Renewable Naphtha Market SWOT Analysis, Business Growth Opportunities by Top Companies, Future Challenges, Competitive Strategies and Forecast to 2031

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A comprehensive analysis on the Renewable Naphtha market by Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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.

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.

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.

Owing to the growing plastic products utilization due to rapid population growth all over the globe, the need for Renewable Naphtha is anticipated to increase in the coming years. Furthermore, owing to critical usage across plastic, automotive industry, packaging, and so on, Light Naphtha thus provide a growth impetus to the market. Moreover, the increasing urbanization all over the globe due to expanding economies and industrialization reinforces growing demand for Renewable Naphtha.

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.
  • Germany is projected to account for over one-third of the Europe renewable naphtha market share in 2021.
  • Japan and South Korea are expected to hold 17.2 and 4.3% of the total renewable naphtha market share respectively.

Competitive Landscape

Top players operating in the global renewable naphtha market include Neste, ENI, Darling Ingredients Inc., CNPC, Diamond Green Diesel & Renewable Energy Group, Inc. Players are focusing on strategic collaborations to expand their production capacity in emerging economies by setting up new production units. Besides this, investments in research and development to improve product portfolios will remain a part of growth strategies adopted by key market players. For instance:

In October 2021, Neste collaborated with Finnish restaurant chain Hesburger as a part of circular economy collaboration. Through this collaboration, Neste and Hesburger aim to collect used cooking oil from over 300 restaurants in Finland to produce renewable disel and naphtha.

Read Full Report – https://www.futuremarketinsights.com/reports/renewable-naphtha-market

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