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What's Driving The Internal Olefins Market Growth? | Major Manufacturers - Shell, Schlumberger, Sasol , Chevron Phillips Chemical Company, Halliburton, INEOS , Elevance Renewable Sciences, Inc., Idemitsu Kosan Co., Ltd In HCMC, Shrieve Chemical Products,

06-25-2019 06:51 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Internal Olefins Market

Internal Olefins Market

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.

Germany internal olefins market should surpass USD 90 million by 2024. It is widely used in lubricants, facilitating low emission and is considered as environment friendly, thereby enhancing product demand. Automotive manufacturers are investing in R&D activities, in order to produce ecofriendly products, thereby stimulating regional industry growth.

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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.

The shifting inclination toward synthetic drilling fluids for drilling oil & gas wells is likely to considerably boost internal olefins market share. The usage of such fluids sufficiently enhances the drilling performance and provides several benefits with regards to human health and safety, thereby augmenting the product demand. Moreover, on account of the rise in environmental concerns with respect to the impact of fluids on aquaculture, petroleum operating companies are preferring different kinds of synthetic base fluids including internal olefins, esters, synthetic paraffins, and linear alpha olefins. These fluids favor excellent well-bore stability, lubricity, and solidity at high temperature. In addition, these fluids play an important role in sound proof drilling operations, which would majorly impact internal olefins industry share. Apart from drilling operations, internal olefins can also be used for pharmaceuticals, surfactants, and agrochemical applications, which would further influence internal olefins market size.

Taking into account the huge demand-supply gap with regards internal olefins, the well-known giants in internal olefins market are looking forward to developing various types of methodologies like isomerization to manufacture products on a large scale. Moreover, many of the countries are calling upon internal olefins industry players to lead lucrative olefins projects. For instance, the Oman government has lured many investors to pour in their money in Duqm city for industrial development. Major refinery investors are now planning to establish a methanol-to-olefin factory at Duqm of production capacity 10 million tons per annum – an investment of this scale is likely to augment internal olefins market trends.

Internal Olefins Market, By Application

• Oil Drilling
• Surfactants
• Lubricants
• Agrochemicals
• Pharmaceutical

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

Considering the toxicity level, biodegradability, and human safety benefits offered by olefins, most of the personal care product manufacturers have also been giving preferences to these products. These olefins also have sufficient chemical stability and better water solubility properties, on account of which they are being used extensively across the U.S. personal care and household cleaning product industry. Even across emerging economies, these products find applications in the personal care domain, that would substantially impel internal olefins market share.

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The rapid growth in automotive market has also impacted positively on internal olefins industry share. Since there is a primary requirement of lubricants for enhancing the performance of mechanical linkages in automobiles, oil companies have been investing heavily in major regional automotive markets such as India and China.

For instance, the renowned lubricant producing company, Gulf Oil Lubricants India Ltd has partnered with Force Motors, Fiat, and Bajaj Auto to capture a substantial percentage of the internal olefins industry share. Gulf Oil, another renowned firm, has also collaborated with several original equipment manufacturers such as Ashok Leyland, Volvo Penta, Bharat Benz, L&T Komatsu, and Mahindra. Strategic JVs such as the aforementioned among oil companies and automotive giants have also encouraged other well-known players in internal olefins market including Sasol Ltd., INEOS Oligomers, Royal Dutch Shell, and Elevance, which would lucratively impact this business space.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Shell
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.

Browse key industry insights from the report, “Internal Olefins Market” in detail along with the table of contents:

The growing awareness among regional governments and regulatory bodies regarding the hazardous impact of chemical usage for household, personal care, and agricultural products is positively affecting internal olefins industry outlook. Most of the governmental bodies have framed specific norms to encourage chemical manufacturers for producing low toxic, environment-friendly, and biodegradable chemicals. Given the extent of preference for biodegradable and low toxic products, it goes without saying that internal olefins market share would traverse a profitable path in the years ahead. Global Market Insights, Inc., forecasts internal olefins industry size to cross a valuation of USD 2 billion by 2024.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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