Alpha Olefins Market Forecasted to Perceive Significant Growth by 2032

Pune, India, February 01, 2018/MRFR Press Release/- Market Research Future published a Half Cooked Research Report on “Global Alpha Olefins Market Research Report - Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2032.

Royal Dutch Shell plc, Chevron Phillips Chemical Company LLC, Ineos Group Limited, SABIC, Sasol Limited, The Dow Chemical Company, PJSC Nizhnekamskneftekhim, Qatar Chemical Company Ltd., Evonik Industries AG, and Idemitsu Kosan Co.,Ltd. among others are some of the prominent players at the forefront of competition in the Global Alpha Olefins Market and are profiled in MRFR Analysis. 

Alpha Olefins Market – Overview;

Alpha Olefins are predominantly utilized in various applications such as plasticizer, lubricant, drilling machinery fuel, surfactant, polyolefin co-monomer, and others. Alpha Olefins market is predicted to witness strong due to growing demand from automobile sector, rapid industrialization, and increasing demand from construction sector.  In addition, among the end use application segment polyolefins co-monomer accounted for the largest market share in 2016 and holds for around 29% market share due to their wide usage in automotive application, industrial applications, household and packaging applications. Furthermore, increasing demand in numerous application segments due to their versatility, recyclability, and low cost is predicted to propel the polyethylene market. The lubricant segment is expected to register healthy growth on account of increasing demand from automotive and industrial sector. Furthermore, rising population combined with the increasing need of infrastructure development is predicted to fuel the growth of the market.

Geographically, Asia Pacific emerged as the largest market for alpha olefins followed by Europe and North America. The Asia Pacific alpha olefins market is estimated to witness significant growth with a healthy CAGR over the assessment year on account of rising demand from automotive and packaging industries. Moreover, the demand for alpha olefins is predicted to rise in numerous countries of Asia Pacific such as China, India, Thailand, Malaysia, Japan, Australia, and South Korea on account of rising building & construction activities combined with high adoption rate from various end use industries. Apart from this, rising investment by key market players in their innovation and research & development activities and shifting of alpha olefins manufacturing unit in this region is predicted to fuel the alpha olefins regional market growth. North American market is expected to witness steady growth due to rising demand for alpha olefins based lubricants and plastics which is further utilized in many industries. North American market is further classified into U.S. and Canada, among them U.S. is expected to be the major contributor in the regional market growth on account of robust growth of automobile and increasing oil drilling sector. European market is estimated to witness moderate growth due to increasing awareness regarding the benefits associated with the product as well as growing purchasing power of consumer. In addition, developing countries of Latin America and the Middle East & Africa are estimated to witness above average growth due to strong consumer base for automobile and construction sector.

Industry/ Innovation/ Related News:

June 2017- A U.S. based Chevron Phillips Chemical Company announced that the company has completed the production capacity expansion of its poly alpha olefins (PAO) at its Cedar Bayou plant in Texas. The company has increased the capacity by 20% which will help company to meet the rising demand for high performance lubricants in industrial and automotive applications.

October 2016- INEOS, announced to build a new linear alpha olefin plant at its Bayou site. This expansion facility is expected to cost around USD 500 Million, and completion will be done by the end of 2018. With this capacity expansion the company will able to meet the growing demand for alpha olefins across the globe.

November 2015- Shell Chemical LP announced to construct a fourth alpha olefin unit at its chemical manufacturing site in Geismar, Louisiana. The plant is of capacity of around 425,000 tonnes and is predicted to be complete by end 2018. With this capacity expansion, the company will bring total alpha olefins production capacity to more than 1.3 million mt/year which will make the site as largest alpha olefins manufacturer across the globe.

Competitive Landscape:

The Alpha Olefins report has analysed the level of competition among the key operating players as well as sector growth and market scenario. The global alpha olefins market includes numerous manufacturers operating in the market which comprised of large scale and medium scale producers. Some of the major market players operating in the global alpha olefins industry has shifted their focus towards growth association specifically by Asia Pacific as moderate level and small scale manufacturers are from this region specifically from China, Singapore, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, Australia, and Japan. Along with this, the prominent manufacturers are focusing on expanding their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Many operating players are escalating their manufacturing capacity of alpha olefins to meet the rising demand for alpha olefins. Apart from this, many key players has launched a series of product to solidify their position in the market.

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