Alpha Olefin Market 2032 | Size, Share and Industry Analysis
According to the report released by Zion Market Research, The global alpha olefin market was valued at USD 4.39 billion in 2022 and is expected to grow at a CAGR of 7.3% during the forecast period. The global alpha olefins market is exemplified by the existence of prominent players like-
Shell
Chevron Phillips
Sasol
Ineos
Evonik
SABIC
Dow Chemical
ExxonMobil
PJSC Nizhnekamskneftekhim
Qatar Chemical Company Ltd
Rising Need For Polyethylene Expected To Boost The Product Demand In Coming Period
The rising demand for polyethylene from a range of end-use industries is projected to fuel the growth of the global alpha olefins market. This rising demand is owing to its versatility, easy processability, low production cost, and recyclability. Mounting consumer spending and rising population together with growing industrial output in budding markets of India, China, Mexico, and Brazil, have driven the consumption of polyethylene. Rising polyalphaolefin demand in synthetic lubricants owing to its capability to guard engines against wearing away damages is also projected to drive market growth in the coming years. High demand is witnessed for synthetic lubricants on account of the rising use in automotive, industrial, aerospace, and marine industries. Over the course, these lubricants have achieved extensive acceptance as a result of its advantages such as enhanced thermal stability and a decrease in oil consumption.
By Type, 1-Butene Segment Expected To Be Hold The Biggest In The Alpha Olefins Market
The global alpha olefins market is bifurcated based on type, application, and region. By type, the market is divided into 1-hexene, 1-dodecene, 1-butene, 1-decene, and 1-octene. By application, the market is segmented into surfactants & intermediates, polyolefin co-monomers, fine chemicals, lubricants, oil field chemicals, and plasticizers. There has been a rise in 1-butene consumption in the plastic industry. This can be attributed to the rising plastic packaging demand in the pharmaceutical and food industries further propelling the expansion of the 1-butene segment of the market. Moreover, 1-butene is utilized as a co-monomer in rigid and flexible packaging. Thus, a key role is played by the rising plastic industry in the expansion of the 1-butene market segment in the years to come.
North America Expected To Hold The Leading Position In The Global Market
Regionally, North America held the major share in the global alpha olefins market and is expected to continue its supremacy owing to a number of reasons such as the extensive natural resources in this region, accessibility of low-cost raw materials, strong industrial base, and production of shale gas. Also, the region has a strong base of prominent polyolefin manufacturers, specifically, The Dow Chemical Company, ExxonMobil, and Chevron Phillips Chemical Co. These firms are spreading their business out in the region, thus assisting the market in North America to boost.
The global alpha olefin market is segmented as follows:
Product
- 1-Butene
- 1-Hexene
- 1-Octene
- 1-Decene
- 1-Dodecene
- Others
Application
- Polyethylene
- Detergent Alcohol
- Synthetic Lubricant
- Others
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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