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Bio-based Naphtha Market Size
- Report ID: GMI5510
- Published Date: Mar 2023
- Report Format: PDF
Bio-based Naphtha Market size
Bio-based Naphtha Market size valued at USD 920 million in 2022 and is poised to showcase around 17% CAGR from 2023 to 2032. The rising demand for renewable diesel and fuel will influence business expansion.
Rising demand for sustainable fuels will drive the bio-based naphtha market growth. Oils and fats, like soybean or canola oil, are used to make renewable diesel, which is then processed to be chemically identical to petroleum diesel. Renewable diesel can be blended with any proportion of petroleum diesel or used as a fuel replacement. As per a recent report by International Energy Agency (IEA), the total global biofuel demand is expected to increase by over 20% by 2027. Ethanol consumption in the United Kingdom is projected to increase by 50% to meet the Renewable Transport Fuel Obligation (RTFO).
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Bio-based Naphtha Market Size in 2022: | USD 920 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 17.3% |
| 2032 Value Projection: | USD 2.9 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 378 |
| Tables, Charts & Figures: | 519 |
| Segments covered: | Source, Application, Downstream Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Fluctuating raw material prices could impact the bio-based naphtha market growth. The main raw materials for bio-based naphtha are oils, such as palm, tall, and rapeseed oils. The cost of these oils varies from time to time in the international market. The adoption of these oils depends highly on the fluctuating cost of raw materials.
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Bio-based Naphtha Market Scope
