The latest market report published by Credence Research, Inc. “Brazil Naphtha Market– By Product Type and By Application- Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the Brazil naphtha market was valued at US$ 2.1 Bn in 2016, and is expected to each US$ 3.1 Bn by 2024, expanding at a CAGR of 5.3% during the forecast period 2016 to 2024.
Browse the full Brazil Naphtha Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/brazil-naphtha-market
Brazil naphtha market is projected to witness significant growth over the forecast period. Growing demand for naphtha as a feedstock in petrochemical industry is projected to drive the demand for naphtha over the forecast period. Increasing use of plastic products fueling the demand for the polypropylene and polyethylene which in turn is driving the demand for naphtha used as a feedstock for the production olefins and aromatics using in production of paints and coatings. Further, naphtha also finds application in blending with gasoline. Growing demand for gasoline is anticipated to augment the growth of Brazil naphtha market. Moreover, recent technological advancement such as development of advance furnace materials, advanced distillation column and alternative technologies such as hydro- pyrolysis of naphtha and catalytic cracking of naphtha saves approximately 10% of the energy which in turn reduces the production cost. Thus, making naphtha the preferred feedstock for the end use applications. Growing chemical industry is projected to drive the Brazil naphtha market during the forecast period (2016-2024). However, growing use of alternatives such as LPG for the production of propane and butane are expected to restrain the growth of Brazil naphtha market during the forecast period (2016-2024).
By Product type, heavy naphtha segment was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. The segment is projected to witness stable growth during the forecast period. Light naphtha segment is expected to be the fastest growing segment during the forecast period. Growing use of light naphtha in petrochemical steam crackers is anticipated to fuel the demand over the forecast period (2016-2024).
By application, chemical segment was observed to be the largest segment in 2015 in Brazil naphtha market. Increasing use of naphtha as a feedstock for the production of materials such as polyethylene and polypropylene in petrochemical industry is projected to fuel the growth of naphtha over the forecast period (2016-2024).
Considering the competition, the Brazil naphtha market is expected to witness a significant rise in investment in capacity expansion for the production and supply of naphtha. Further, market has witnessed strategic mergers and collaborations among naphtha regional and international players. Such growth strategies are focused on increasing their market penetration in the country.