2033 Projections: Renewable Naphtha Market Valued at USD 1,698 Million
According to Future Market Insights, the renewable
naphtha market will be worth US$ 466.58 million in 2023 and US$
1698 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 blend stock 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 FMI analyst.
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
- Neste
Oyj.
- ENI
- Darling
Ingredients Inc.
- CNPC
- Diamond
Green Diesel
- Renewable
Energy Group, Inc.
- Marathon
Petroleum Corp
- Preem
- Philips
66
- UPM
Biofuels
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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