Global naphtha market to reach US$242410 mln by 2024 at a CAGR 4%

26-Jun-19

Global naphtha market is projected to reach US$242410 mln by 2024 at a CAGR 4%, from US$199700 mln in 2019 as per planetmarketreports.com.

Asia-Pacific is the leading consumer of Naphtha, the volume of which reached 153402.4 K MT in 2018, accounting for about 38.49% of the total global market. China, Europe, and Northeast Asia are also important to supply region of the solvent. Chemicals accounted for the largest market with about 86.10% of the global consumption for Naphtha in 2018, and are anticipated to grow at a CAGR of 2.51%, in terms of consumption, during the forecast period. With over 13.90% share of in the Naphtha market, Energy & Additives was the second largest application market in 2018 and is anticipated to grow at a CAGR of 1.81%, in terms of consumption, during the forecast period.

Naphtha is a term used to refer to a group of volatile, flammable mixtures of liquid hydrocarbons that are used mainly as solvents, diluents, or raw materials for gasoline conversion. It is a lightweight Energy & Additives that is separated from crude oil in the fractional distillation process along with kerosene and jet fuel. There are many specific types of naphtha that vary in the amounts and types of hydrocarbons contained in their unique blend. Refineries can produce various forms of naphtha, and each has specific guidelines on how it should be handled and stored. Generally speaking, the flammability and volatility of naphtha should be taken into consideration as they are significant safety hazards.