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.
Get a PDF Sample for more detailed market insights @ https://www.expertmarketresearch.com/request?type=report&flag=B&id=216
Market Segmentation by Type:
Market Segmentation by by End Use:
3 Paints and Coatings
Note: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
Browse full report with detailed TOC and list of figures and tables @ https://www.expertmarketresearch.com/reports/naphtha-market
Market Segmentation by Region:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Impact of COVID-19 on Saudi Arabia Prefabricated Building and Structural Steel Market:
Impact of COVID-19 on Canada Functional Foods and Natural Health Products Market:
Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.
At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.
We also provide state-of-the-art procurement intelligence through our platform, https://www.procurementresource.com Procurement Resource is a leading platform for digital procurement solutions, offering daily price tracking, market intelligence, supply chain intelligence, procurement analytics, and category insights through our thoroughly researched and infallible market reports, production cost reports, price analysis, and benchmarking.
Company Name: Expert Market Research
Contact Person: Matt Johnson, Corporate Sales Specialist – U.S.A.
Email: [email protected]
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 138 Duane St, NY 10013
City: New York City
State: New York
Country: United States
Follow us on twitter: @expertmresearch