Linear alpha olefins market is expected to grow by 2026 due to growing demand for alpha olefins from the automobile industry. 1-Hexen sub-segment is expected to be the most profitable. Market in North America region to be the most dominant
NEW YORK, March 17, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Linear Alpha Olefins Market by Product (1-Octene, 1-Hexene, 1-Butene,1-Decene, 1-Dodecene, Others), By Application (Synthetic Lubricants, Detergent Alcohol, Polyethylene), Regional Outlook (North America, Europe, Asia-Pacific, LAMEA), Global Opportunity Analysis and Industry Forecast, 2019-2026".
As per the report, the global linear alpha olefins market is predicted to grow at a noteworthy CAGR of 4.9% in the 2019-2026 timeframe, thereby gathering $11,747.8 million by 2026.
Dynamics of the Market
Drivers: Various products used by automobile industry such as surfactants, lubricants, etc. are produced using alfa olefins, which has led to an increase in demand for alpha olefins. This increase in demand is predicted to be the primary growth driver of the linear alpha olefins market in the forecast period. Additionally, increasing demand for polyethylene is anticipated to help the market grow substantially in the analysis years.
Opportunities: Growing focus from key market players and competitors of this market to reduce supply-demand gap is projected to offer numerous growth opportunities for the market. Moreover, increasing usage of alpha olefins by the automobile industry is expected to be highly beneficial for the growth of the market in the forecast period.
Restraints: However, the complex process involved in the manufacturing of the component is expected to hamper the growth of the linear alpha olefins market.
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Segments of the Market
The report has fragmented the linear alpha olefins market into different segments based on product type, application, and region.
- By product type, the 1-hexen sub-segment is predicted to have the highest growth rate and garner $2,678.5 million during the forecast period. Due to the excellent chemical properties of 1-hexen, it is extensively used for manufacturing of linear low density polyethylene (LLDPE) and high density polyethylene (HDPE), which is predicted to help in the growth of this sub-segment.
- By application, the polyethylene sub-segment of the linear alpha olefins market is expected to be the most dominant and register a revenue of $4,909.4 million during the forecast period. The increase in demand for polyethylene and growing usage of low-density polyethylene (LDPE) by various industries are expected to be the two important factors behind the growth of this sub-segment.
- By regional analysis, the linear alpha olefins market in North America region is expected to be the most lucrative and grow with a CAGR of 3.6% by 2026. The vast and diverse industrial base of this region and the growing petrochemical infrastructure in this region are anticipated to be the leading growth drivers of the market in this region.
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Significant Market Players
The significant market players of the linear alpha olefins market are
- Qatar Chemical Company Ltd (Q-chem)
- INEOS Oligomers
- Evonik Industries
- Chevron Phillips Chemical Company LLC
- Petrochemicals Sdn. Bhd
- Mitsubishi Chemical Corp
- Royal Dutch Shell
- JAM Petrochemicals
- Exxon Mobil Corporation
These key market players are developing different business strategies like product development, merger and acquisitions, collaborations and partnerships to gain a commanding position in the market.
For instance, in March 2022, Univation Technology, a US-based industrial equipment supplier, and Axens, an alternate fuel and products provider, announced a partnership for the production of linear alpha olefins. This partnership will help both the partnering companies immensely as they will be able to pool their resources and integrate their operations so as to smoothen the manufacturing processes.
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The Research Dive report also summarizes many crucial aspects of the linear alpha olefins market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Linear Alpha Olefins Market:
- Alpha-SABLIN: A Jointly Developed Full-Range Linear Alpha Olefins Technology
- Global Linear Alpha Olefins Market to Gather Momentum Owing to the Rising
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