USD 10.46 billion
Report ID:
SQMIG15A2117 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
67
|Figures:
75
Alpha Olefins Market size was valued at USD 10.46 billion in 2022 and is poised to grow from USD 10.97 billion in 2023 to USD 16.09 billion by 2031, growing at a CAGR of 4.90% during the forecast period (2024-2031).
Alpha-olefins are a class of organic compounds that consist of alkenes (also known as olefins) with the chemical formula CxH2x and are distinguished by the presence of a double bond in the primary or alpha position. This place of a double bond increases the compound's reactivity and makes it useful for a variety of applications. Alpha-olefins are classified into two types: branched and linear (or normal). The chemical properties of branched alpha-olefins with a branch on the second (vinylidene) or third carbon number differ significantly from those of linear alpha-olefins and those with branches on the fourth carbon number and further from the beginning of the chain. Polyethylene is manufactured using alpha olefins. As a result, the increasing demand for polyethylene production from the plastics industry is expected to drive the market for alpha olefins.
Moreover, the Rising demand for alpha olefins in a variety of applications such as polyolefin co-monomers, surfactants and intermediates, automotive, and others is expected to boost the alpha olefins market in the forecasting years. In addition, rising demand for pao-based synthetic lubricants and a growing population are expected to drive the market in the coming years. Furthermore, an increase in demand for alpha olefins-based food packaging products, as well as rising R&D expenditure for the production of bio-based alpha-olefins, are expected to fuel the market during the forecasted period.
US Alpha Olefins Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.46 billion
Largest Segment
Polyethylene
Fastest Growth
Polyethylene
Growth Rate
4.90% CAGR
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Global alpha olefins market is segmented based on the product, type and region. Based on product, it is classified into 1-Butene, 1-Hexene, 1-Octene, 1-Decene, 1-Dodecen, Others. Based on application, it is classified as Polyethylene, Detergent Alcohol, Synthetic Lubricant, Others. And Based on Region it is classified as North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Analysis by Product
Based on product, 1-hexene is expected to be the fastest-growing product segment Over the forecast years. The increasing use of 1-hexene as a common monomer in the production of High-Density Polyethylene (HDPE) and Linear Low-Density Polyethylene (LLDPE) polymers is expected to boost segment growth. Rising demand for polyethylene due to expanding automotive and consumer goods markets in China, India, and Brazil is expected to drive the 1-hexene segment even further. It is also used as an additive in synthetic lubricants, which is expected to drive market growth further. Demand for 1-dodecane from industrial and household cleaners, as well as increased application in the personal care industry, will drive growth in this product segment, as 1-dodecane is used to make detergent alcohols. However, rising demand for bio-based detergent alcohols and alkyl aromatics is expected to replace 1-dodecane.
Analysis by Application
Based on application, Polyethylene is the most important application segment of the market share. The construction industry is the most important application market for polyethylene compounds. Polyethylene is also used in the packaging industry and for prototype development on CNC machines and 3D printers. High-density polyethylene is easy to process at a low cost, has a good moisture barrier, and can be used to make opaque packaging. Moreover, Because of its low production costs, heat sealability, high clarity and elongation, and softness, low-density polyethylene is frequently preferred in the field of application. The implementation of stringent pollution control regulations is expected to drive demand for synthetic lubricants. Rising R&D spending is also expected to play a significant role in driving demand for synthetic lubricants. Furthermore, the broad range of applications for these lubricants is expected to drive the market even further.
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Chevron Phillips, INEOS, and Shell are the three largest producers of Linear Alpha Olefins (LAO) via ethylene oligomerization. These companies are well-known in North America, Western Europe, and the Middle East. Western Europe, on the other hand, is likely to face a limited supply of ethylene and will continue to produce LAO via extractive distillation or the full range process with minor capacity additions. Heavy LAOs are the focus of investments in the Middle East and North America. These regions are expected to focus on specialty polyethylene grades, with a particular emphasis on the production of C6 and C8 LLDPE.
Rapid urbanisation and industrialization in China and India are expected to drive polyethylene product demand. Various government incentives and favourable regulatory environments in China, India, Malaysia, and Indonesia have boosted the growth of the Asia Pacific manufacturing sector. Polyethylene, detergent alcohols, synthetic lubricants, and plasticizers all use the product. Increased production of these products in Asia Pacific is expected to further drive the regional market over the forecast period.
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Drivers
Shale Gas to Bolster Demand for Alpha Olefins
Restraints
Stringent Regulations to Hinder Market Growth
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alpha olefins market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. The alpha olefin market is partially consolidated, with both international and domestic players
Top Player's Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our alpha olefins market analysis, in terms of product, 1-hexene segment and in terms of application, Polyethylene held a larger market share and it is expected that it can boost the market value in the forecast year. the increasing demand for alpha olefins in a variety of applications including polyolefin co-monomers, surfactants and intermediates, automotive, and others, as well as an increase in demand for alpha olefins-based food packaging products, are expected to boost the alpha olefins market over the forecast years. Moreover, High price of raw material and government regulation are the most challenging factor for the alpha olefins market
Report Metric | Details |
---|---|
Market size value in 2023 | USD 10.46 billion |
Market size value in 2031 | USD 16.09 billion |
Growth Rate | 4.90% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Alpha Olefins Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Alpha Olefins Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Alpha Olefins Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Alpha Olefins Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15A2117
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