Dublin, June 28, 2024 (GLOBE NEWSWIRE) -- The "C5-C8 Normal Paraffin Ether Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
Proliferating demand for high octane gasoline across the globe is a key driving factor for the C5 - C8 normal paraffin market. With C5 - C6 normal paraffin being a crucial component in the production of iso-C5/C6 compounds, which are used to enhance gasoline's octane number, the market is poised for significant growth.
Rising Automotive Industry and Gasoline-Powered Vehicles Driving Market Growth
The growth of the automotive industry, coupled with the increasing number of gasoline-powered vehicles in developing regions, is expected to drive the demand for high octane gasoline. This, in turn, is anticipated to propel the growth of the C5 - C8 normal paraffin market. As more vehicles hit the roads, the need for efficient and high-performance gasoline becomes paramount, further boosting the market for these paraffins.
Oil and Gas Industry Recovery Spurs Market Expansion
The recovery of the oil and gas industry, along with expanding refining capacities, provides significant impetus for the growth of the C5 - C8 normal paraffin market. These paraffin fractions are crucial in forming several chemical products, including n-pentane, n-hexane, and n-heptane, which are essential for various industrial applications.
Diverse Industrial Applications Enhance Market Demand
N-paraffins are extensively used as special-purpose solvents in industries such as cleaning, adhesives and sealants, and pharmaceuticals. The growing demand for C5 - C8 derivative compounds is expected to accelerate the market's growth. The versatility and utility of these compounds make them indispensable across various sectors.
Surging Demand in Key Sectors
The demand for C5 - C8 n-paraffin fractions is rising across different sectors. N-pentane, for instance, is increasingly used in the production of polystyrene foam and pharmaceuticals, driving its market growth. Similarly, n-hexane is in high demand from end-use industries such as adhesives and sealants, agrochemicals, and pharmaceuticals, further boosting the C5 - C8 normal paraffin market.
Automotive and Packaging Industries Fueling N-Heptane Demand
The intensifying progress in automobile production and the growing demand for packaging materials are fueling the demand for adhesives and sealants, subsequently driving the n-heptane market. As these industries expand, the need for n-heptane in various synthesis and adhesive applications continues to grow, positively impacting the C5 - C8 n-paraffin market.
N-Octane's Role in the Oil and Gas Industry
N-octane n-paraffin compounds are crucial in the oil and gas industry for analyzing the octane number in automobile fuel and other gasoline and petrochemical products. The rising demand for gasoline and petrochemical products from industries such as plastics, adhesives and sealants, pharmaceuticals, chemicals, and cosmetics is expected to bolster the growth of the global C5 - C8 n-paraffin market.
Market Consolidation and Expansion: Opportunities for Growth
The C5 - C8 normal paraffin market is witnessing significant consolidation and expansion activities. Companies are making concerted efforts to meet the growing demand for gasoline and gain access to high-revenue markets, particularly in the Asia Pacific region. Key players are focusing on strengthening their presence in countries like India, China, and ASEAN nations.
Strategic Moves by Key Players
In a strategic move, ExxonMobil expanded its hydrocarbon fluids production capacity by 250,000 tons per year at its Antwerp, Singapore, and Texas plants. Such expansions and consolidations are expected to provide long-term growth opportunities for companies operating in the C5 - C8 normal paraffin market.
Competitive Landscape
- Purity vs Application Heatmap
- Manufacturer vs Application Heatmap
- Company Market Share Analysis, 2024
- Competitive Dashboard
Company Profiles
- ExxonMobil Corporation
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategies and Development
- BP Plc
- Royal Dutch Shell plc.
- China Petroleum & Chemical Corp (Sinopec Corporation)
- Phillips 66 Company
- Calumet Specialty Products Partners, L.P.
- Indian Oil Corporation Ltd
- Sasol Ltd
- Compania Espanola de Petroleos (CEPSA)
- Petrobras
- Rompetrol Rafinare S.A
- Thai Oil Public Company Ltd
- Bharat Petroleum Corporation Limited
- The Linde Group
- Air Liquide S.A.
- Neste Oyj
- Oil Co. Lukoil PJSC
- Ergon Inc.
- Junyuan Petroleum Group
- Liaoning Yufeng Chemical Co., Ltd.
- Beyond Industries (China) Limited
- Jilin Beihua Fine Chemical Co., Ltd.
- Puyang Zhongwei Fine Chemical Co., Ltd.
Market Segmentation for C5-C8 Normal Paraffin Market
By Application
- Gasoline Blending
- Chemical Intermediate
By Product Type
- C5 - C6
- C7 - C8
- Multicomponent (C5 - C8)
By Region
- North America
- Europe
- Latin America
- China
- Japan
- Southeast Asia Pacific
- Middle East & Africa
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