Global naphtha market size was 270.7 million tons in 2014 and is
anticipated to grow at a CAGR of 3.4% from 2015 to 2022. Increasing global
demand for transportation fuel is expected to drive growth. Demand is also
being driven by its robust use for hydrocarbon cracking process in the
petrochemical industry.
Naphtha is an essential part of hydrocarbon cracking process, which is
conducted under extreme pressure and heat, as it exhibits superior heat
resistant properties. Various environmental regulations and region dependent
pricing also make the choice for usage of naphtha materials in the production
process.The global demand is estimated to be worth USD 183.38 billion by 2022.
Chemical feedstock was the largest application of naphtha accounting for
65% of the total market share in 2014 and is anticipated to grow at a CAGR of
7.7% over the forecast period. Chemical feedstock is used for steam cracking
process which produces gasoline. Growing demand for gasoline is expected to
subsequently bolster demand. Lighter grades of the product are used for
petrochemical steaming process, which produces rubber, olefins, polymers and
aromatics.
In depth research report on Naphtha Market
The global market is also being driven by
increasing demand of plastics in electronics, packaging and construction
industries in future. Energy & fuel contributed to over 25% of the total
market revenue in 2014. Rising energy & fuel consumption, particularly in
Asia Pacific on account of rapid industrialization as well as expansion of
cities, is anticipated to fuel growth. Increasing demand for automobiles is
also anticipated to play a vital role in augmenting demand for fuel, which in
turn is expected to have a positive impact on the market over the forecast
period.
Asia Pacific naphtha demand was 121.7 million tons in 2014 and is likely
to witness significant gains over the forecast period. Over the past few years,
the region has emerged as the largest exporting hub of petroleum products and
the trend is expected to continue over the forecast period. Development of the
transport and electrical sectors in the region on account of increasing trade
activities coupled with adoption of technological advancement by consumers is
expected to drive demand.
The North American market has attained maturity and is expected to
witness stagnant growth at a CAGR of 3.0%, in terms of volume, over the
projected period. The Middle East market is characterized by consolidation of
refineries, which is expected to result in local companies expanding their
presence in the global market.
CNPC, British Petroleum, Shell, Chevron and ExxonMobil together accounted
for more than 50% of the global industry in 2014.These companies have a strong
hold in the market on account of their efficient worldwide-distribution
networks. Companies including Reliance Industries and Mitsubishi Chemical are
integrated in their operations for crude oil and natural gas production which
has resulted in increasing their overall economic profitability.
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