Naphtha Market Size

Naphtha Market size was valued at USD 194.04 Billion in 2023 and is poised to grow from USD 202.38 Billion in 2024 to USD 271.74 Billion by 2032, growing at a CAGR of 4.30% during the forecast period (2025-2032).

Changes in the refining capabilities driven by technologies have enhanced the yield and production of naphtha that tends to become a more competitive feedstock option for petrochemical production. Advanced technologies, including steam cracking, have allowed for the efficient conversion of naphtha into high-value olefins (e.g., ethylene), improving its competitiveness even further. Performance, flexibility and sustainability demanded by naphtha end users are forcing the development of these technologies towards shaping the future of market evolution and growth.

Naphtha is also widely used as a solvent in several sectors including paint and coatings, commercial cleaning and specialty chemicals apart from its application as petrochemical feedstock. The low cost & high solubility also contributes to its application as a high-performance solvent. High usability of naphtha as a solvent from the growing production, automotive, and manufacturing sectors has gained traction in terms of demand. Market growth is further driven by ongoing research activities for improving its solvent properties. The naphtha market is also significantly driven by the transportation sector. This is because as the transportation sector grows, there is a higher need for plastic products also, which are made from naphtha and man-made fiber. Such continued demand for petrochemicals will also increase the usage of naphtha as a feedstock which further contributes to the expansion of naphtha market growth.