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Naphtha is flammable, colorless, and a volatile hydrocarbon generally obtained from the petroleum refineries through fractional distillation of crude oil or boiling coal tar. Naphtha is obtained at the temperature ranges between 30o C and 200o C with hydrocarbons containing 5 to 12 carbon atoms.
Naphtha is generally used as a solvent, feedstock or diluent for different end uses. The naphtha obtained from other sources such as coal tar and shales is known by different names. The naphtha obtained by distillation of coal tar is known as coal-tar naphtha while the naphtha obtained from distillation of oil produced in the bituminous shales is known as shale naphtha.
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By type, the naphtha market is bifurcated as a heavy, and light naphtha. The light naphtha is composed of pentane and slightly heavier materials and obtained from distillation of crude oil at a temperature of around 30-90oC. The heavy naphtha is derived from the atmospheric distillation unit at a temperature of around 90-200oC and is composed of hydrocarbons of 7-9 carbon atoms.
By end-use, the naphtha market is segmented on the basis of the application of naphtha as a feedstock in manufacturing chemicals, fertilizers, gasoline, and petrochemicals among others. The petrochemicals and chemical segments are expected to dominate the global naphtha market by end-use owing to the high demand for naphtha as a feedstock for manufacturing different chemicals and petrochemicals.
Naphtha is a widely used product as a solvent, diluent, or feedstock in different processes. Naphtha is a product from the distillation of crude oil and countries that are not involved in the exploration and production of crude oil import products like naphtha from the oil-producing countries.
Some countries such as India have recently reduced the customs duty on naphtha which is likely to aid in the growth of the naphtha market in the coming years. Naphtha has high demand in the chemical and petrochemical industries. The increase in the demand for chemical and petrochemical products is expected to boost the growth of chemical and petrochemical industries. Owing to this, the naphtha market is expected to grow at a healthy rate in the near future.
Naphtha is a carcinogenic, flammable, and irritates the skin on exposure. Owing to these qualities, the storage, and transport of naphtha has to be in an isolated environment which adds in the cost of transportation and storage. This non-economic cost is expected to have a negative impact on the growth of the naphtha market in the coming years.
Some of the major companies that are present in the global naphtha market are Saudi Aramco, Chevron Phillips Chemical Company, MGT PetrOil Group, Total S.A., Vitol Group, Zahara Group, Alexandria Mineral Oils Co., Pure Chemicals Co., Qatar Petroleum, UPM - The Biofore Company, Mangalore Refinery and Petrochemicals Limited, Gem Polymer Petrochemicals L.L.C, Banner Chemicals Group, and Basin Electric Power Cooperative, among others.
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global naphtha market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region is among the key producers of oil and natural gas. The region is expected to hold the lion's share in the global oil well count. The petrochemical industry is growing in the region in order to meet the increasing demand for petrochemical and other allied products. The growth of the petrochemical industry is expected to boost the growth of the naphtha market in the coming years. Europe region is a key producer of chemicals and other allied products. The growth of the chemical industry in Europe is expected to drive the naphtha market in the coming years. Latin America region has a moderately growing fertilizer industry, and the growth of the industry has created a demand for naphtha as feedstock. Thus, the growth of the fertilizer industry in Latin America is expected to add in augmenting the growth of the naphtha market during the forecast period. Asia Pacific region is a high potential region for the growth of the naphtha market. Countries such as China and India have witnessed decent growth in the agrochemical, paints and coatings and petrochemical industries in recent past owing to high demand and economical labor costs in the countries. The growth of these industries in the Asia Pacific region is forecast to boost the sales of naphtha as a raw material in the coming years. The Middle East and Africa region have a moderately growing chemical industry. Owing to this, the demand for naphtha as a feedstock is expected to witness steady growth during the forecast period.
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