NEWARK, Del, June 26, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the renewable naphtha market will be worth US$ 466.58 million in 2023 and US$ 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.
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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.
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.
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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.
The key industry players are:
- Neste Oyj.
- ENI
- Darling Ingredients Inc.
- CNPC
- Diamond Green Diesel
- Renewable Energy Group, Inc.
- Marathon Petroleum Corp
- Preem
- Philips 66
- UPM Biofuels
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.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global renewable naphtha market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the renewable naphtha market, the market is segmented on the basis of product type (light naphtha and heavy naphtha), and application (fuel blending, feed for H2 production, and feed for plastics production), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
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About the Chemicals and Materials Division at Future Market Insights (FMI):
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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Source: Renewable Naphtha Market is Set to Expand at A CAGR of 10.50% To Reach US$ 1.15 Billion During the Forecast Period 2021-2031 – Future Market Insights, Inc.
