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Petroleum Liquid Feedstock Market Size, Share & Industry Analysis, By Type (Light Naphtha, Heavy Naphtha, Gas Oil), By Application (Industrial Solvents, Cleaning Fluids, Adulterant to Petrol, Gasoline, Others) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI105699 | Status : Ongoing

 

KEY MARKET INSIGHTS

Petroleum liquid feedstock is a crude material, which is used in the industrial procedure to generate energy. It refers to liquid raw material which is used in petrochemical plants and refineries and converted into more valuable products. Petroleum liquid feedstock is a combination of intensely combustible and unstable hydrocarbons and is acquired by refining oil, coal, and wood. They are called oil naphtha, coal naphtha, and wood naphtha. Naphtha is primarily used in the production of gasoline, industrial solvents, fuels, and diesel.


Based on type, the petroleum liquid feedstock market is segmented into light naphtha, heavy naphtha, and gas oil. Light naphtha is composed of pentane and a slightly heavier material. In a refinery, light naphtha is blended directly into gasoline. It boils at between 35°C and 130°C and has a higher paraffin content than heavy naphtha, and contains a lot of naphthenes and aromatics. The Light Naphtha includes heavy paraffinic naphtha that is not suitable feed for reforming. Heavy naphtha is primarily made up of material roughly the same density as finished gasoline. It includes high naphthenic and aromatic content that is a suitable feed for reforming. Due to significantly different applications, light and heavy naphtha balances and prices are closely intertwined.

Based on application, the petroleum liquid feedstock market is segmented into industrial solvents, cleaning fluids, adulterants to petrol, gasoline, and others. Industrial solvents are usually organic liquids. Industrial solvents are often mixtures of several individual substances and can be found in different varieties. Adulterant to petrol causes damage to the vehicle engine and leading to high emission levels. Naphtha is a much cheaper and lighter fuel extracted from crude oil, which is used to adulterate petrol. Gasoline is a transparent, petroleum-derived flammable liquid that is used as a fuel in most spark-ignited internal combustion engines.

The major market driver for the petroleum liquid feedstock market is the rise in advancements in technologies. The demand for petroleum liquid feedstock is primarily driven by the transportation sector. Petroleum liquid feedstock naphtha and oil are utilized by local transportation, which includes engine vehicles, motor vehicles, and bunkers, including marine fuel having application in the industrial and business sectors. 

The factor that is expected to inhibit the growth of the market is the fall in oil prices in recent years. In addition, the growth of electric vehicles in developed region effect the growth of petroleum liquid feedstock market. In the coming years, developing regions, such as the Asia Pacific, are expected to witness electric vehicle adoption, which may hinder the market’s growth.

Key Market Driver -

Rise in advancements in technologies

Key Market Restraint -

The fluctuation in crude oil prices

  

Key Players Covered:


Some of the major companies that are present in the petroleum liquid feedstock market are ExxonMobil, Reliance Industries Limited, Shell, bp, China National Petroleum Corporation, Chevron Phillips Chemical Company, Flint Hills Resources, Idemitsu Kosan Co., Ltd., Royal Dutch Shell, Total, YPF, Flint Hills Resources, and Saudi Arabian Oil Co.

Regional Analysis:


The petroleum liquid feedstock market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the leading segment of the global petroleum liquid feedstock market due to the expansion of petroleum-driven industries in the region. The expansion leads to the elevating demand for the petroleum liquid feedstock in the region. In the U.S., federal mandates and state programs continued to support biofuel consumption in 2020; however, biofuels remain a relatively small share of the total U.S. liquid transportation fuels supply. U.S. diesel fuel consumption, which includes biomass-based diesel, is expected to increase for the year 2021.

The Asia Pacific accounts for the fastest developing region for the global petroleum liquid feedstock market on account of growing demand from various heavy industries such as automobiles and shipping. Demand for oil and gas products with their by-products has been growing significantly in India and China, creating substantial avenues in the global petroleum liquid feedstock market. In India, major market players are working for the installation of large greenfield refineries by 2022.

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Segmentation






















  ATTRIBUTE

  DETAILS

By Type



  • Light Naphtha

  • Heavy Naphtha

  • Gas Oil



By Application



  • Industrial Solvents

  • Cleaning Fluids

  • Adulterant to Petrol

  • Gasoline

  • Others



By Geography



  • North America (the U.S. 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)



Key Industry Developments



  • In February 2021, a major engineering, construction, and commissioning contract was awarded to CTJV, a joint venture between Chiyoda Corporation and Technip Energies, by Qatar Petroleum for the onshore facilities of the North Field East Project. Award will cover the delivery of 4 mega trains, each with a capacity of 8 million tons per annum of LNG.

  • In June 2021, Bitumen mix, a blend of heavy crude oil and residue, is used by China's independent refiners as an alternative refining feedstock. The mixture will be used for road surfacing and roofing.





  • Ongoing
  • 2023
  • 2019-2022

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