NEW YORK, October 4, 2021 /PRNewswire/ — According to a study published by Fact.MR, the global market for alkylates is expected to reach US$78.1 billion by the end of 2021. In response to the rapid advancement of the manufacturing sector and the growing demand from the automotive and aviation industries, the market is expected to reach the top 100 billion US dollars by 2031, growing at a stable CAGR of 2.5%.
The expansion seen in the aviation industry is driven by the increase in passenger and cargo air traffic 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 worldwide. Since alkylate is widely used in the production of aviation fuel, the increase in air travel will provide immense sales opportunities for market players.
Some of the major market players are investing heavily in expanding their production capacity by installing new alkylation units. For example, Hengli Petrochemical, a company based in Chinaannounced the installation of a new STRATCO alkylation unit at its new integrated paraxylene crude petrochemical and refining plant in July 2020. The unit helps the company to produce 300,000 tons/year of high quality alkylate. Driven by such developments in the landscape, the market is expected to total 100 billion US dollars until 2031.
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According to Fact.MR, the application in solvents is expected to grow at a CAGR of 3% through 2031, sealing its dominance in the market. The steady increase in demand for solvents in biotechnology, chemical laboratories and other industries will enhance the application possibilities of alkylates in the years to come.
“With the growing demand for cleaner-burning gasoline blending components, major manufacturers are emphasizing research and development (R&D) to optimize the sulfuric acid alkylation process to reduce the rate of acid consumption when blending high octane motor gasoline. These efforts are expected to facilitate market growth in the coming years,” says a Fact.MR analyst.
Main takeaways from the Alkylate Market analysis
- The United States is expected to become the highest paying market in North Americarepresenting nearly 40% of global sales at the end of 2031.
- Germany should remain a dominant market in Europegrowing at a CAGR of 3.5% over the assessment period 2021-2031.
- Chinahome to the world’s fastest growing civil aerospace and aviation services industry, is expected to account for nearly 50% of global alkylate demand through 2031.
- India is estimated to emerge as a very lucrative market for alkylates in Asia Pacificexpanding at a CAGR of 2% between 2021 and 2031.
- Based on end use, the aerospace industry is expected to lead the segment, with sales growth projected at a CAGR of 2% through 2031.
- The increase in public investment in the agro-technology industry and the rapid expansion of the aviation and automobile industries in India and China is expected to propel alkylate demand into the Asia Pacific Marlet.
- Rising demand for hybrid cars and rapid growth in air passenger traffic globally will drive the market growth.
- High capital investments required in alkylation units and complex production have resulted in high cost of alkylate which, in turn, hampers market growth.
- The availability of effective and inexpensive anti-knock agents such as iron pentacarbonyl, methylcyclopentadienyl manganese tricarbonyl (MMT), ferrocene and others is hampering sales of alkylate.
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Some of the leading manufacturers in the global alkylates market are Reliance, Marathon Petroleum, ExxonMobil, and LUKOIL, according to Fact.MR. The major players are focusing on expanding their production capacities and setting up new manufacturing facilities to meet the increase in demand in various key industries. For example,
- In January 2019, Royal Dutch Shella multinational oil and gas company, announced the start of production of its fourth unit of alpha-olefins (AO) at the manufacturing site of Geismar, Louisiana. The expansion will help the company increase its total production capacity from 425,000 tons per year to 1.3 million tons per year.
- In March 2021Lummus Technology, a leading licensor of proprietary petrochemicals, has announced the launch of a new CD startupAlky® C5 alkylation unit in its refinery in Norco, Louisiana. The capacity of the new alkylation complex is 17,000 BPSD of Alkylates products.
Some of the Major Market Players Featured 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 information about Alkylate Marlet
Fact.MR, in its new report, offers an unbiased analysis of the global alkylates market, analyzing forecast statistics to 2021 and beyond. The survey reveals growth projections in the Alkylates market with detailed segmentation:
- Sulfuric Acid Alkylation Process
- Hydrofluoric acid alkylation process
- Aviation Alkylate
- Automotive Alkylate
- Alkylate for agriculture
- Alkylate for electronics
- Synthetic surfactants and sulfonates
- Specialty Lubricants
- Functional fluids
Key questions addressed in the Alkylate Market report
- The market study also highlights the predicted sales growth of the Alkylates market between 2021 and 2031
- The report offers an overview of the demand outlook for alkylates for 2021-2031
- Alkylates market share analysis of major companies in the industry and coverage of strategies such as mergers and acquisitions, collaborations or partnerships, etc.
- The Alkylate Market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current and forecast market size and technological advancements within the industry
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automotive lubricants market– Excellent solvency and hydrophilicity characteristics are observed in high performance automotive lubricants. Due to the lighter viscosity classes of the high performance lubricants used in these automotive lubricants, the engine runs longer. In addition, less viscous and superior synthetic lubricants significantly improve engine fuel economy. During the projection period, major manufacturers can use R&D operations to bring more efficiency and new innovations to the existing product portfolio in the automotive lubricants market.
Aircraft lubricants market– In the aerospace and automotive industries, a range of lubricants are used to improve engine performance. Growing demand for air travel and cargo will almost certainly lead to a significant increase in demand for aviation lubricants. In addition, rapid urbanization and industrialization have led to an increase in air travel in recent years, and this trend is expected to continue over the projected period. Governments are increasingly interested in passing open skies, immigration and visa laws to enable a plethora of market potential for aviation lubricants.
Functional Fluids Market– Functional fluids are a broad category that includes a wide range of fluids, including brake fluids and process oils. During the forecast period, the functional fluids market is expected to be propelled by increased demand for high performance products in industrial metal fabrication. The positive expansion in global automotive production, as well as the on-road fleet, is expected to keep the need for functional fluids on the rise over the projection period. Significant expenditures in the development of new base storage plants are likely to keep the current functional fluids production landscape growing optimistically.
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