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(Transportation-News.com, October 13, 2017 ) The global alpha olefins market is estimated at USD 9.26 Billion in 2017 and is projected to reach USD 13.46 Billion by 2022, at a CAGR of 7.8%. Rising applications such as polyolefin co-monomers, lubricants, surfactants and intermediates, plasticizers, fine chemicals, and oil field chemicals are driving the alpha olefins market. Along with these, the growing demand for automobiles and plastics are also driving the market.
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Polyolefin co-monomers application accounted for the largest share in 2016
The polyolefin co-monomers segment is projected to be the largest market for alpha olefins from 2017 to 2022, owing to the rapid growth of the plastics industry in the Asia-Pacific. Factors such as rising disposable incomes; rising living standards; flexible government taxation policies; rapid technological advancements in products & product offerings, by major international and domestic players, at competitive prices; are a few of the major factors driving the market for plastics, which in turn are driving the alpha olefins market in the polyolefin co-monomers application.
1-Butene is expected to be the fastest-growing segment in the alpha olefins market
The main reason for the high demand for 1-Butene can be attributed to the increasing consumption of plastics and automobiles, which are its largest end-use industries. The growing plastics industry worldwide drives the market for 1-Butene, and demand is expected to be higher in emerging countries. The rising demand for plastic packaging in food, pharmaceutical, and other industries is boosting the plastics market, which in turn is expected to drive the alpha olefins market. 1-Butene is used as a copolymer in the production of gasoline, butadiene, and other products, which increases its scope of applications.
North America was the largest alpha olefins market in 2016
In North America, the US was the largest market for alpha olefins in 2016, wherein the polyethylene industry is driven by demand from industries, such as automotive, packaging, and electrical & electronics. The alpha olefins industry is undertaking various technological developments and expansions to meet the increasing demand and enhance profit margins. The market in this region has promising growth potential owing to the availability of low-cost raw materials and the production of shale gas. The presence of polyolefin manufacturers such as Chevron Phillips Chemical Co., The Dow Chemical Company, and ExxonMobil in the US and their capacity expansion plans for polyolefins are expected to meet the demand for alpha olefins in the country.
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The global alpha olefins market has a large number of market players; however the market is led by some major players, such as Shell (The Netherlands), Chevron Phillips (US), Ineos (Switzerland), SABIC (Saudi Arabia), Sasol (South Africa), Evonik (Germany), Dow Chemical (US), ExxonMobil (US), PJSC Nizhnekamskneftekhim (Russia), and Qatar Chemical Company Ltd (Qatar), among others.
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