The
recent years have seen significant growth in the naphtha market due
to rising demands from many end-user industries such as
transportation, construction, plastic, etc. Technological
developments, providing invention of new manufacturing techniques,
have also contributed towards the growth of this industry. However,
some factors such as unstable crude oil prices and easy availability
of cheap alternatives such as shale gas and LPG are considered
restrictive for the market growth.
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Naphtha
is an umbrella term that refers to a number of inflammable mixtures
of various hydrocarbons. Naphtha is a group of volatile, aromatic and
colorless to reddish-brown colored compounds that structurally have
mixtures of numerous hugely volatile to extremely light fractions of
hydrocarbons. According to the variety of mixes producing different
kinds of naphtha, these compounds have varied applications in various
fields.
The
full range of Naphtha, as defined in Petroleum Engineering, is a
fraction of hydrocarbons having the boiling point between 30 degree
Celsius and 200 degree Celsius. These compounds typically contain 5
to 12 carbon atoms and contain 15% to 30% crude oil by their weight.
The segment of light naphtha has boiling point in the range 30 degree
Celsius and 90 degree Celsius and consists of 5-6 carbon atoms in
their molecular structure. The segment of heavy naphtha has boiling
points in the range 90 degree Celsius and 200 degree Celsius and
constitutes 6-12 carbon atoms.
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Application-wise
Market Segmentation:
Demand
for naphtha is primarily in the petrochemical industry where naphtha
is primarily used as a feedstock for producing petrochemicals such as
high octane gasoline. This field is in fact the biggest market player
of the naphtha industry and accounted for a 60% market share of
naphtha in 2012.
Naphtha
is also used in various industries for blending gasoline. In steel
industry, fertilizer plants and power plants, it is used as a fuel
for energy production.
According
to the report, the demand for naphtha from the petrochemical industry
is estimated to grow at a CAGR of 3.3% during the analysis period of
2013 to 2019. Growth in demand from the energy industry is estimated
to be at the rate of 5% during the same period.
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Geography-wise
Market Segmentation:
Geographically,
the regions of Asia-Pacific were the market leaders in terms of
demand for naphtha. They accounted for a 40% share of the market
2012. The high demand comes from the growth in manufacturing and
construction activities in these regions and a rise in demand for
plastic used in cars, electronics and construction industry. The
North American market is expected to rise at the rate of CAGR 2.6%
while the European market is estimated to grow at the rate of CAGR
2.1% from 2013 to 2019. Rising demand for plastic and petrochemical
industries are the major reasons that will drive the growth of the
market, according to the report.
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