Alkylate Market Flourish US$ 123 Bn By 2023 | CAGR Of 2.5%
Global Alkylate Market: Introduction
Alkylate is a synthetically produced petrol component and is considered as one of the purest petroleum products. Alkylation process takes place at oil refineries and excess gases from crude oil distillation and cracking plants are combined to form alkylate.
The global alkylate market is estimated to value at approximately US$ 22 Bn in 2019, and is expected to register a CAGR of 2.5%. The first five-year cumulative revenue (2019–2023) is projected to be more than US$ 123 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.
Global Alkylate Market: Market Dynamics
Rising demand for alkylate gasoline for aviation (avgas) in planes such as piston-powered planes and growing demand for automobiles across the globe is a major factor expected to drive growth of the global alkylate market over the forecast period, owing to increasing production of automobiles, rising income levels, and changing lifestyle of individuals.
Increasing use of alkylate among various sectors as a premium gasoline blend–stock owing to properties such as low Sulphur content, low aromatics content, and low vapor pressure with longer shelf-life than commercial petrol of alkylate gasoline are among some factors expected to boost growth of the global alkylate market in the near future.
Increasing adoption of alkylate gasoline in automotive sector is another factor expected to proliferate growth of the global alkylate market in the near future owing to benefits offered such as, high fuel efficiency standards and low emission ratings required to adhere to regulations.
However, increasing penetration of electric vehicles across the globe to reduce dependency on fossil fuels is a major factor expected to restrain growth of the global market. In addition, growing preference for bioethanol as an alternative to gasoline-based fuels in automotive sector is another factor expected to restrain growth of the global alkylate market to a certain extent over the forecast period.
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Global Alkylate Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global alkylate market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global alkylate market is expected to expand at a CAGR of 2.5% during the forecast period.
Global Alkylate Market: Segment Snapshot
The market report has been segmented on the basis of type, application, and region/country. The type segment includes sulfuric acid alkylation and hydrofluoric acid alkylation. The application segment includes automobile industry, aviation industry, and others. The regions/countries covered in the analysis includes North America, Europe, China, India, Japan, South America, Middle East & Africa, and Rest of the World.
By Type: The sulfuric acid alkylation segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register highest CAGR of over 2.5% over the forecast period
By Application: The automobile industry segment is projected to account for highest revenue share as compared to other application segments, and register highest CAGR of over 2% over the forecast period
By Region/Country: The market in China is expected to register highest CAGR of over 2.8% over the forecast period
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Global Alkylate Market: Competitive Analysis
The research report on the global alkylate market include profiles of some of major companies such as Reliance Industries Ltd., Petróleos de Venezuela, S.A, Marathon Petroleum Corp., Exxon Mobil Corp., PJSC LUKOIL, BP plc, Valero Energy Corp., Royal Dutch Shell plc, Petróleo Brasileiro S.A., BASF SE, Chevron Corp., Valero Energy Corp., PetroChina Company Ltd., and Ningbo Haiyue New Materials Co., Ltd.
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