The global alpha olefins market is expected to grow primarily due to the rising use of surfactants. The polyethylene sub-segment is expected to expand immensely in the upcoming years. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, June 9, 2023 /PRNewswire/ --
Global Alpha Olefins Market Forecast Analysis:
As per the report published by Research Dive, the global alpha olefins market is expected to register a revenue of $8,172.3 million by 2031 at a CAGR of 7.5% during the forecast period of 2022 to 2031.
Segments of the Alpha Olefins Market
The report has divided the alpha olefins market into the following segments:
- Product: 1-octene, 1-hexene, 1-butene, and others
- 1-Hexene - Highest market share in 2021
1-hexene is mainly used as a comonomer in the synthesis of polyethene, which is expected to boost the sub-segment growth during the 2022 to 2031 timeframe. - Application: synthetic lubricants, detergent alcohol, polyethylene, and others
- Polyethylene - Most profitable in 2021
Polyethylene has become the most important polyolefin plastic owing to its remarkable processing, mechanical, and chemical stability, which is expected to boost the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America - Significant market share in 2021
The alpha olefins industry is implementing a variety of technological innovations and expansions in order to meet the rising demand and increase their profit margins. These factors are predicted to drive the regional market growth during the forecast period.
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Dynamics of the Global Alpha Olefins Market
The increasing demand for polyethylene production from the plastics industry is expected to drive the alpha olefins market growth during the forecast period. In addition, the usage of alpha olefins as biodiesel and in the manufacturing of olefins is predicted to boost the market forward. However, the expensive raw materials and production of the components might act as a restraining factor for the growth of the market.
Increasing R&D by major key players is predicted to create numerous growth opportunities in the market during the forecast period. Moreover, alpha-olefin consumption is rising globally due to an increase in use of alpha-olefins in a variety of industries, which is expected to drive the alpha olefins market forward in the upcoming years.
COVID-19 Impact on the Global Alpha Olefins Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The alpha olefins market, too, was negatively impacted due to the pandemic. Supply chain disruptions, factory closures, and a global economic downturn reduced demand for alpha olefins. In addition, major alpha olefins-producing nations including the U.S. and China, were subject to import-export restrictions. These factors significantly hindered the market growth amidst the pandemic.
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Key Players of the Global Alpha Olefins Market
The major players of the market include
- Chevron Phillips Chemical Company LLC
- Qatar Chemical Company Ltd. (Q-chem).
- Mitsubishi Chemical Corp
- INEOS Oligomers
- Exxon Mobil Corporation
- Royal Dutch Shell
- Petrochemicals Sdn. Bhd.
- JAM Petrochemicals Company
- Evonik Industries
These players are working on developing strategies such as product development, mergers and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in March 2022, ExxonMobil, a significant worldwide oil & gas company with a public stock market, announced that the new linear alpha olefins (LAO) production facility at its Baytown, Texas, integrated petrochemical complex is proceeding and aiming for a mid-2023 commercial start up. When fully operational, the new plant will have the ability to generate about 350,000 metric tons of LAO per year.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments).
More about Alpha Olefins Market:
- Can Alpha Olefins be Considered as an Ideal Material for Many Versatile Solutions for Combating Future Challenges?
- Rising Demand for Alpha Olefin in the Automobile Industry to Boost the Growth of the Global Alpha Olefins Market by 2031
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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