Alpha Olefins Market Overview
The global Alpha Olefins Market is estimated to grow at a CAGR of 6% during the forecast period of 2021 to 2028.
The value of the Alpha Olefins Market was USD 8.6 billion in the year 2020. By the year 2028, the Alpha Olefins Market Value is estimated to reach up to USD 13.7 billion.
The global Alpha Olefin Industry is constantly growing mainly due to the extensive use and demand from some of the growing sectors such as chemicals and O&G refineries among others. Alpha olefins are also used in the crude oil refining process and as drilling machinery fuel in oil & gas exploration. Moreover, the augmenting consumption of alpha olefins for the production of polyolefin, synthetic lubricant, and detergent escalates the market on the global platform.
Acknowledging the rapid expansion, this market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global alpha olefins market will garner exponential accruals by 2030, registering a significant CAGR throughout the review period (2022-2030). The augmenting demand for crude oil is a key driving force behind the market growth.
Other prominent factors and trends driving the global alpha olefins market include the rapid increase in oil & gas exploration & extraction activities, propelling the use of alpha olefins as drilling machinery fuel. Moreover, the rising demand for synthetic lubricants for vehicles and increasing expenditure on research activities substantiate the market demand for the product.
Simultaneously, in the view of continually increasing population, urbanization, and industrialization, the demand for energy is expected to upsurge, creating a massive demand for alpha olefins for the production of crude oil. Whereas, the improving economic conditions will support the market growth enhancing consumers’ purchasing power and the demand from the construction sector.
On the other hand, factors such as the volatility in the prices and the demand & supply gap in the raw materials required for the production of alpha-olefins impede the market growth. Nevertheless, the increasing automobile production and sales along with rising consumption of lubricants is estimated to support market growth throughout the assessment period.
Global Alpha Olefins Market - Segmentations
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Type: 1-Butene, 1-Hexene, 1-Octene, and 1-Decene among others.
By Application: Polyolefin Comonomer, Plasticizer, Lubricant, Surfactant, and Drilling Machinery Fuel among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Alpha Olefins Market - Geographical Analysis
The Asia Pacific region is expected to continue to lead the global alpha olefins market throughout the forecast period. Factors such as the burgeoning construction sector and the increased pipes production that has been surging the demand for linear alpha olefins in China, India, Indonesia, Japan, and South Korea are anticipated to fuel the market growth.
Moreover, the presence of large oil & gas reserves in this region is providing impetus to the market growth, meeting the demand for raw materials required for the production of alpha olefins. Furthermore, the augmenting demand for lubricants, motor oils for efficient and high-performance vehicles in countries such as India, Japan, and China are substantiating the growth of the APAC alpha olefins market.
The alpha olefins market in the North American region heading with the increased demand for the product, accounts for the second-largest market, globally. Key factors impacting the market growth, positively, include the increased production of crude oil, synthetic lubricants, along with the increasing production capacities of alpha-olefins and the rising economic growth rate. Accounting for the feedstock advantage and the low-cost supply of ethane, the US is likely to remain as the major revenue pocket in the region until 2023.
The European alpha olefins market is emerging as a profitable market due to the increased expenditure on innovation led by the improving economy in the region. Moreover, the increasing demand for alpha olefins from various countries such as the UK, Italy, Germany, Spain, France, and Russia hugely contributes to the growth of the regional market. Furthermore, the presence of major automobile manufacturers specifically in Germany is providing impetus to the growth of the market.
- Chevron Phillips Chemical Company (U.S.)
- SABIC (Saudi Arabia)
- Qatar Chemical Company Ltd. (Qatar)
- Royal Dutch Shell (the Netherlands)
- Evonik Industries AG (Germany)
- Sasol Limited (South Africa)
- Ineos Group Limited (U.K)
- The Dow Chemical Company (U.S.)
- Idemitsu Kosan Co. Ltd. (Japan)
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Global Alpha Olefins Market - Competitive Landscape
The well-established alpha olefins market appears to be highly competitive due to the presence of several large and small-scale players. These players incorporate strategic initiatives such as acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage as well as to maintain their positions. The significant growth potential demonstrated by the market is attracting many high-profile new entrants, which is resulting in intensifying the competition further.
These companies are evolving their portfolio, both organically and through M&A, at an unprecedented level. This, as a result, positions them even better for the faster-growing segments of the future that are obvious key to stay connected with their consumers.
Industry/ Innovation/ Related News:
January 07, 2019 –-- Royal Dutch Shell Plc. (Shell, the UK) announced starting of production at its fourth alpha olefins (AO) unit located in Geismar, the US, bringing total alpha olefins production at the site to 1.3m tonnes/year, this makes Shell, the world’s largest producer of alfa olefins.
The project is part of Shell’s push to integrate the refining and chemicals side of its business and represents a major expansion of Shell’s petrochemical business in the region that will support the Deer Park refining and chemical plant in Greater Houston.
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