The global naphtha market size is expected to reach USD 336.26 billion by 2030, according to a new study by Polaris Market Research. The report “Naphtha Market Share, Size, Trends, Industry Analysis Report, End-Use (Petrochemical, Aerospace, Agriculture, Paints, Coatings, Others); By Type; Process; Application; By Region; Segment Forecast, 2022 - 2030” provides detailed insight into current market dynamics and analysis of future market growth.
The global naphtha market is propelled by raise in product range used in various industries namely construction, transportation, plastics, and others. High olefin naphtha is imitative of naphtha and is mostly used as a feedstock to produce economical, high-octane diesel and is also utilized in paints, asphalt thinners, and dry-cleaning processes as well. The surge in huge requirements for gasoline, and growing stipulations for petrochemicals such as propylene and ethylene for plastic production are factors driving the global naphtha market during the projection period.
The enlargement of the transport and electrical industry in major growing regions cause of expanding business activities by end users is forecasted to enhance the demand for naphtha. Technological advancement has led to magnifying distillation processes and the burgeoning of advanced furnace materials together with the growth of the chemical business is further widening the consumption of naphtha. Additionally, an elevation in emerging neoteric markets and strategic alliances will play an active role as market drivers and anticipate new opportunities for the naphtha market growth.
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As the new fiscal year begins, industry players are redrafting investment and spending budgets to cope with the long-term impact of the COVID-19 pandemic. However, the high cost of naphtha in North America, inconstancy in raw material prices, and a shift towards affordable alternatives such as Liquefied petroleum gas have forced market participants in the naphtha market to establish operations in the APAC region. Therefore, industry players must equilibrium their business application to benefit from opportunities in Asia to increase profits. Market participants need to naphtha business in fertilizer units, steel mills, power plants, and paint industry.
Naphtha Market Report Highlights
Polaris Market Research has segmented the luxury furniture market report based on by type, process, application, end-use, and region:
Naphtha, Type Outlook (Revenue - USD Billion, 2022 - 2030)
Naphtha, Application Outlook (Revenue - USD Billion, 2022 - 2030)
Naphtha, End-Use Outlook (Revenue - USD Billion, 2022 - 2030)
Naphtha, Regional Outlook (Revenue - USD Billion, 2022 - 2030)