Renewable Naphtha Market to Ride on Application in Plastic Production, Exhibiting Impressive 10.5% CAGR through 2031: FMI
A recent survey on the renewable naphtha market by FMI provides in-depth analysis on factors driving across primary market segments in terms of product type and application. The study also provides compelling insights into strategies adopted by leading players as they aim for competitive advantage.
DUBAI, UAE, Nov. 24, 2021 /PRNewswire/ -- As per a study published by FMI, the global renewable naphtha market is estimated to top US$ 422 Mn in 2021. Increasing applications of renewable naphtha in the production of hydrogen is facilitating the market growth. Driven by this, the market is anticipated to reach US$ 1.15 Bn by 2031-end.
The market grew at a CAGR of 3.6% over the past half-decade. Rising demand for eco-friendly substitutes for synthetic plastic, coupled with increasing usage of naphtha as raw material in bio-plastic production is favoring the growth in the market.
On account of this, the renewable naphtha is projected to rise at a robust 10.5% CAGR during the forecast period (2021-2031).
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Demand for renewable naphtha also will surge owing to growing fuel blending practices to comply with new regulations regarding fuel compositions. For instance, the Indonesian Government has increased the blending capacity of biodiesel from 10% to 15%.
Favored by such developments, sales of renewable naphtha are expected to register a year-over-year growth of 8.7% between 2020 and 2021.
As per FMI, light naphtha is projected to remain the most preferred product type, accounting for nearly 92.7% of the sales in the global market. Increased use due to its light weight and easy blending characteristics across the industries such as hydrogen, petroleum, and plastic is propelling the growth in the segment.
"The market will gain traction as stringent regulations are imposed on the use of synthetic plastics and rising carbon emission due to use of petrol and diesel. Surging adoption of advanced technologies such as NExBTL is expected to propel the demand for renewable naphtha over the coming years," says the FMI analyst.
Key Takeaways from Renewable Naphtha Market Study
- The U.S. is projected to emerge as the fastest-growing market in North America, expanding at a year-on-year growth of 7.9% in 2021.
- Germany is estimated to hold leading share in the Europe market, accounting for nearly 33% of overall sales through 2031
- Favored by the increasing demand for automotive and plastics manufacturing, sales of renewable naphtha in India are expected to rise at 8% CAGR through 2031.
- China is forecast to dominate the market in East Asia, accounting for around 78.5% of the demand in the region in 2021.
- Based on end use, the feed for plastic production segment is anticipated to witness substantial growth, accounting for nearly 72.8% of the global sales by 2031 end.
Key Drivers
- Surging demand for plastic-based products such as bespoke articles, home decor materials, consumer electronics, and others is spurring the sales of renewable naphtha across plastic production segment.
- Rising demand for automotive vehicles and growing government policies promoting the use of bio-based diesel and petrol across the U.S., India, and China are propelling the demand for renewable naphtha.
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Key Restraints
- Increasing prices of bio-based fuels and rising consumer inclination towards electric vehicles are hampering the growth in the market.
- Stringent regulation towards manufacturing synthetic plastics such as ethylene and propylene is expected to hinder the sales across the plastics production segment.
Competitive Landscape
Leading players operating in the global renewable naphtha market are Neste, ENI, Darling Ingredients Inc., and CNPC. The top five manufacturers are expected to account for nearly 75% of the total sales in 2021.
Key companies are emphasizing on adopting expansion strategies such as new production facility development, mergers, acquisitions, agreements, and collaborations with other players to expand their production capacity and increase the market share. For instance,
- In July 2019, PDV LLC, a U.S. based oil and gas company, announced to construct a pipeline to cope up with the shortage witnessed for imported naphtha causing a disruption in production and exports of crude oil.
Some of the key players operating in the market profiled by FMI are:
- Neste
- ENI
- Darling Ingredients Inc.
- CNPC
- Diamond Green Diesel
- Renewable Energy Group, Inc.
- Marathon Petroleum Corp.
- Preem
- Phillips 66
- UPM Biofuels
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More Valuable Insights on Renewable Naphtha Market
FMI, in its new report, offers an unbiased analysis of the global renewable naphtha market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in renewable naphtha market with detailed segmentation:
By Product Type:
- Light Naphtha
- Heavy Naphtha
By Application:
- Fuel Blending
- Feed for H2 Production
- Feed for Plastics Production
- Ethylene
- Propylene
- Butadiene
- Others
By Region:
- North America
- Latin America
- East Asia
- Europe
- South Asia Pacific
- Middle East & Africa
Key Questions Covered in the Report
- The report offers insight into renewable naphtha market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for renewable naphtha market between 2021 and 2031
- Renewable naphtha market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Renewable naphtha market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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