Turkey Bio-based Naphtha Market Outlook

turkey is currently witnessing an increase in its bio-based naphtha market due to certain factors. the use of bio-based fuels can reduce dependence on non-renewable fossil fuels and thus reduce environmental pollution and energy costs. bio-based naphtha also provides a cost-effective alternative to traditional petrochemicals when it comes to producing a variety of organic chemicals. it can also be used as a blending agent with regular naphtha to reduce emissions. the structure and properties of bio-based naphtha are fairly similar to those of conventional petroleum-based fuels and thus, it can be used in a wide range of applications. the increasing demand for bio-based naphtha in turkey is largely attributed to the growing transportation sector. currently, the automotive industry is injecting large amounts of investment into research and development of renewable and advanced biofuels. this is in turn, creating a rising demand for bio-based naphtha. additionally, the growing availability of feedstock is providing further impetus to the growth in the demand of bio-based naphtha in turkey. the government of turkey is also supporting the growth of the market by providing tax incentives and subsidies to encourage the production of bio-based naphtha from renewable feedstock. the various initiatives taken by the government are aimed at facilitating the growth of the bio-based naphtha market. furthermore, the attractive return on investments is also likely to attract more investments in the market. the future prospects for turkey’s bio-based naphtha market are expected to be positive as it is likely to be driven by new investments and initiatives from the government in this regard. additionally, the increasing availability of feedstock will also keep the demand for bio-based naphtha high over the forecast period. this is expected to result in a steady growth in this market from 2018 to 2032. changing consumer preferences for renewable fuels is expected to open up new opportunities for suppliers of bio-based naphtha.