New York, USA, May 25, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global alpha olefins market is anticipated to generate a revenue of $8,172.3 million and rise at a CAGR of 7.5% during the forecast timeframe from 2022 to 2031.
As per our analysts, the increasing demand for alpha olefins in the automotive sector to manufacture a range of lubricant and fuel additives is expected to boost the growth of alpha olefins during the forecast period. Moreover, the rising usage of alpha olefins as paper-sizing chemicals, biodiesel, synthetic lubricants, plasticizers, and oil-field chemicals, is expected to create several growth opportunities for the alpha olefins market during the forecast years. However, the cost involved in the raw materials and manufacturing of the components is projected to hinder the growth of the market in the upcoming years.
Request an Exclusive PDF Sample of the Alpha Olefins Market (Including Tables, TOC, and Figures)
Segments of the Alpha Olefins Market
The report has divided the market into segments based on product, application, and region.
Product: 1-Hexene Sub-Segment to be the Most Productive
The 1-hexene sub-segment accounted for the largest market share in 2021. The increasing use of 1-hexene as a co-monomer to produce polyethylene and plasticizers due to the rising expansion of the packaging industry is predicted to drive the growth of the sub-segment during the forecast period.
Application: Polyethylene Sub-Segment to be the Most Profitable
The polyethylene sub-segment generated the highest share in the alpha olefins market in 2021. This is mainly because polyethylene is considered the most significant polyolefin plastic owing to its processing, chemical, and mechanical stability. Moreover, the increasing demand for polyethylene in packaging materials such as films, plastic bottles, bags, and containers is expected to boost the growth of the sub-segment during the forecast period.
Region: North America Market to Hold the Maximum Share of the Market
The North America region is expected to hold the largest share of the alpha olefins market during the forecast period. This is mainly due to the rising implementation of technological advancements and expansions in the alpha olefins sector in the region to improve their profit margin. In addition, the availability of cheap raw materials and the extraction of shale gas across the region are factors expected to drive the regional growth of the market during the forecast period.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Alpha Olefins Market
COVID-19 impact on the Alpha Olefins Market
The outbreak of the novel coronavirus has brought several uncertainties across various industries. It has also severely affected the alpha olefins market. This is mainly due to the disruptions in the supply chain, closure of manufacturing plants, and economic slowdown across various countries during the pandemic period. Moreover, the automotive sector has observed a significant impact in terms of sales and project acquisition which has further decreased the demand for alpha olefins throughout the crisis.
Key Players of the Alpha Olefins Market
The major players of the global market include
- INEOS Oligomers
- Petrochemicals(M) Sdn. Bhd
- Exxon Mobil Corporation
- Royal Dutch Shell
- Mitsubishi Chemical Corp
- Evonik Industries
- Chevron Phillips Chemical Company LLC
- JAM Petrochemicals Company
- Qatar Chemical Company Ltd (Q-chem)
Request an On-Demand Customization of the Specific Segments or Regions on the Alpha Olefins Market
For instance, in January 2022, Evonik Industries AG, a leading German specialty chemicals company announced expansion of its amorphous poly-alpha-olefins product portfolio. Behind this portfolio expansion, the company aims to offer a sustainable product range for the adhesives industry. These new products are marketed under the brand name VESTOPLAST eCO and have the capability of reducing significant CO2 emissions compared to petrochemical-based materials.
Furthermore, the report also presents various other crucial aspects including SWOT analysis, financial performance of the key players, product portfolio, and latest strategic developments.
More about Alpha Olefins Market:
- Can Alpha Olefins be Considered as an Ideal Material for Many Versatile Solutions for Combating Future Challenges?
- Rising Demand for Alpha Olefin in the Automobile Industry to Boost the Growth of the Global Alpha Olefins Market by 2031
