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.
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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.
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.
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.
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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.
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).
Renewable Naphtha Market by Category
By Product Type:
- Light Naphtha
- Heavy Naphtha
By Application:
- Fuel Blending
- Feed for H2 Production
- Feed for Plastics Production
By Region:
- North America
- Latin America
- East Asia
- Europe
- South Asia Pacific
- Middle East & Africa
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About Future Market Insights (FMI)
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 consumersz
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