What are Major Factors Driving Growth of Global Alpha Olefins Market?

The burgeoning demand for alpha olefins in the production processes of various specialty chemicals such as lubricants, oilfield chemicals, surfactants, plastomers, and plasticizers is one of the biggest factors fuelling the rise in their sales throughout the world. Plastomers are widely used in various packaging applications and polymer modifications, owing to their hybrid characteristics of plastics and elastomers, excellent compatibility with hard water, and the ability to provide low-costs advantages in the production of surfactants and good foaming.

The soaring requirement of polyolefin comonomers, which are used in the production of plastic, and growing popularity of poly-alpha-olefin-based lubricants are the other major factors responsible for the growing demand for alpha olefins across the globe. The poly-alpha-olefin-based lubricants provide greater viscosity index and higher oxidative stability than the conventionally used mineral oils and are thus, being extensively used in various industries all around the world.

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Due to the above-mentioned reasons, the revenue attained from the global sales of alpha olefins is expected to increase from $11,704.2 million to $15,846.5 million from 2017 to 2023. The global alpha olefins market is predicted to demonstrate stable growth, with a CAGR of 5.4% during the forecast period (2018—2023). Alpha olefins are heavily used in various applications such as in the production of polyolefin comonomers, synthetic lubricants, surfactants and intermediates, plasticizers, oilfield chemicals, and petroleum additives. Amongst these, polyolefin comonomers are expected to register the fastest growth in the usage of alpha olefins during the forecast period.

The biggest rage presently being witnessed in the alpha olefins market is the escalating requirement of heavier alpha olefins in the Middle East and North America. This is mainly credited to the fact that North America is currently one of the biggest consumers and producers of alpha olefins. Moreover, the region is home to a large number of companies producing ethylene crackers along with specialty grades polythene, which further boost the need for heavy alpha olefins in the region.

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Geographically, North America registered the highest usage of alpha olefins in the last few years. This is primarily ascribed to the increasing demand for alpha olefins in several industries in the region such as automotive, plastics, and construction. In addition to this, North America is the largest consumer and producer of the chemical compound all over the world. Furthermore, the soaring production and usage of plastics are significantly propelling the demand for alpha olefins in the region.

Hence, it can be said with certainty that the sales of alpha olefins will shoot-up throughout the globe in the future years, mainly because of its increasing requirement in the production of different types of specialty chemicals and plastics and its widespread utilization in several industries such as automotive and construction in many countries around the world.

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