San Francisco, Feb. 15, 2016 (GLOBE NEWSWIRE) -- The global naphtha market is expected to reach USD 183.38 billion by 2022, according to a new report by Grand View Research, Inc. Growth of petrochemical industry particularly in Asia Pacific and Middle East is expected to remain a key driving factor for global naphtha market. Naphtha finds application as a feedstock in catalytic reforming for manufacturing aromatics and high octane gasoline. Shale gas boom in North America has softened ethane prices which has had a negative impact on naphtha demand. Rising R&D expenditure to develop alternative technologies such as hydro-pyrolysis and catalytic cracking of naphtha is expected to lower manufacturing cost and provide new avenues to manufacturers.
Chemicals were the leading application segment and accounted for over 65% of total market volume in 2014. Growing petrochemical derivatives demand from key end-use industries such as packaging, transportation and construction is expected to drive this segment over the forecast period. The application segment is also expected to witness the highest growth of 7.7% in terms of value over the forecast period.
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Further key findings from the report suggest:
- Global naphtha market demand was 270.7 million tons in 2014 and is expected grow at a CAGR of 3.4% from 2015 to 2022
- Asia Pacific was the leading regional market with demand share exceeding 40% of in 2014. Growing demands for various plastic products across automotive and construction industry particularly in India, China, Indonesia and Vietnam is expected to drive the regional growth over the forecast period.
- Favorable economic policies such as tax benefits and financial incentives to set up petrochemical complexes in countries such as India and China have also prompted naphtha demand in the region.
- North American market is characterized by shale gas boom in the U.S. which has had a negative impact on naphtha demand. Shifting trend towards cost effective shale gas for producing ethane may be attributed for stagnant industry growth over the forecast period. The U.S. plastic industry is shifting away from naphtha, towards gases such as propane or butane to operate plants.
- Major companies operating in global naphtha market include Total S.A., Shell Chemicals, British Petroleum, ExxonMobil, Chevron, SABIC, Indian Oil Corporation, and Mitsubishi Chemical.
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Grand View Research has segmented the naphtha market on the basis of application and region:
Naphtha Application Outlook (Volume, Million Tons; Revenue, USD Million, 2012 – 2022)
Naphtha Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research