(MENAFN- Ameliorate Digital Consultancy)
The alkylates market is anticipated to increase at a CAGR of 2.5% from its estimated value of US$ 84.1 billion in 2023 to US$ 107.7 billion by the end of 2033.
Alkylate is a frequent component in many pesticide formulations, including insecticides, pesticides, herbicides, and fertilisers. As a result, both agricultural use and alkylate demand are increasing. Alkylate is widely employed to increase the octane rating of significant fuels, including petrol.
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Eminent Players
Reliance Industries Limited Marathon Petroleum Corporation ExxonMobil Corporation PJSC Lukoil Oil Company Valero Energy Corporation Royal Dutch Shell Plc. Chevron Corporation Honeywell International Plc. Janex S.A Neste Oyj Soltex Inc. Hengyi Industries Sdn Bhd
Fact.MR estimates that application in solvent will continue to dominate the market through 2031, growing at a CAGR of 3%. In the upcoming years, the application of alkylates will have more opportunities thanks to the steadily increasing demand for solvent in the biotechnological, chemical, and other industries.
Leading manufacturers are placing a strong emphasis on research and development (R&D) for optimising the process of sulfuric acid alkylation to lower the rate of acid consumption while the blending of high-octane motor petrol. This is due to the growing demand for cleaner-burning petrol blend components. In the upcoming years, these initiatives should help the industry grow, according to a Fact.MR researcher.
Key Statistics Supporting the Surge
The U.S. is projected to emerge as the most remunerative market in North America, accounting for nearly 40% of the global sales by the end of 2031. Germany is anticipated to remain a dominant market in Europe, exhibiting growth at a CAGR of 3.5% during the assessment period 2021-2031. China, home to the fastest-growing civil aerospace and aviation services industry in the world, is expected to account for nearly 50% of the global alkylate demand through 2031. India is estimated to emerge as a highly lucrative market for alkylate in Asia Pacific, expanding at a 2% CAGR between 2021 and 2031. Based on end use, the aviation industry is forecast to lead the segment, projecting sales growth at a CAGR of 2% through 2031.
Key Drivers
Increasing government investment in the agri-tech industry and rapidly expanding aviation and automotive industries in India and China is expected to propel the demand for alkylate in the Asia Pacific market. Surging demand for hybrid cars and rapidly growing air travel passenger traffic worldwide will drive the market growth.
Competitive Strategies
Some of the leading manufacturers in the global alkylate market are Reliance, Marathon Petroleum, ExxonMobil, and LUKOIL, as per Fact.MR. Key player are focusing on the expansion of their production capabilities and establishing new manufacturing facilities to address the rise in demand across key various industries. For instance,
In January 2019, Royal Dutch Shell, a multinational oil and gas company, announced initiating the production of its fourth alpha olefins (AO) unit at the manufacturing site location in Geismar, Louisiana. The expansion will assist the company to increasing in total production capacity from 425,000 ton per year to 1.3 million tons per year. In March 2021, Lummus Technology, a leading licensor of proprietary petrochemicals, announced commencing a new start-up of CDAlky® C5 alkylation unit at its Refinery location in Norco, Louisiana. The capacity of the new alkylation complex is 17,000 BPSD of Alkylate products.
More Valuable Insights on Alkylate Market
Fact.MR, in its new report, offers an unbiased analysis of the global alkylate market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in alkylate market with detailed segmentation:
Sulfuric Acid Alkylation Process Hydrofluoric Acid Alkylation Process Others
By End Use Alkylate for Aviation Alkylate for Automobiles Alkylate for Agriculture Alkylate for Electronics Others
By Application Solvents Surfactants & Synthetic Sulfonates Specialty Lubricants Functional Fluids Additives Others
Key Questions Covered in the Alkylate Market Report
The market survey also highlights projected sales growth of the alkylate market between 2021 and 2031 The report offers insight into alkylate demand outlook for 2021-2031 Alkylate market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others Alkylate market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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