline with desired qualities that satisfy the exacting requirements of the automotive sector, serving as yet another important driver of growth.

Restraining Factors

Many Asian petrochemical manufacturers, including those in South Korea, are switching from naphtha to ethane as a feedstock in response to declining margins. Ethane is a more affordable option that is becoming more widely available due to U.S. exports. The demand for naphtha in steam crackers is declining as a result of this change.

Market Segmentation

The South Korea Naphtha Market share is classified into application.

• The petrochemical feedstock segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea naphtha market is segmented by application into petrochemical feedstock, gasoline blending, and others. Among these, the petrochemical feedstock segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The petrochemical industry uses naphtha extensively as a raw material to make ethylene, propylene, and other vital chemicals.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea naphtha market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Korea National Oil Corporation (KNOC)
• SK Innovation
• Hyundai Oilbank
• GS Caltex
• S-Oil Corporatio
• Others

Recent Developments:

• In December 2024, the announcement was made at a meeting of economic ministers and outlined steps to enhance the petrochemical industry's competitiveness. The government acknowledged the urgency of the industry's structural crisis, which industry representatives had described as a matter of survival. However, the timing of the release had been uncertain due to recent political unrest.

Key Target Audience

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

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea naphtha market based on the below-mentioned segments:

South Korea Naphtha Market, By Application

• Petrochemical Feedstock
• Gasoline Blending
• Others