NEW YORK, Oct. 4, 2021 /PRNewswire/ — As per a study published by Fact.MR, the global alkylate market is expected to reach US$ 78.1 billion by the end of 2021. In response to the rapid advancement in manufacturing sector and surging demand from the automotive and aviation industries, the market is expected to top US$ 100 Bn by 2031, growing at a steady 2.5% CAGR.
Expansion witnessed in the aviation industry is driven by the increasing air travel passenger traffic and freight worldwide. According to a report by the International Civil Aviation Organization, around 4.5 billion passengers were carried on schedule in 2019, resulting in around 38.3 million aircraft departures across the globe. As alkylate is extensively used in the production of aviation fuel, increasing air travel will provide immense sales opportunities for the market players.
Some of the leading market players are heavily investing in expanding their production capacity by installing novel alkylation units. For instance, Hengli Petrochemical, a company based in China, announced installing a novel STRATCO alkylation unit at its new crude-to-paraxylene integrated petrochemical and refining facility in July 2020. The unit assists the company to produce 300,000-tonnes/year high quality alkylate. Driven by such developments in the landscape, the market is projected to total US$ 100 billion through 2031.
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As per Fact.MR, application in solvent is projected to grow at a CAGR of 3% through 2031, sealing its dominance in the market. Consistently rising demand for solvent in biotechnological, chemical laboratories, and others industries will bolster scope for alkylate application in the coming years.
“With surging demand for cleaner-burning gasoline blend components, leading manufacturers are emphasizing on research and development (R&D) for optimizing the process of sulfuric acid alkylation to reduce the rate of acid consumption while the high-octane blending of motor gasoline. These efforts are expected to facilitate the market growth in the coming years,” says a Fact.MR analyst.
Key Takeaways from the Alkylate Market Analysis
- 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.
Key Restraints
- High capital investment required in alkylation units and complex production have resulted in high cost of alkylate, which is in turn, hampering the growth of the market.
- Availability of high-performance and low-cost anti-knocking agents such as iron pentacarbonyl, methylcyclopentadienyl manganese tricarbonyl (MMT), ferrocene, and others is hindering the sales of alkylate.
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Competitive Landscape
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.
Some of the leading players in the market profiled by Fact.MR are:
- 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
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:
- By Production Process
- By End Use
- By Application
- Sulfuric Acid Alkylation Process
- Hydrofluoric Acid Alkylation Process
- Others
- Alkylate for Aviation
- Alkylate for Automobiles
- Alkylate for Agriculture
- Alkylate for Electronics
- Others
- 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
Explore Fact.MR’s Coverage on the Chemical & Materials Domain –
Automotive Lubricants Market– Excellent solvency and hydrophilic characteristics are seen in high-performance automobile lubricants. Because of the lighter viscosity classes of high-performance lubricants used in these automobile lubricants, the engine runs longer. Furthermore, less viscous and superior synthetic lubricants improve engine fuel economy to a larger extent. During the projection period, leading manufacturers can use R&D operations to bring more efficiency and new innovations to the existing product portfolio in the automotive lubricants market.
Aviation Lubricants Market– In the aviation and automobile industries, a range of lubricants are used to improve engine performance. Rising demand for air travel and cargo will almost certainly result in a significant increase in demand for aviation lubricants. Furthermore, rapid urbanization and industrialization have resulted in an increase in air travel in recent years, and this trend is expected to continue during the projected period. Governments are becoming increasingly interested in pushing laws related to open skies, immigration, and visas in order to allow a plethora of market potential for aviation lubricants.
Functional Fluids Market– Functional fluids are a broad category that include a wide range of fluids, including braking fluids and process oils. Over the forecast period, the market for functional fluids is likely to be propelled by increased demand for high-performance products in industrial metal fabrication. The positive expansion in global automobile production, as well as the on-road fleet, is expected to keep the need for functional fluids on the rise during the projection period. Large expenditures in the development of newer base stock plants are likely to keep the current functional fluids production landscape optimistically growing.
About Fact.MR
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