Alkylate Market: Introduction
Transparency Market Research delivers key insights on the global alkylate market. In terms of revenue, the global alkylate market is estimated to expand at a CAGR of ~2% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global alkylate market.
The emergence of electric vehicles and alternative fuels is likely to hamper the global alkylate market during the forecast period. On the other hand, increase in demand for alkylate as additives in fuel and agrochemical formulations is anticipated to drive the global alkylate market over the next decade, as alkylate is extensively employed in the production of fuel, lubricants, solvents, and agrochemicals.
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Alkylate Market: Dynamics
The demand for alkylate has been increasing for the manufacture of refinery products. This is expected to boost the alkylate market, as alkylate is widely employed in the refinery industry for fuel production due to its high octane value that is obtained by converting low molecular weight alkenes into alkylates in the presence of sulfuric or hydrofluoric acid.
The usage of alkylates as additives in fuel enables high octane and low vapor pressure. Generally, in alkylate production, light olefins (such as butylene) is converted into high quality gasoline blend stock by reacting it with isobutene. The increase in demand for highly efficient gasoline in the automotive sector around the globe is projected to boost the demand for alkylate. This, in turn, is estimated to propel the global alkylate market during the forecast period.
Alkylate is extensively employed in the formulation of various agrichemicals, including fertilizers, insecticides, herbicides, and pesticides. Modern farming methods primarily rely on agrochemicals for higher productivity and reduced crop loss, as incidences of crop infestation have increased across the globe in the recent years. This is expected to drive the global alkylate market.
Alkylate is used as a premium gasoline blend-stock in aviation fuels, owing to some of the outstanding properties offered by alkylate such as low sulfur content, low aromatics content, and low vapor pressure with longer shelf-life than commercial petrol of alkylate gasoline. It also offers benefits such as high fuel efficiency standards and low emission ratings. Therefore, it is increasingly used in aviation fuel.
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Alkylate Market: Prominent Regions
North America dominates the global alkylate market. Aviation and automobile sectors in the region are estimated to expand at a rapid pace between 2021 and 2031. This, in turn, is expected to boost the demand for alkylate in North America, as alkylate is widely used in aviation and automobile industries.
The U.S. is anticipated to be a highly attractive country for alkylate in North America during the forecast period. Aviation and automobile sectors in the U.S. are witnessing strong growth, owing to the rise in income and high level of migration. This has led to a rise in demand for fuel, thus driving the alkylate market.
Europe is likely to be another highly attractive region for alkylate during the forecast period. Russia & CIS held the major share of the global alkylate market in Europe in 2020. Investments in the automotive sector have increased in Russia & CIS in the recent years. This is driving the demand for alkylate in the automotive sector.
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Alkylate Market: Key Players
Major players operating in the global alkylate market are Reliance, Marathon Petroleum, Exxonmobil, LUKOIL, Valero, Shell, Chevron Corporation, Honeywell, Janex SA., Neste, Soltex Inc, and Hengyi.