The
market witnessed growth in recent years due to rising demand for
naphtha from various end-user industries such as plastic,
construction, transportation and many others. In addition,
development of new manufacturing technique is another factor
contributing towards the market growth. However, volatile prices of
crude oil and availability of cheap and abundant alternatives such as
shale gas and LPG are the factors restraining market growth.
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In
2012, the naphtha market by applications was dominated by chemicals
segment and accounted for over 60% share of the market in terms of
volume as well as revenue. Naphtha is mainly used as feedstock for
production of petrochemicals. In terms of volume the chemicals
application is expected to grow at a CAGR of 3.3% from 2013 to 2019.
Energy and fuel segment is expected to grow at a rate of 5.0% from
2013 to 2019 in terms of revenue. Naphtha is also used for gasoline
blending in various industries. The demand for naphtha in energy and
fuel applications is highest from the steel industry followed by
fertilizers plants and power plants.
Asia
Pacific dominated the market and accounted for over 40% share of the
market in terms of both revenue and volume. This dominance is driven
mainly due to rising demand for plastics used in building materials,
electronics and cars. As Naphtha being the dominant feedstock for
plants that produces the key plastic ingredient ethylene. In terms of
volume, North America market is expected to grow at a rate of 2.6%
from 2013 to 2019 followed by Europe which is expected to grow at
CAGR of 2.1% for the same period. Growing demand from the gasoline
sector and plastic industry are the factors contributing towards the
market growth in this region.
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There
are many players in the market, however, very few have a significant
market share. The market for naphtha is highly fragmented as the top
four companies occupied less than 30% of the market share in 2012.
The rest of the market is occupied by various small and medium
players. Some of the major players of the market are Royal Dutch
Shell plc, British Petroleum and Chevron.
Naphtha
Market: Application Analysis
- Chemicals
- Energy/fuel
- Others
Naphtha
Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- RoW
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