The Global Gasoline Market Was Valued At USD 2 Trillion In 2017
Posted by praneeth on July 20th, 2018
Gasoline is a mixture of hydrocarbons derived from crude oil and is primarily used to run internal combustion engines in motorcycles, automobiles, and small trucks. Gasoline is a by-product obtained from the crude oil refining.
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The global gasoline market was valued at USD 2 trillion in 2017. The reason for the substantial growth of the market is that the refining companies are now using heat-integrated crude oil distillation systems with latest optimization approach to minimize operating costs and maximize product yields. These systems use artificial neural networks from rigorous process simulation in the distillation process. I-Heat™ is the latest software tool from Process Integration Limited which is used for performance analysis and identifies where energy and capacity improvements can be made.
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The USA was the largest player accounting for one-fifth of the global gasoline market. This can be attributed to the country’s large consumer population, high level of income, and boost of shale oil production which led to increased consumption of the oil and gas. The USA was followed by India and China.
The top five competitors in the market are Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, Chevron and LUKOIL PJSC. Royal Dutch Shell is a British–Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom. It is one of the six oil and gas "supermajors" and the sixth-largest company in the world.
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Joined: June 6th, 2018
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