Naphtha Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The global naphtha market is projected to register a CAGR of more than 4% during the forecast period (2021-2026).
The global naphtha market is severely impacted by the COVID-19 pandemic. The pandemic has significantly affected the growth of the construction industry. The lockdown imposed in response to the pandemic has disrupted the supply chain of construction materials. It also caused a major shortage of workforce. Several major construction projects have been shut down for a significant amount of time, which led to a decrease in demand for paints and coatings and their additives, thus, hindering the market growth rate of naphtha. Similarly, the aerospace industry has been severely affected by the COVID-19 pandemic. The pandemic has resulted in strict travel bans worldwide for a significant period, which has drastically reduced air traffic. This trend is negatively affecting the demand for new airplanes. Therefore, paints and coatings are needed for manufacturing them, in turn, decreasing the demand for naphtha. According to the International Air Transport Association (IATA), the full-year air traffic in 2020 was approximately 54% lower than in 2019.
Key HighlightsThe naphtha market is partially consolidated in nature. In terms of market share, few players currently dominate the market. Key players in the market include Reliance Industries Limited, Exxon Mobil Corporation, Saudi Arabian Oil Co. (Saudi Aramco), Formosa Petrochemical Corporation, and LG Chem.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook