Press release
Internal Olefins Market to hit $2 bn by 2024
Positive application outlook in surfactants, pharmaceutical and oil drilling industries should stimulate internal olefins market growth. Rising environmental awareness along with shifting consumer focus for quality personal care products will have positive impact on industry growth.
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Strict regulations by REACH & EPA across oil drilling industries coupled with increasing automobile sales in India, China and Brazil will propel industry growth. Automotive manufacturers prefer to use synthetic lubricants over conventional owing to addition of internal olefins in it. They have properties like biodegradability, thermal stability and lubricity which help in preventing sludge formation in vehicle engines.
Lubricants application should surpass USD 350 million by 2024. Internal olefins used in lubricants enhances fuel efficiency, vehicle performance and equipment life. It is mainly used in industrial and automotive lubricants owing to mandatory compliance implemented by REACH and EPA and act as synthetic oil base stock, helping in maintaining performance and cost ratio of the manufacturers.
Internal olefins are dependent majorly on the raw materials including ethylene and n-paraffins. Ethylene oligomerization process are prominently used in the manufacturing of alpha olefins. Fluctuation in raw material prices may hinder internal olefins market price trend and affect industry profitability.
Browse key industry insights spread across 120 pages with 92 market data tables & 26 figures & charts from the report, “Internal Olefins Market Size By Application (Oil Drilling, Surfactants, Lubricants, Agrochemicals, Pharmaceuticals) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Australia, Brazil, Saudi Arabia, UAE, South Korea), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/internal-olefins-market
Internal olefins demand from surfactants applications is likely to witness significant growth at over 4.5% by the end of projected period. These products when added to surfactants are highly compatible with hard water and possess good wetting and foaming characteristics. Surfactants include bubble baths, powder & liquid detergents, liquid hand soap and shampoos are free of skin irritants and sensitizers.
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.
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.
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Russia internal olefins market size is likely to grow over 3.5% by the end of forecast period. Increasing awareness pertaining to advantages of synthetic lubricants over its counterparts for cost effectiveness and higher fuel efficiency should propel regional demand. Rapid development in automotive sector and increase in personal vehicle ownership should drive industry growth.
Shell, Sasol, Elevance and INEOS Oligomers are the main industry players in the internal olefins market. Strong R&D spending by automotive and oil & gas manufacturers in order to comply with environmental norms may enhance product portfolio thereby driving industry growth.
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