The global renewable naphtha market is slated to reach US$ 422.0 Mn in 2021, finds Future Market Insights (FMI) in a recent market analysis. Rising demand for eco-friendly alternatives for plastics in various end-use industries is projected to enable sales at an impressive 10.5% CAGR.
Considering this, FMI has forecast the market valuation to top US$ 1.15 Bn in 2031. Renewable naphtha finds applications in plastic articles, décor products in residential and commercial spaces, packaging, and production of bioplastics and hydrogen gas. Shifting consumer preference towards bioplastics is spurring demand for renewable naphtha, and the trend is expected to continue over the forecast period.
In response to growing concerns regarding carbon emissions, governments various countries have imposed stringent regulations regarding production of plastic and blending fuel. This is compelling manufacturers to invest in research and development to launch innovative renewable naphtha products to improve sales.
Besides this, government-backed investments, and subsidiaries to promote bio diesel production and reduce dependence on fossil fuels are anticipated to bode well for the renewable naphtha market.
Further, increasing applications of renewable naphtha in the packaging sector is expected to propel sales of the same. Renewable naphtha is considered an effective alternative to plastic packaging, and its applications in consumer products and food packaging are projected to continue gaining momentum.
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As per FMI, the U.S. is anticipated to lead the North America renewable naphtha market. Strong presence of various end-use industries including plastics, consumer goods, automotive and construction will continue propelling sales of renewable naphtha over the forecast period.
Owing to the growing plastic products utilization due to rapid population growth all over the globe, the need for Renewable Naphtha is anticipated to increase in the coming years. Furthermore, owing to critical usage across plastic, automotive industry, packaging, and so on, Light Naphtha thus provide a growth impetus to the market. Moreover, the increasing urbanization all over the globe due to expanding economies and industrialization reinforces growing demand for Renewable Naphtha.
The renewable Naphtha market and its global supply chain have been impacted considerably owing the Covid-19 pandemic crisis, which disrupted the overall supply of raw materials. However, key players are evaluating agile automation solutions across the supply chain to provide the products without disruption. Thus along with demand recovery from end use sectors, the global market of Renewable Naphtha is anticipated to grow with a growth rate of 10.5% during the forecast period of 2021 and 2031.
Key Takeaways:
- Sales of light renewable naphtha are anticipated to account for around 92.7% of the total renewable naphtha market share in 2021.
- In terms of end-use, application of renewable naphtha in plastic productions is projected to continue rising, accounting for 72.8% of the total market share.
- The renewable naphtha market in the U.S. is projected to expand at a 7.9% CAGR in 2021.
- India will emerge as an attractive market with sales growing at a robust 8.0% CAGR in 2021.
- China will continue exhibiting high demand for renewable naphtha, holding lion’s share in the East Asia market share.
- Germany is projected to account for over one-third of the Europe renewable naphtha market share in 2021.
- Japan and South Korea are expected to hold 17.2 and 4.3% of the total renewable naphtha market share respectively.
“Introduction of novel technologies such as hydrotreated vegetable oil (HVO) and Neste Renewable Diesel (formerly known as NExBTL) to bolster for renewable naphtha production will continue driving sales in the market. Besides this, development of advanced techniques to utilize waste and feedstock residue in renewable naphtha production is projected to augment growth of the market through 2031,” says an FMI analyst.
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Competitive Landscape
Top players operating in the global renewable naphtha market include Neste, ENI, Darling Ingredients Inc., CNPC, Diamond Green Diesel & Renewable Energy Group, Inc. Players are focusing on strategic collaborations to expand their production capacity in emerging economies by setting up new production units. Besides this, investments in research and development to improve product portfolios will remain a part of growth strategies adopted by key market players. For instance:
- In October 2021, Neste collaborated with Finnish restaurant chain Hesburger as a part of circular economy collaboration. Through this collaboration, Neste and Hesburger aim to collect used cooking oil from over 300 restaurants in Finland to produce renewable disel and naphtha.
More Insights into the Renewable Naphtha Market Report
In its latest report, FMI offers an unbiased analysis of the global renewable naphtha market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (light naphtha and heavy naphtha), and end-use (fuel blending, feed for H2 production, and feed for plastic production (ethylene, propylene, butadiene, and others) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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