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Aromatic Naphtha Market Detail Analysis of Top Companies 2028

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Aromatic Naphtha Market Size – USD 154.02 Billion in 2020, Growth - CAGR of 2.7%, Trends – The rising demand for Aromatic Naphtha in the Agriculture sector

The increasing demand for agrochemicals, the growing demand for cost-effective fuel, and advancements in high yield manufacturing processes have resulted in boosting the Aromatic Naphtha market. 

Aromatic Naphtha Market Size – USD 154.02 Billion in 2020, Growth - CAGR of 2.7%, Trends – The rising demand for Aromatic Naphtha in the Agriculture sector

The Global Aromatic Naphtha Market is forecast to reach USD 185.64 Billion by 2028, according to a new report by Reports and Data. Aromatic Naphtha can be defined as a difficult corrosive fuel that has poor lubricity and low flashpoint. Its poor lubricity it important to include a lubricity enhancer when using the compound. The fuel can be categorized into two types, aromatic and aliphatic. The difference in these two sub-categories of fuel is based on the kind of hydrocarbons forming up the solvent and the process of its manufacturing. Aliphatic solvents are formed of cycloparaffins (naphthenes) and paraffinic hydrocarbons. It can be directly obtained by distillation from crude petroleum. In the case of aromatics, which is generally alkyl-substituted benzene and rarely found, it can be obtained from petroleum as straight-run materials. Aromatic Naphtha is considered to be an essential solvent due to good dissolving power. It availability in varying ranges from the ordinary paraffin straight-run to the highly aromatic types and different level of volatility helps in delivering products usable for various purposes. Some of its major uses are as solvents for cutback asphalt, solvents (diluents) for paints, and solvents in the rubber industry, among others. Thus, such a wide arena of applications is fostering the growth of the market.    

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Top Companies:

 British Petroleum (BP PLC)

AMOC (Alexandria Mineral Oils Co.)

China Petroleum Chemical Corporation

Chevron Phillips Chemical Company

Formosa Petrochemical Co

Exxon Mobil Corporation, MGTPetroil.com

 LG Chem

Reliance Industries Limited and Petroleos Mexicanos.

Further Key Finding from the Report Suggestion:

  • The Aromatic Naphtha market held a market share of USD 154.02 Billion in the year 2020 that is forecasted to grow at a rate of 2.7% during the forecast period.
  • In context to Type, the Heavy Naptha segment is projected to witness a considerable growth rate of 3.3% during the forecast period, which is expected to occupy more than 50.0% of the market by 2028. The growth rate witnessed by the Heavy Naptha segment is attributed to continuously increasing demand for petroleum Aromatic Naphtha and the applicability of heavy Aromatic Naphtha in refinery catalytic reformers to improve octane number of the fuels, which contributes to the growth rate witnessed by this segment.      
  • In context to End-user, the Agriculture segment held a considerable market share of more than 15.0% in 2020, with a CAGR of 2.9% during the forecast period. The market share held by the Agriculture segment is attributed to the continuously growing population, elevating emphasis on agriculture, which in turn raises the demand for fertilizers to support cultivation and agricultural activities, in which the compound acts as a raw material that contributes to the market share held by this segment.
  • In regards to Application, the Energy fuel segment is projected to witness a considerable growth rate of 3.2% during the forecast period, which is expected to hold more than 25.0% of the market in 2028. The applicability of the compound in energy fuel as a fuel source for lanterns, power stoves because of its lower emission levels as compared to hydrocarbon-based fuels like coal oil, contributes to the growth rate witnessed by this segment.          
  • In regards to the region, Europe held more than 20.0% of the market in 2020, with a CAGR of 2.8% during the forecast period. The expanding Agriculture sector, Aerospace industry and increasing demand for Paints Coatings are some of the mentionable factors supporting the expansion of the industry in this region.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Aromatic Naphtha market is segmented into:

Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)

  • Heavy Naptha
  • Light Aromatic Naphtha

Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)

  • Energy fuel additive
  • Chemical feedstock
  • Others

End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)

  • Agriculture
  • Petrochemical
  • Aerospace
  • Paints Coatings
  • Others

Regional Outlook:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

  • What are the dominating factors that are influencing the growth of the industry?
  • In the forecast period, which market segment is expected to rise the most?
  • What are the risks and challenges that the industry is facing?
  • In the coming years, which area is projected to dominate the market?
  • Who are the major players in the market?
  • What kind of strategic business plans have they made?

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