Increasing Requirement for Alpha Olefins for Specialty Chemicals' Production Driving Alpha Olefins Market

In 2017, the global alpha olefins market generated a revenue of $11,704.2 million and is expected to attain $15,846.5 million in 2023, registering a 5.4% CAGR during the forecast period (2018-2023). The market is growing due to the increasing demand for alpha olefins for the production of specialty chemicals and polyolefin comonomer production. Alpha olefins are olefins or alkenes which have the chemical formula CxH2x. They are differentiated from other mono-olefins on the basis of their linearity of the hydrocarbons chains and the position of double bond at the alpha position.

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When type is considered, the alpha olefins market is categorized into 1-butene, 1-dodecene, 1-hexene, 1-decene, 1-octene, and others (which include 1-octadecene, 1-tetradecene,and 1-hexadecene). 1-hexene dominated the market during the historical period (2013-2017), with a revenue contribution of over 30.0% in 2017, and is further projected to hold the largest share of the market during the forecast period. This is because of its utilization in the production of several products, including synthetic fatty acids, oxo alcohols, and hexyl mercaptans. 1-butene is predicted to grow at the fastest pace during the forecast period.

The increasing requirement for alpha olefins for the production of specialty chemicals is another primary driving factor of the alpha olefins market. Alpha olefins are utilized as raw materials in the production of different specialty chemicals, such as plastomers, surfactants, plasticizers, oilfield chemicals, lubricants, and others. For instance, ethylene alpha-olefin copolymers, also known as plastomers, are produced from the process of polymerization, supported by metallocene catalyst. Because plastomers exhibit properties of both plastics and elastomers, they are utilized in polymer modifications and packaging applications.
Among the different regions, namely Europe, Middle East & Africa (MEA), North America, Asia-Pacific (APAC), and Latin America (LATAM), North America accounted for the largest revenue share of the alpha olefins market during the historical period, holding over 50.0% share in 2017, and is projected to dominate the market during the forecast period as well. The reason for this is the increased consumption of plastic in the region and rising production capacity of the compound.

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Alpha Olefins Market Competitive Landscape

Some of the major players operating in the global alpha olefins market are Royal Dutch Shell Plc, Chevron Phillips Chemical Company LLC, INEOS Group Holding S.A., Evonik Industries AG, Saudi Basic Industries Corporation, ExxonMobil Corporation, Qatar Chemical Company Ltd., PJSC Nizhnekamskneftekhim, Sasol Limited, and Idemitsu Kosan Co. Ltd.

Global Alpha Olefins Market Segmentation

By Type

1-Butene
1-Hexene
1-Octene
1-Decene
1-Dodecene
Others
By Application

Polyolefin Comonomers
Surfactants and Intermediates
Synthetic Lubricants
Petroleum Additives
Plasticizers
Oilfield Chemicals
Others
By Region

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Russia
Rest of Europe
Asia-Pacific (APAC)
China
Japan
India
Singapore
Rest of APAC
Latin America (LATAM)
Brazil
Mexico
Rest of LATAM
Middle East & Africa (MEA)
Saudi Arabia
U.A.E.
South Africa
Rest of MEA

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This release was published on openPR.