Alpha Olefin Market to garner appreciable gains over 2020-2026 | Royal Dutch Shell, INEOS, Evonik Industries, SABIC, ExxonMobil, Sasol
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Growth will predominantly come from the Middle east and Africa region, primarily led by Saudi Arabia, UAE, and South Africa. The expanding oil and gas exploration is expected to drive the demand for alpha olefin in the region. As per reliable sources, the oil and gas sector in Saudi Arabia accounts for nearly 50 per cent of the GDP, and over 70 per cent of export earnings. Above that, developments in the field of oil and exploration across the region is expected to bolster alpha olefin industry.
For instance, UAE, recently announced the discovery of 80 tcf gas field, which has been considered to be the world's biggest active gas field since 2005. Apparently, this would allow the country to become self-sufficient in gas supply by the end of 2030.
Polyolefin co-monomers, lubricants, plasticizers, fine chemicals, oil field chemicals, surfactants and intermediates, and several other applications will continue to remain as key application in the alpha olefin market industry. Of these, polyolefin co-monomers are estimated to hold a lion's share in the overall market, perhaps attributing to the increasing use of these across myriad industries around the world such as construction, automotive, plastics, and others.
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Likewise, robust demand for these compounds in emerging economies like India, China, and Brazil aligned with the surging demand from plastic molding and injection and packaging industries would stimulate the industry outlook over the foreseeable time span. Besides, ongoing advancements in polymer technology would also equally contribute to the segmental growth in the years ahead.
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