Global Alkylate Market Industry Insights by Impact due to COVID-19 and by Region (North America, Europe, Asia-Pacific (APAC), Rest of the World) – Press Release

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Global Alkylate Market

Global Alkylate Market

In the forecast period of 2020 to 2025, the global alkylate market is projected to expand at a CAGR of 3.1%, reaching USD 98080 million by 2025, up from USD 83650 million in 2019.

Over the projected period, the global alkylate demand is expected to be hampered by the rise of electric cars and renewable fuels. The global alkylate industry, on the other hand, is expected to be driven by a rise in demand for alkylate as additives in fuel and agrochemical formulations over the next decade, as alkylate is widely used in the manufacture of fuel, lubricants, solvents, and agrochemicals.

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The global market for high-efficiency fuel in the automobile industry is expected to increase alkylate demand. During the forecast era, this trend is expected to propel the global alkylate demand.

Since December 2019, the COVID-19 pandemic has had a major global effect. According to a WHO survey, the United States, India, Russia, Brazil, Italy, France, Argentina, Spain, Colombia, the United Kingdom, Germany, and Mexico are among the countries most affected by COVID-19. The pandemic is stifling global economic activity, and it is expected to continue in 2021. Manufacturing, construction, automobiles, textiles, plastics, cosmetics, tourism, hotels, consumer products, shipping, IT and telecom, pharmaceutical, and other sectors are all affected by the epidemic. This causes many bottlenecks in the raw material supply chain for packaging, resulting in demand-supply differences. The global alkylate market is expected to be significantly impacted by this scenario.

China is the world’s fastest-growing alkylate industry Asia Pacific and is expected to maintain its lead over the projected era. The country’s market is being bolstered by demand from advanced automotive and aviation industries.

Over the next few years, the global automobile market, which includes passenger cars, buses, trucks, and heavy-duty vehicles, is expected to grow at a CAGR of 3.8%. Since2015, the production of automobiles has risen by 15%. The passenger car market is expected to fuel the global automotive industry, owing to rising customer disposable income. Over the projected timeframe, however, the industry is expected to be hampered by rising environmental issues and emissions.

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Alkylate is widely used in the addition of high-octane hydrocarbons to main fuels (including gasoline). Internal combustion engines use gasoline (petrol) as a fuel. The market for alkylate is expected to rise as demand for high-efficiency fuel grows in the automobile industry around the world. As a result, the global alkylate demand is expected to grow during the forecast period.

During the COVID-19 epidemic, the New York Harbor was less thirsty for alkylate pouring from India’s Reliance refinery. The growth of the India alkylate industry is being hampered by such trends. The pandemic has slashed demand for premium oil, resulting in a price decrease for alkylate and a tightening of the octane spread. The growth of the alkylate industry is being hampered by excess production and thin blending margins for premium RBOB (Reformulated Gasoline Blendstock for Oxygen Blending).

During the height of the coronavirus epidemic in April, suppliers were storing surplus alkylate with the intention of keeping it there until summer 2021. Furthermore, refineries have been operating in a phased fashion, resulting in a slowdown in alkylate flows. As a result, mass vaccination of COVID-19 vaccinations and careful financial preparation of company practices are expected to boost demand growth in the third and fourth quarters of 2021.

Some of the Major Market Key Market Players are:

• Reliance
• Marathon Petroleum
• ExxonMobil
• LUKOIL
• Valero
• Shell
• Chevron Corporation
• Honeywell
• Janex SA.
• Neste
• Soltex Inc.
• Hengyi
• Sinopec
• Koch-Glitsch
• McDermott

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This release was published on openPR.

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