Renewable Naphtha Market Forecast Growth Amidst Renewable Energy Initiatives
The renewable naphtha market anticipates significant growth fueled by increasing renewable energy initiatives worldwide. Governments, industries, and consumers are shifting towards sustainable alternatives to reduce carbon footprints, driving the demand for renewable naphtha. Forecasts indicate a promising trajectory as renewable energy targets and environmental regulations stimulate market expansion, offering lucrative opportunities for stakeholders across the renewable energy value chain. Renewable Naphtha is a hydrocarbon mixture derived from biomass feedstocks, such as agricultural residues, woody biomass, and organic waste materials. It serves as a versatile feedstock for the production of biofuels, biochemicals, and renewable plastics, offering a sustainable alternative to traditional petroleum-derived naphtha. The global renewable naphtha market is forecasted to expand at a CAGR of 12.4% and thereby increase from a value of US$4.2 Bn in 2023, to US$9.6 Bn by the end of 2030.