Future Market Insights, Inc. (FMI) predicts a robust future for the alpha olefins market, driven by the increasing demand for polyethylene and its diverse applications. Find out the market drivers and stakeholder advantages in our FMI report
NEWARK, Del., Feb. 2, 2024 /PRNewswire/ -- The Alpha Olefins Market value is expected to rise from US$ 7.6 billion in 2024 to US$ 13.5 billion by 2034. The market is expected to grow at a CAGR of 5.90% over the next decade.
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Sales of alpha olefins are predicted to surge on account of the growing demand for polyethylene, which is used in multiple applications like industrial processes, packaging, consumer goods, and others.
Product developers with cost and design targets opt for alpha olefin sulfonates (AOS) based formulations as they can be adjusted to function well with common secondary ingredients. Some categories where AOS-based formulations are used are mass, economy, luxury, and premium.
Market leaders are expected to continuously expand their production capacity of alpha olefins to meet the rising demand for various everyday consumer products, as well as market balance and product prices.
"Key players are proactively interacting with regulatory bodies and promoting industry-friendly policies to stay ahead of their competition," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Alpha Olefins Market Report
- The alpha olefins market grew at a CAGR of 7.6% during the historical period. Over the forecast period, the CAGR is predicted to be 5.9% through 2034.
- In the United States, the market is estimated to generate revenue worth US$ 2.4 billion by 2034.
- In the United Kingdom, the market is projected to expand at a CAGR of 7.1% through 2034, reaching a valuation of US$ 545.3 million by the end of the forecast period.
- China's alpha olefins industry is assessed to register a CAGR of 6.7% through 2034 to attain a net worth of US$ 2.1 billion by 2034.
- South Korea is predicted to be a highly promising market for alpha olefins, expanding at a CAGR of 8% through 2034.
- From 2024 to 2034, Japan is anticipated to attain a market valuation of US$ 1.5 billion by 2034.
- The 1-octene segment is predicted to register a CAGR of 5.7% through 2034.
- The synthetic lubricants segment is anticipated to record a CAGR of 5.5% through 2034.
Competitive Landscape
Key players are investing in building a strong brand image via customer relationship management and effective marketing campaigns to attract more customers. Additionally, industry players are emphasizing unique product performance, cost-savings, or environmental advantages of their alpha olefins than their counterparts to influence buying decisions.
Manufacturers are recognizing the value of integrating technology and automation to enhance efficiency and reduce costs, making products more competitive. Additionally, players are increasing their profits and competitiveness by identifying cost-effective sources of raw materials and improving logistics management.
Key Manufacturers in Alpha Olefin Market
- Huntsman Corporation
- Clariant AG
- P. Chemicals
- Kao Corporation
- Zanyu Technology Group Co. Ltd.
- Stepan Company
- Pilot Chemical Company
- Nouryon
- Enaspol
- Rohit Surfactants Private Limited
- Others
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Recent Developments in the Alpha Olefins Market
- In May 2021, Chevron Phillips Chemical revealed its plans to increase its alpha olefins business with a second world-scale unit to manufacture on-purpose 1-hexene. As the demand for high-performance polyethylene continues to rise in everyday products like packaging for food, pharmaceuticals, and detergents, among many others, the company is set to expand to remain a leading supplier of alpha olefins.
- In October 2022, Chemanol, a Saudi Arabia-based company, entered an agreement with Global Company for Downstream Industries (GDI) to manufacture specialty chemicals, including poly alpha olefins.
Key Segments Covered in the Alpha Olefin Market Report
By Product:
- 1-Octene
- 1-Hexene
- 1-Butene
- Others
By Application:
- Synthetic Lubricants
- Detergent Alcohol
- Polyethylene
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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