Alpha Olefins Market 2018 Competitive Approach, Fundamental Trends and Investment up to 2024

Global alpha olefins market is expected to reach $15,846.5 million by 2023. The growth of the market is mainly driven by the increasing demand of the compound in the production of polyolefin comonomers (mostly used in plastic production) and specialty chemicals.

the alpha olefins market is segmented into 1-Butene, 1-Hexene, 1-Octene, 1-Decene, 1-Dodecene, and others. ‘Others’ include 1-Tetradecene, 1-Hexadecene, 1-Octadecene, and C20–C30 linear alpha olefins (LAOs). Some of the applications of C20 - C30 LAOs are alkyl aromatics, petroleum additives, surfactants, and oil field chemicals. 1-Hexene has been the largest category, attributed to its increasing use in the production of plastic resin for further use in various industries including food and beverage.

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Globally, North America has been recording the highest revenue in the alpha olefins market. This is attributed to the growing demand of the compound in different industries, including construction, automotive, and plastics. The region is the largest producer and consumer of the compound in the world. High consumption of plastic and increasing production capacity are the major factors driving the growth of the region’s alpha olefins market.

Plasticizers are additives used for improving the plasticity of a material. As of 2017, the consumption of the compound in the production of plasticizers was quite low. Chlorinated C20 – C24 compounds can be used along with primary plasticizers to improve the plasticity of polyvinyl chloride (PVC). By adding alpha olefin-based plasticizers, the flexibility and durability of plastic materials gets increased. Flexible PVC has applications in different industries such as packaging, flow-control equipment, automotive, medical devices, and others, which is expected to create opportunities for the alpha olefins market growth.

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In addition, PVC exhibits some unique properties such as good mechanical strength, light weight, abrasion-resistance, and toughness. Owing to these unique properties, the application of PVC is growing across construction, consumer goods, and electronics industry. This upward demand trend for PVC materials is expected to continue during the forecast period owing to expanding applications of PVC and its low cost competitive advantage.

Some of the major players operating in the global alpha olefins market are Royal Dutch Shell Plc, Chevron Phillips Chemical Company LLC, INEOS Group Holding S.A., Evonik Industries AG, Saudi Basic Industries Corporation, ExxonMobil Corporation, Qatar Chemical Company Ltd., PJSC Nizhnekamskneftekhim, Sasol Limited, and Idemitsu Kosan Co. Ltd.

Source : P&S Intelligence