Press release
Light Linear Alpha Olefin Market Competitive Analysis & Forecast by 2017 - 2024.
Plastic is extensively used in packaging, construction and automotive industry. The product is a major element in producing plastics. It helps the automobile to reduce overall weight of vehicle and give higher fuel efficiency. With growing demand for plastic in various industry will positively impact light linear alpha olefin market.
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Increasing demand of automobiles will lead to surge in light linear alpha olefin market in the forecast time. Goods and service tax is the factor that drives demand in the industry. Overall reduction of tax burden on consumers has triggered spending on vehicles. This industry is one of the major contributor in economy and revenue generation. Rise in disposable income of customers is another factor that propels automobile sector and influences demand of the product. Component is widely used in plastics that are used to manufacture vehicles.
Growth in the wax industry will positively impact light linear alpha olefin market. The component has low molecular weight that is used to enhance properties of wax. Rising demand for wax in candle making will positively impact component demand in forecast period.
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Growing housing chores has accelerated usage of the product worldwide. Component is extensively used in dishwashing, surface cleaning and laundry surfactant detergents. Residential construction activities are growing with the increasing population, which has increased the need for cleaning, washing and proper maintenance of the house. Rising construction of residential buildings will boost growth in light linear alpha olefin market.
Challenges faced by light linear alpha olefin market is manufacturing of the component. The process requires drastic pressure and temperature condition. Implementation of wrong process can have led to defects in products that cannot be changed or used further. While producing the component it releases harmful traces that can harm the environment.
Light linear alpha olefin market is segmented based on product into butene, hexane, octane, decene, dodecene and octadecene. End user industry is divided into medical, wax, plastic and automobile. Bifurcation based on application includes medicines, automotive plastic and high-quality wax.
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North America, led by the U.S. will witness surge in light linear alpha olefin market in forecast time. The country is largest producer of plastics. Compound is largely used in manufacturing and recycling of plastic. Increasing production and export in the country will positively impact component demand in next five years.
Key manufacturers in light linear alpha olefin market are Chevron Phillips, Shell, Ineos, SABIC, Idemitsu, Sasol Limited, Dow Chemicals Company, Exxon Mobil Chemical Company and Chemsynth Corporation. Companies are emphasizing on developing advanced component with easy manufacturing process to sustain in the chemical industry.
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