Alpha olefins market projected to reach USD 13.46 billion by 2022
The alpha olefins market is projected to reach USD 13.46 billion by 2022, at a CAGR of 7.8% between 2017 and 2022. The drivers for this market are the increasing demand for automobiles and plastics along with the recent discoveries of shale gas in several countries. Additionally, demand is also expected to be driven by growing applications such as lubricants and oil field chemicals, among others. Polyalpha olefins based lubricants gained high acceptance as high-performance lubricants as these possess highly desirable characteristics such as high viscosity index, thermal stability, oxidative stability, compatibility with mineral oils, and low toxicity. Volatility in raw material prices is considered a restraint for the growth of the alpha olefins market.
1-Butene–Estimated to be the largest and fastest-growing type in the alpha olefins market in 2017
1-Butene is mainly used in the production of polyolefins such as polyethylene and polypropylene which are considered major building blocks in the petrochemical industry. It is also used to manufacture fatty acids which are used in the production of plasticizers. The Asia-Pacific is driving the market for 1-Butene in the alpha olefins market. The growing packaging industry also fosters growth of 1-Butene in the region. The large consumer base in the region demands the production of polypropylene packaging materials, which therefore triggers the demand for 1-Butene and other olefins to improve the properties of the material.
Oil field chemicals–The fastest-growing application in the alpha olefins market
Oil field chemicals are also known as performance chemicals, though used in low volumes, are considered high value products. Discovery of new oil fields in emerging regions such as the Asia-Pacific, Africa, and Latin America are expected to propel the demand for specialty oil field chemicals during the forecast period. The regions are unexplored in terms of oil extraction as compared to the reserves in mature markets such as North America and Europe. The Organization of Petroleum Exporting Countries (OPEC) has been increasing oil production and is responsible for more than half of the world’s oil exports. This increasing oil production is therefore the only factor, which is perceived as a driver for the global specialty oil field chemicals market in the near future. All these factors are expected to drive the demand for oil field chemicals, which in turn is indirectly expected to support the growth of the alpha olefins market.
Asia-Pacific expected to be the fastest-growing alpha olefins market
The major driving factor for the high demand for alpha olefins in the Asia-Pacific is the high demand for polyolefins which are used to manufacture LDPE and HDPE, which are further used for the manufacture of various types of plastics and packaging that have an increasing demand in the region. China is the largest producer of polyethylene globally, which in turns drives the market for lighter alpha olefins in the country. The high demand for polyethylene and polypropylene in China and India is expected to drive the alpha olefins market in the region. Additional factors such as the presence of global polyolefin manufacturers namely, China National Petroleum Corporation (China), Reliance (India), Sinopec (China), and Tosoh (Japan), among others, are also leading to the high demand for alpha olefins in the region.
Break-up of profiles by the primary participants for the report
- By Company Type – Tier 1–37%, Tier 2–50%, and Tier 3–13%
- By Designation – C Level– 50%, Director Level–31%, and Others–19%
- By Region – North America–28%, Europe–22%, Asia-Pacific–17%, Middle East & Africa-28%, and South America–5%
The global alpha olefins market has a large number of market players; however the market is led by some of the major players, such as Royal Dutch Shell plc (The Netherlands), Chevron Phillips Chemical Company LP (US), Ineos (Switzerland), SABIC (Saudi Arabia), Sasol Limited (South Africa), Evonik Industries AG (Germany), The Dow Chemical Company (US), ExxonMobil Corporation (US), PJSC Nizhnekamskneftekhim (Russia), and Qatar Chemical Company Ltd. (Qatar), among others.
The alpha olefins market for this study is segmented on the basis of type and application. The type segment is further segmented into 1-Butene, 1-Hexene, 1-Octene, and others (1-Decene, 1-Dodecene, 1-Tetradecene, 1-Hexadecene, and 1-Octadecene, among others). The applications for this report include polyolefin co-monomers, surfactants and intermediates, lubricants, fine chemicals, plasticizers, oil field chemicals, and others.
Key benefits of buying the report
This research report is focused on various levels of analyses?industry analysis (industry trends), dive matrix, and company profiles, which together comprise and discuss the overall views on the competitive landscape; emerging and high-growth segments of the alpha olefins market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on alpha olefins offered by the top players in the global alpha olefins market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the alpha olefins market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for alpha olefins across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global alpha olefins market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the alpha olefins market