According to Future Market Insights, the renewable naphtha market will be worth USD 466.58 million in 2023 and USD 1,698 million in 2033, with a CAGR of 13.7%. Increasing fuel blending practices in order to comply with new regulations concerning fuel composition will also increase demand for renewable naphtha.
The use of renewable naphtha by refineries is a great way to provide a low-carbon alternative fuel for their customers. The use of bio naphtha in petrochemicals and gasoline blendstock to replace oil-based naphtha is growing significantly. A bio naphtha fuel can be used in gasoline blending pools both as a complement to ethanol and ETBE and also as a replacement.
Naphtha made from renewable resources has several advantages, including low carbon intensity and renewable alternatives to traditional naphtha. A variety of products, including plastics, bioplastics, and renewable gasoline, can be produced by using biomass sources such as agricultural waste and algae. The environmental impact of fuel production can be minimized by using renewable naphtha instead of traditional fossil fuels. Naphtha made from renewable resources can help diversify fuel supplies and reduce dependence on fossil fuels.
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Aromatic compounds can also be produced from renewable naphtha. Consumer demand and European Union regulations have made naphtha an increasingly valuable resource for plastics made from non-fossil sources. As demand for plastic-based products such as bespoke articles, home decor, and electronics grows, sales of renewable naphtha in the plastic production segment are on the rise. The demand for renewable naphtha is increasing as automakers and governments across the United States, India, and China promotes the use of bio-based fuels.
Key Takeaways:
- Nearly 33% of sales are expected to be generated by Germany in Europe by 2031, making it the fastest-growing country in Europe.
- The market is forecast to be dominated by China in 2023, accounting for 82% of the market share.
- There are projections that the light naphtha segment will hold approximately 96% of the near-term market for renewable naphtha.
- Feed for plastic production is expected to account for nearly 76% of global feed sales by 2033.
- Renewable naphtha consumption in India is expected to grow at 9.6% CAGR in 2033.
“As synthetic plastics regulations tighten and emissions increase, the market will gain traction due to the increased use of petrol and diesel. Renewable naphtha demand is expected to increase due to advances in technologies such as NExBTL over the next few years,” – says an analyst at FMI.
Competitive Landscape:
The number of renewable naphtha producers has expanded and penetrated new markets both organically and inorganically over the past few years. Expansion of production capacity and increase their market share, key companies are developing new production facilities, merging with other players, acquiring companies, and signing agreements with them.
Recent Market Developments Include:
- In June 2023, Lumene, a Finnish beauty brand, introduced a bio-based packaging application utilizing material produced by UPM and processed by Sabic. UPM BioVerno naphtha, produced by UPM in Finland, is the source of Lumene’s new jar and self-adhesive label. Cooperating with UPM and Sabic, the firm is driving the transition to renewable resources and taking the next step on its sustainability journey.
- In June 2023, EcoCeres, Inc. announced plans to build a biofuels plant in Pasir Gudang, Johor. An annual capacity target of 350 000 t will be achieved at the facility, which will produce hydrotreated vegetable oils, renewable aviation fuels, and renewable lubricants. The construction of a sustainable biofuel facility will start with the help of EcoCeres, resulting in significant implications for the nation and state as a whole.
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Top Key Players in the Renewable Naphtha Market
- Neste Oyj.
- ENI
- Darling Ingredients Inc.
- CNPC
- Diamond Green Diesel
- Renewable Energy Group, Inc.
- Marathon Petroleum Corp
- Preem
- Philips 66
- UPM Biofuels
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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