Naphtha Market To Reach $254.3 Billion By 2030 | CAGR: 4.3%

Naphtha Market Growth & Trends

The global naphtha market size is expected to reach USD 254.3 billion by 2030, and projected to grow at a CAGR of 4.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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 254.3 billion by 2030.

Chemical feedstock was the largest application of naphtha accounting for 69.93% of the total market share in 2023 and is anticipated to grow at a CAGR of 4.5% 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.

 Request a free sample copy or view report summary: Naphtha Market Report

Naphtha Market Report Highlights

• 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 25.49% of the total market revenue in 2023. 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.

• The naphtha market in Asia Pacific dominated the global naphtha market with a revenue share of 44.7% in 2023. 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 America naphtha market held a significant share of the global naphtha market in 2023. 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.

Naphtha Market Segmentation

Grand View Research has segmented the global naphtha market report based on product, application, and region:

Naphtha Product Outlook (Revenue, USD Billion, 2018 - 2030 Volume in Kilotons)

• Light Naphtha

• Heavy Naphtha

Naphtha Application Outlook (Revenue, USD Billion, 2018 - 2030 Volume in Kilotons)

• Chemicals

• Energy/Fuel

• Other Applications

Naphtha Regional Outlook (Revenue, USD Billion, 2018 - 2030 Volume in Kilotons)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players of Naphtha Market

• Reliance Industries Limited

• Exxon Mobil Corporation

• Saudi Arabian Oil Co.

• LG Chem

• Formosa Petrochemical Corporation

• Shell plc

• Indian Oil Corporation Ltd

• Asahi Kasei Corporation

• Petróleos Mexicanos

• JFE Chemical Corporation