Press release
$2 bn Opportunity by 2024 in the Internal Olefins Market: Global Key Vendors - Schlumberger, Halliburton, SABIC, Shell, INEOS, Sasol, Chevron Phillips Chemical Company
U.S. Internal Olefins Market Size, By Application, 2016 & 2024, (USD Million)
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Russia internal olefins market size is likely to grow over 3.5% by the end of forecast period. Increasing awareness pertaining to advantages of synthetic lubricants over its counterparts for cost effectiveness and higher fuel efficiency should propel regional demand. Rapid development in automotive sector and increase in personal vehicle ownership should drive industry growth.
Industry impact forces
Growth drivers
• Growing oil field drilling and exploring activities in North America
• Growing synthetic based lubricants demand in Asia Pacific
Industry pitfalls & challenges
• Availability of substitute
U.S. internal olefins market demand is likely to exceed USD 750 million by 2024. Increase in oil & gas exploration owing to shale gas revolution has resulted into growth in drilling platforms. The product has extensive usage in oil drilling due to its well-bore stability, lubricity and thermal stability which helps in lesser environmental impact caused by drilling.
Internal Olefins Market, By Application
• Oil Drilling
• Surfactants
• Lubricants
• Agrochemicals
• Pharmaceutical
Internal olefins market demand from pharmaceutical applications may exceed USD 100 million by 2024. It is used as pharmaceutical intermediates, offering higher surface activity compared to other terminal olefins. Pharmaceutical intermediates are mixed with other chemicals to form various medicines used to fight diseases.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Shell
2. INEOS
3. Elevance Renewable Sciences, Inc.
4. Sasol
5. Chevron Phillips Chemical Company
6. Schlumberger
7. Halliburton
8. Idemitsu Kosan Co., Ltd in HCMC
9. Shrieve Chemical Products, Inc.
10. SABIC
11. INFINEUM INTERNATIONAL LIMITED
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Shell, Sasol, Elevance and INEOS Oligomers are the main industry players in the internal olefins market. Strong R&D spending by automotive and oil & gas manufacturers in order to comply with environmental norms may enhance product portfolio thereby driving industry growth.
Internal olefins demand from surfactants applications is likely to witness significant growth at over 4.5% by the end of projected period. These products when added to surfactants are highly compatible with hard water and possess good wetting and foaming characteristics. Surfactants include bubble baths, powder & liquid detergents, liquid hand soap and shampoos are free of skin irritants and sensitizers.
Browse key industry insights from the report, “Internal Olefins Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/internal-olefins-market
Internal Olefins Market size is set to surpass USD 2 billion at the end of 2024. Positive application outlook in surfactants, pharmaceutical and oil drilling industries should stimulate internal olefins market growth. Rising environmental awareness along with shifting consumer focus for quality personal care products will have positive impact on industry growth.
Strict regulations by REACH & EPA across oil drilling industries coupled with increasing automobile sales in India, China and Brazil will propel industry growth. Automotive manufacturers prefer to use synthetic lubricants over conventional owing to addition of internal olefins in it. They have properties like biodegradability, thermal stability and lubricity which help in preventing sludge formation in vehicle engines.
Lubricants application should surpass USD 350 million by 2024. Internal olefins used in lubricants enhances fuel efficiency, vehicle performance and equipment life. It is mainly used in industrial and automotive lubricants owing to mandatory compliance implemented by REACH and EPA and act as synthetic oil base stock, helping in maintaining performance and cost ratio of the manufacturers.
Internal olefins are dependent majorly on the raw materials including ethylene and n-paraffins. Ethylene oligomerization process are prominently used in the manufacturing of alpha olefins. Fluctuation in raw material prices may hinder internal olefins market price trend and affect industry profitability.
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