Global Alpha Olefins Market, Size, Share, Growth, Trends, and Forecast To 2022 – by Credence Research
According to a new market report
published by Credence Research “Alpha Olefins Market Growth,
Future Prospects and Competitive Analysis, 2016 – 2024,” the global alpha
olefins market is expected to reach over US$ 13.4 Bn by 2024, expanding at a
CAGR of 6% from 2016 to 2024.
Browse
the full Alpha Olefins Market by product type 1-Butene, 1-Hexene,
1-Octene, 1-Decene, 1-Dodecene and Others; by application Polyethylene,
Detergent Alcohol, Synthetic lubricant and Others - Market Growth, Future
Prospects and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/alpha-olefins-market
Market
Insights
The
global alpha olefins market was evaluated at USD 8.0 Bn during year 2015. Growing
demand for polyethylene from packaging sector is predicted to remain a main
aspect for global alpha olefins market in future. The rising demand for
polyalphaolefin in synthetic lubricants owing to reduced wear and tear of
engine is predicted to enhance the demand for alpha olefins in future. Growing
concerns about environment regarding automobile pollution has propelled the
demand for polyalphaolefin dependent synthetic lubricants in the past.
Optimistic overview on oilfield drilling events is foreseen to augment the
demand for alpha olefins in future. Easy accessibility of ethylene which is a
main raw material for manufacture of alpha olefins is also anticipated to
nurture the growth and expansion of the global alpha olefins market.
Diminishing costs of raw materials are also anticipated to encourage the demand
for alpha olefin in different end use sectors.
Fluctuating
costs of raw materials due to unrests in shale gas and crude oil costs is one
of the key factors that can inhibit the growth of the global alpha olefins
market. Government rules on the utilization of polyethylene along with growing
customer consciousness regarding environmental risks caused by use of
polyethylene is also projected to hinder the growth of the industry. Rising
demand for bio degradable substances has compelled the producers of alpha
olefins to focus on research & development activities for introduction of
bio-based raw material.
Producing
bio-based alpha olefins will help to curb the dependence on fossil-based raw
materials and help in minimizing carbon emissions. This is predicted to create
new avenues for the current industry players during the estimated period.
Growing demand for alpha olefins from different end use sectors has compelled
the producers to concentrate on capacity expansion. Producers are also involved
in creating on demand alpha olefins production methods in order to increase the
production of specific alpha olefins
Shell
Chemicals Limited, Sinopec Beijing Yanhua, Idemitsu Petrochemical Company
Limited, Nizhnekamskneftekhim, Chevron Phillips Chemical Company LLC., Sasol
Limited, ExxonMobil Corporation, ONGC, Qatar Chemical Company II Limited, The
Dow Chemical Company, Royal Dutch Shell Plc., Mitsubishi Chemical Corporation,
Qatar Chemical Company Limited, Saudi Arabia Basic Industries Corporation,
Evonik Industries AG, TPC Group, Ineos Group Limited are few key manufacturers
in alpha olefins market.
Key
Trends:
·
Polyethylene emerged as the
leading application segment
·
Automotive and consumer goods are
driving segments for alpha olefins
·
Increasing share of LLDPE application
segment
·
Asia Pacific is expected to register
the highest growth rate
·
·
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