According to a new market report published by Credence Research “Alpha Olefins Market Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global alpha olefins market is expected to reach over US$ 13.4 Bn by 2024, expanding at a CAGR of 6% from 2016 to 2024.
Browse the full Alpha Olefins Market by product type 1-Butene, 1-Hexene, 1-Octene, 1-Decene, 1-Dodecene and Others; by application Polyethylene, Detergent Alcohol, Synthetic lubricant and Others – Market Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/alpha-olefins-market
The global alpha olefins market was evaluated at USD 8.0 Bn during year 2015. Growing demand for polyethylene from packaging sector is predicted to remain a main aspect for global alpha olefins market in future. The rising demand for polyalphaolefin in synthetic lubricants owing to reduced wear and tear of engine is predicted to enhance the demand for alpha olefins in future. Growing concerns about environment regarding automobile pollution has propelled the demand for polyalphaolefin dependent synthetic lubricants in the past. Optimistic overview on oilfield drilling events is foreseen to augment the demand for alpha olefins in future. Easy accessibility of ethylene which is a main raw material for manufacture of alpha olefins is also anticipated to nurture the growth and expansion of the global alpha olefins market. Diminishing costs of raw materials are also anticipated to encourage the demand for alpha olefin in different end use sectors.
Fluctuating costs of raw materials due to unrests in shale gas and crude oil costs is one of the key factors that can inhibit the growth of the global alpha olefins market. Government rules on the utilization of polyethylene along with growing customer consciousness regarding environmental risks caused by use of polyethylene is also projected to hinder the growth of the industry. Rising demand for bio degradable substances has compelled the producers of alpha olefins to focus on research & development activities for introduction of bio-based raw material.
Producing bio-based alpha olefins will help to curb the dependence on fossil-based raw materials and help in minimizing carbon emissions. This is predicted to create new avenues for the current industry players during the estimated period. Growing demand for alpha olefins from different end use sectors has compelled the producers to concentrate on capacity expansion. Producers are also involved in creating on demand alpha olefins production methods in order to increase the production of specific alpha olefins
Shell Chemicals Limited, Sinopec Beijing Yanhua, Idemitsu Petrochemical Company Limited, Nizhnekamskneftekhim, Chevron Phillips Chemical Company LLC., Sasol Limited, ExxonMobil Corporation, ONGC, Qatar Chemical Company II Limited, The Dow Chemical Company, Royal Dutch Shell Plc., Mitsubishi Chemical Corporation, Qatar Chemical Company Limited, Saudi Arabia Basic Industries Corporation, Evonik Industries AG, TPC Group, Ineos Group Limited are few key manufacturers in alpha olefins market.
- Polyethylene emerged as the leading application segment
- Automotive and consumer goods are driving segments for alpha olefins
- Increasing share of LLDPE application segment
- Asia Pacific is expected to register the highest growth rate