- Growing usage of isooctane as an anti-knocking additives in gasoline is a major factor driving growth.
- The gasoline blending segment is expected to account for major market share.
- China accounts for second-highest share in terms of revenue in the global market.
The global isooctane market is estimated to value at approximately $99 billion in 2019, and is expected to register a CAGR of 2.1%. The first five-year cumulative revenue (2019–2023) is projected to be over $517 billion, which is expected to increase considerably over the latter part of the five-year forecast period.
Isooctane is used as anti-knocking agents in fuel additives applications owing to its higher octane rating. Gasoline is a liquid mixture of aliphatic hydrocarbons, which is derived from fractional distillation of petroleum. Fractional distillation of petroleum is combined with additives such as isooctane and aromatic hydrocarbons as it helps to boost the octane rating of gasoline and prevents engines from ‘knocking’.
Growing usage of isooctane as an anti-knocking additives in gasoline is a major factor driving growth of the global isooctane market. These compounds are added to improve quality and efficiency of fuels, and are commonly used in gasoline engines. In addition, additives are added in fuel to increase knock resistance and help to prevent air-fuel mixture from self-igniting while in the engines.
The market report has been segmented on the basis of product type, application, and region/country. The product type segment includes gasoline blending, organic synthesis, and others. By application segment includes organic solvent, diluent, and others. The regions/countries covered in the analysis are North America, Europe, China, Japan, Middle East & Africa, India, South America, and Rest of the World.
Currently, among the product type segments, the gasoline blending segment is expected to account for major market share in terms of revenue, and is expected to maintain its dominance over the forecast period. Moreover, the gasoline blending segment is expected to register highest CAGR of over 2% in the global market over the forecast period.
Buy Research Report: Radiology Information Systems Market to Witness A Steep CAGR Of 8.3%
Buy Research Report: Mobile Water Treatment Systems Market Set to Grow US$ 1,952.0 Mn during 2020-2030
Buy Research Report: Electric Trolling Motors Market to Expand at a CAGR of 3.2% During 2020-2030
Buy Research Report: Global Solar Cells and Modules Market Strategic Assessment and Forecast by 2026
Buy Research Report: What Are the Upcoming Trends in the Telemonitoring System Market? What Impact Would They Make in Forecast – 2026?
Buy Research Report: Global Peak Flow Meter Market Latest Trend Analysis, Progression Status, Revenue Expectation to 2026
Buy Research Report: What Are the Upcoming Trends in the Virtual Schools Market? What Impact Would They Make in Forecast – 2026?
Buy Research Report: Food Powder Packing Machines Market Demand Likely to Rise amid COVID-19 Pandemic
Buy Research Report: A2P SMS Industry Revolutionary Projections & Business Strategies 2020-2026
Buy Research Report: Ice Hockey Equipment Market to Grow 1.9X by 2030, Manufacturers to Prioritize Online Sales Channels
Currently, the diluent segment dominates the global market in terms of revenue and is expected to register CAGR of over 2% over the forecast period. The organic solvent segment is projected to register a moderately higher growth over the forecast period, owing to growing adoption of organic solvents in cleaning agents, coatings, polishes, spot removers, detergents and in various chemical synthesis and other processes.
Market in China accounts for second-highest share in terms of revenue in the global market. Stringent government regulations and growing focus on reduction of carbon emission are major factors expected to drive growth of the isooctane market in this region. In addition, increasing number of government initiatives to reduce gasoline use and carbon footprint is a factor expected to support growth of the market.
The research report on the global Isooctane market includes profiles of some of major companies such as Exxon Mobil Corporation, Royal Dutch Shell plc, British Petroleum Company PLC (BP plc.), DowDuPont Inc., Petróleos de Venezuela, S.A, Petróleo Brasileiro S.A., Valero Energy Corporation, Chevron Corporation, Kuwait National Petroleum Company (KNPC), Eni S.p.A., National Iranian Oil Company, and JTF International Holdings Ltd.