Market Scope
MRFR (Market Research Future) reveals that the naphtha market can gain considerable traction at a decent rate between 2020 and 20027 (evaluation period).
Market Boosters and Restraints
The naphtha industry can expect substantial gains in the coming years, thanks to the surging demand for transportation fuel worldwide. Naphtha’s extensive use in the hydrocarbon cracking process will also foster the demand within the petrochemical industry. Some of the primary sources of production are gas, chemical plants, and refineries. Refining crude oil is a huge aspect of the production process. A few other growth boosters include rise in strict environmental standards and regulations as well as the regional prices.
Some of the key applications of naphtha are gasoline production and steam cracking of olefins and aromatic petrochemicals. The factors influencing the economic aspect of these processes are refinery margins, feedstock-to-yield ratio, OPEC-controlled prices, crude oil demand-supply scenario, and the existing geopolitics. One of the major uses of aromatic form are in the production of rubber, fats, as well as personal care products.
Opportunities
Booming population along with the rising consumption of transport and electrical equipment in emerging regions like Asia Pacific will foster the product demand in the next few years. Escalating demand for plastics in the automotive and construction sectors in line with mounting polymer production in China, Japan, and India, will present a host of growth opportunities to the global naphtha companies in the following years.
Segmental Analysis
The naphtha industry has been considered for type, application, and process.
The various types of naphtha are light naphtha as well as heavy naphtha. Light naphtha is an integral part of petrochemical steam crackers and is an extensively traded commodity worldwide. Its production is mostly spread across Northeast Asia, the Middle East, and North America. As a result, the light naphtha segment should take the lead in the coming few years.
The top applications of naphtha are energy and fuel, chemicals, and more. Naphtha’s use in the chemical industry is quite widespread, with key applications in the steam cracking process for the production of propylene, gasoline, and ethylene. A few other applications in the chemicals sector include the catalytic reforming process that covers the extraction process of toluene, xylene, and benzene.
Process-wise, the global market caters to steam cracking, naphtha reforming, gasoline blending, and others.

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Regional Outlook
The naphtha industry has been regionally distributed into Europe, North America, Middle East and Africa along with Asia Pacific (APAC).
Asia Pacific was identified as the market leader in the year 2017; and could record the highest growth rate from 2020 to 2027. The rapidly expanding chemicals sector has been responsible for the exponential growth of the naphtha industry in the region. Also, technological innovations including advanced distillation processes along with the surging deployment of furnace materials also facilitate the business growth in the region. Fast-emerging countries such as China, Indonesia, Thailand, and India, are some of the top consumers of energy and gasoline and will most likely present the leading manufacturers attractive opportunities with respect to expansion of production capacity.
North America has procured the second place in the global market for naphtha on account of the surging gasoline consumption across the United States. With some of the widely known firms present in the region and the strong recovery of the automotive industry, the demand for naphtha has risen considerably over the years. Moreover, the fast-increasing product demand in refineries should favor the North American market in the future.
MEA has emerged as a significant market for naphtha in recent years, being home to a number of oil & gas producing nations. The Middle East is the biggest naphtha exporter, with APAC as the leading consumer. The UAE, Algeria, and Saudi Arabia are the biggest markets for naphtha in the region.
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Major Firms
The most important players active in the naphtha industry are BP PLC (UK), Indian Oil Corporation Ltd (India), Lotte Chemical Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Exxon Mobil Corporation. (US), Mangalore Refinery and Petrochemicals Limited (India), China Petrochemical Corporation (China), Chevron Corporation. (US), Reliance Industries Limited (India), Novatek (Russia), SABIC (Saudi Arabia), Shell Chemicals (US), and more.
The high market position of these companies is the result of their expansive distribution network worldwide. Long term joint ventures and contracts with suppliers, acquisition of petrochemical plants and partnership remain the top strategies employed by them to sustain their relevance in the global market.
For instance, in June 2021, Axens joined forces with Sulzer Chemtech’s GTC Technology business, a renowned licensor of petrochemical processes, to license an innovative technique for FCC naphtha processing. The joint offering will be based on Axens owned Prime-G+ hydrodesulfurization technology as well as Sulzer Chemtech’s advanced GT-BTX PluS extraction technology.

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