Alpha Olefins Market Size, Share, Growth Analysis, By Product(1-Butene, 1-Hexene, 1-Octene, 1-Decene), By Application(Polyethylene, Detergent Alcohol, Synthetic Lubricant, Others), By Region - Industry Forecast 2024-2031

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.