According to a new report by Expert Market Research, ‘Global Naphtha Market Report and Forecast 2020-2025‘, the global naphtha market size reached the value of nearly USD 152.23 Billion in 2019. The market is further expected to grow at a CAGR of 3% between 2020 and 2025.

Global naphtha market is majorly dominated by the Asia Pacific market, which is being driven by the rapidly emerging economies within the region. The Middle East region is one of the significant producers of the naphtha, which is the result of its favourable geographical location. Within Asia Pacific, China has emerged as a leading market for the product, accounting for nearly one-fifth of the global market share. In 2018, China imported 516, 985 tons of naphtha, recording an increment of 11% in comparison to 2017. The demand for naphtha is increasing steadily with the increase in demand for plastic products, especially in the developing economies. Out of the two varieties of naphtha, the production of heavy naphtha remains twice the production of its light variety, thus occupying most of the market.

The expanding petrochemical industry and the rising global demand for petrochemical products is further aiding the global naphtha market. Most of the petrochemicals are produced from naphtha, though light naphtha is generally used in petrochemical steam crackers. In June 2019, Chevron Phillips Chemical Company LLC, a joint venture of Chevron Corp. (NYSE: CVX) and Houston-based Phillips 66 (NYSE: PSX), signed an agreement to develop a world-scale petrochemical complex in Qatar, in partnership with Qatar Petroleum. After this successful collaboration, both Chevron Phillips and Qatar Petroleum, signed a new agreement in September 2019, according to which they will jointly develop a new petrochemical plant in the U.S. Gulf Coast region, thus producing new growth opportunities for naphtha market, globally.

Note: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

Competitive Landscape & Supplier Analysis:

Shell (AMS: RDSA), Chevron Phillips Chemical Company, Exxon Mobil Corporation (NYSE: XOM), Mitsubishi Chemical Corporation (TYO: 4188), SABIC (TADAWUL: 2010), LOTTE Chemical CORPORATION (KRX: 011170), Indian Oil Corporation Ltd (NSE: IOC), Vitol, Reliance Industries Limited (NSE: RELIANCE), and Others are the major key players of the global naphtha market.

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Market Segmentation by Type:

1 Light
2 Heavy

Market Segmentation by by End Use:

1 Petrochemicals
2 Agriculture
3 Paints and Coatings
4 Aerospace
5 Others

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Market Segmentation by Region:

1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others

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https://www.expertmarketresearch.com/reports/canada-functional-food-and-natural-health-products-market

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