The value of the global bio-based naphtha market was approximately USD 870 million in 2022, and analysts forecast that it will increase to approximately USD 2755 million by 2030, expanding at a compound yearly growth rate (CAGR) of approximately 15.5% between the years 2023 and 2030.
Bio-based Naphtha Market: Overview
In the process of producing Hydrotreated Vegetable Oil (HVO), also known as renewable diesel and Sustainable Aviation Fuel (SAF), bio-based naphtha (sometimes referred to simply as bio-naphtha) is produced as a by-product. Gasification is another method that can be utilized to bring about its creation as a standalone product. It is possible to use bio-naphtha as a direct replacement for fossil fuel-based naphtha in the production of sustainable plastic as well as the mixing of gasoline. Producers of HVO and SAF utilize a diverse range of feedstocks, such as waste cooking oil, vegetable oils such as palm and rapeseed, waste by-products from industries such as the production of wood pulp (also referred to as crude tall oil, or CTO), and animal fats.
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Bio-based Naphtha Market: Growth Drivers
Growing environmental concerns and sustainability drive market growth
Growing public awareness of issues such as climate change, pollution, and the depletion of resources has contributed to an increased emphasis on environmentally friendly solutions. In comparison to naphtha derived from fossil fuels, naphtha derived from biological sources offers an alternative that is better for the environment because it generates fewer emissions of greenhouse gases and is less dependent on finite resources. According to the Environmental Protection Agency (EPA), CO2 emissions accounted for approximately 79% of all anthropogenic GHG emissions in the United States in 2021. This percentage was calculated based on the potential for 100 years of global warming. Burning fossil fuels for energy production is responsible for 73% of all greenhouse gas emissions and 92% of all anthropogenic carbon dioxide emissions in the United States.
Bio-based Naphtha Market: Segmentation
The market for bio-based naphtha is broken down into distinct submarkets on the basis of the source, the application, and the area.
The global market can be divided into two categories, vegetable oil, and biomass, according to the source. Over the course of the projected period, it is anticipated that the bio-based naphtha business would be led by the vegetable oil segment. Because vegetable oils are readily available and have the potential to be sourced in a sustainable manner, they are frequently used as a feedstock in the manufacturing of bio-based naphtha. The manufacturing of bio-based naphtha utilizes a wide variety of vegetable oils as feedstocks. Some examples of these oils include soybean oil, palm oil, canola oil, and sunflower oil. There is a wide range of compositions and properties that can be found in oils, and these can all have an impact on the effectiveness of conversion procedures. As a result, it is anticipated that this will be a primary driver of the segment’s growth over the projection period.
Bio-Based Naphtha Market: Regional Analysis
Europe is expected to dominate the market during the forecast period
Europe is expected to dominate the global bio-based naphtha market over the forecast period. The market growth in the region is owing to the increasing circular economy initiatives. The concept of a circular economy, where resources are reused, recycled, and repurposed, is gaining traction. Bio-based naphtha fits into this model by utilizing waste and biomass feedstocks, reducing waste, and promoting the sustainable use of resources. For instance, according to secondary sources, cities in Europe play a significant role in fulfilling the European waste management goals, especially when it comes to separate collection, resource recovery, and ultimate disposal.
Bio-based Naphtha Market: Competitive Analysis
The global Bio-based Naphtha market is dominated by players like:
Royal DSM N.V.
Diamond Green Diesel (DGD)
Eni Sustainable Mobility
Gevo Inc
Honeywell
Ineos Group Limited
LyondellBasell Industries Holdings B.V.
Euglena Co. Ltd.
Forge Hydrocarbons Corporation
Galp Energia
SGPS S.A.
Fuenix Ecogy
Eco Environmental
Dow Inc.
Kaidi
Neste Oyj
Nordic ElectroFuel
Phillips 66
Preem AB
Repsol S.A.
Resynergi Inc
SABIC
Shell
St1 Oy
TotalEnergies Corbion
UPM Biofuels
Versalis SpA
The global Bio-based Naphtha market is segmented as follows:
By Source
Vegetable Oil
Biomass
By Application
Gasoline
Petrochemical
Chemicals
Fertilizers
Construction
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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