Introduction to Naphtha

Generally, the naphtha has two main classes namely; heavy naphtha and paraffinic naphtha. While, heavy naphtha is mainly used for production of aromatics, paraffinic naphtha is rich in olefins and is suitable for polyolefin and olefin production.

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Naphtha as a substance is frequently found in resources related to shale oil or refined petroleum. Coal tar is a highly versatile commodity under naphtha. It is a volatile commercial product obtained by the distillation of coal tar. Shale naphtha on the contrary is acquired by the destructive distillation of oil produced from bituminous shale. Naphtha is also used as a solvent. Its primary use is in steam cracking processes where it is used to make olefins in reforming to make aromatics and as a feedstock for high-octane gasoline. Petroleum naphtha is a substitute name used in the U.S. for the petroleum distillate containing mainly aliphatic hydrocarbons.

Market Scenario

The global demand for naphtha is expected to grow at a CAGR of 5.1% in terms of revenue from 2013 to 2019 and the market was valued at USD 167,711.8 million in 2012 are expected to reach USD 237,625.2 million by 2019. In terms of volume the market is expected to grow at a CAGR of 3.2% from 2013 to 2019.

Rise in the Naphtha Market

In the recent years, the global naphtha market witnessed a tremendous growth due to rising demand for naphtha from various end-user industries such as plastic, construction, transportation and many others. In addition, there has been a development of new manufacturing technique which is another growth factor contributing towards the market growth. Naphtha is also used for gasoline blending in various industries. The energy and fuel sector of the naphtha market is expected to grow at a rate of 5.0% from 2013 to 2019 (in terms of revenue). The demand for naphtha in energy and fuel applications is the highest from the steel industry. It is then followed by the fertilizer plants and power plants sectors.

Nevertheless, some of the restraining factors of the naphtha market include volatile prices of crude oil and availability of cheap and abundant alternatives such as shale gas and LPG.

Considering the naphtha market by applications, chemicals segment was the most dominated sector across the world. It accounted for over 60% share of the
market in terms of volume as well as revenue. Moreover, since naphtha is mainly used as feedstock for production of petrochemicals, the chemicals application in terms of volume is expected to grow at a CAGR of 3.3% from 2013 to 2019.


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Geographical Analysis

In 2012, the global naphtha market was dominated by the Asia-Pacific region. It accounted for over 40% market shares calculated in terms of volume and revenue. Consequently, India, China and Taiwan are other growing markets in this industry. They are popular due to the expanding construction, automotive and plastic industries across all these regions. The global naphtha market is also mainly driven due to the rising demand for plastics used in building materials, cars, and electronics.

The market in North America on the other hand is expected to grow at a rate of 2.6% from 2013 to 2019. This region is followed by the global naphtha market in Europe that is expected to grow at CAGR of 2.1% for the same forecast period. However, Europe is also expected to decrease its share by 2019. This is due to higher crude oil prices and low seasonal demand for naphtha in the region. Also, as a result of new ethylene capacity, RoW (Rest of the World) is expected to increase its global naphtha market share by a small fraction.

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