Rising Need for Bio-Chemicals to Drive Global Bio-Based Naphtha Market

Bio-Based Naptha Market

According to Inkwood Research, the Global Bio-Based Naphtha Market is expected to record a CAGR of 17.07% in terms of revenue and 16.19% in terms of volume over the forecasting period of 2023-2032.

 “Browse 62 Market Data Tables and 45 Figures spread over 210 Pages, along with an in-depth TOC on the Global Bio-Based Naphtha Market Forecast 2023-2032.” 

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Bio-based naphtha, also known as renewable naphtha, constitutes a liquid fuel category derived from vegetable oils or biomass origins. This environmentally sustainable option presents an alternative to the conventional petroleum-based naphtha commonly employed across a spectrum of applications within the petrochemical industry. 

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Rising Demand for Bio-Based Chemicals & Materials to Fuel Market Growth

Approximately 15 billion tons of biomass find application in sectors such as feed, bioenergy, food, material use, biofuels, and bio-based polymers. However, just 1% of this biomass is allocated for bio-based polymers, despite feed production accounting for a significant 57%. Historically, bio-based chemical and material manufacturers have concentrated their efforts on high-value segments, particularly within the fine or specialty chemicals markets, where specialized functionality has been a pivotal factor. 

Vegetable Oil: Prominent Source During Forecast Period

Vegetable oils present several advantages, including sustainable sourcing, reduced greenhouse gas emissions, and the ability to align with circular economy goals. These oils hold promise as sustainable feedstock alternatives. Several oil-producing crops, including soybean, rapeseed (canola), palm, sunflower, and maize, can serve as the primary sources of vegetable oils needed for bio-based naphtha production.

Europe to Rise with Highest CAGR by 2032

Europe is at the forefront of the bio-based chemicals and materials industry, spearheading numerous initiatives aimed at promoting the adoption of bio-based products. The region has enacted several sustainability and renewable energy regulations, resulting in heightened demand for bio-based naphtha. In addition, Eni, Neste, UPM, etc., are some of the companies operating in the global bio-based naphtha market.

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GLOBAL BIO-BASED CHEMICALS MARKET

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