Based on a research report by Grand View Research, Inc.; the global alpha olefins market is anticipated to achieve USD 12.58 billion by 2025. The market is anticipated to grow at a CAGR of 4.8% over the forecast period (from 2017 to 2025). Alpha olefins do not have any toxic effect on animal or human population. Favorable regulations in presence of Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and the United States Environmental Protection Agency (US EPA) are predicted to contribute toward the global market expansion. Moreover, regulatory support for the development of bio-based alpha olefin is also predicted to propel the global market during the estimated period.
On the other hand, stringent rules and regulations applied by various governments across the world regarding the usage of polyethylene—the biggest application segment for alpha olefins—are likely to pose a challenge for the market development. However, the global market is expected to witness a balanced supply and demand over the next few years. Recent capacity additions by various international industry participants such as SASOL, CPChem, and INEOS are predicted to help retain balance of alpha olefins market thereby keeping a check on costs. The global market is anticipated to exhibit a linear rise in product costs in line with the increase in ethylene prices during the next few years. Moreover, a rise in the demand for polyalphaolefin in the synthetic lubricants sector due to decreased engine wear and tears is also predicted to fuel the overall market expansion in near future.
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The global alpha olefins market is categorized as per product, application, and region. On the basis of product, the market is segmented as 1-Dodecene, 1-Butene, 1-Octene, 1-Hexene, 1-Decene, and others. On the basis of application, the market is segregated as synthetic alcohol, synthetic lubricants, polyethylene, and others. On the basis of geographies, the market is divided into North America, Middle East and Africa (MEA), Central and South America, and Europe.
North America led the global alpha olefin market in the past in terms of demand and total revenue share. Rising activities like oil drilling along with capacity expansion by prominent companies are considered the key factors responsible for the regional growth. Factors such as easy availability of raw materials in Mexico and US and the strong presence of many leading industry players in the region are estimated to spur the North America regional market. Many international companies are focusing on further expanding their presence in the region to meet the increased product demand; this is also likely to help boost the region’s development over the coming years. In addition, declining costs of ethane has boosted the development of new ethane crackers in US and this is likely to provide huge opportunity for the production of alpha olefin.
On the other hand, APAC is likely to be the fastest-growing regional market during the next few years. Rising demand for polyethylene, due to a rapid growth of the consumer goods and automobile industries in countries like India and China, is projected to fuel the product demand in the region thereby boosting the market growth. In addition, rapidly growing g end user application sectors in the Asia Pacific region are said to boost the overall product demands in the region over the forecast years. However, the Europe regional market for alpha olefins is said to exhibit a decline in the petrochemicals sector as a number of ethylene plants are becoming uneconomic.
Some of the top companies in the worldwide alpha olefins market are Sierra Nevada Corp.; GomSpace Group AB; Innovative Solutions in Space B.V. (ISIS); Dauria Aerospace; and GomSpace Group AB. Business expansion and mergers & acquisitions (M&A) activities are the major strategies followed by most companies. In the recent past, Badlands NGLs, LLC declared the completion and development of their Gulf Coast merchant alpha olefins production plant. According to the company, this plant will manufacture the polyethylene co-monomers 1-hexene and 1-butene with a proprietary technology of ethylene metathesis.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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