CHICAGO, July 13, 2023 /PRNewswire/ -- The report "Alpha Olefins Market by Type, Application (Poly-olefine Comonomer, Surfactants and Intermediates, Lubricants, Fine Chemicals, Oil Field Chemicals), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2028", is expected to grow at a CAGR of 5.6% during the forecast period, from an estimated USD 7.1 billion in 2023 to USD 9.3 billion in 2028. The flexibility of Alpha olefins to be used in various applications is pushing the market. These Alpha olefins enable to manufacture of eco-friendly products. Alpha olefins have a wide range of applications across multiple industries. One key application is in the production of detergents and surfactants. Alpha olefins serve as key building blocks in the synthesis of various surfactants, which are essential components in cleaning products, personal care items, and industrial formulations.
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The polyolefin comonomers segment, by application, is expected to be the most significant Alpha olefins segment during the forecast period.
A polyolefin is any class of polymers produced from a simple olefin as a monomer. For instance, polyethylene is the polyolefin produced by polymerizing the olefin ethylene. Similarly, polypropylene is another common polyolefin, which is made from olefin propylene. The market of polyolefins is expected to witness moderate growth during the forecast period because of the increasing number of applications, technological advances, and the growing demand from the developing economies of Asia-Pacific, the Middle East, and Eastern Europe. All these factors will, in turn, drive the demand for alpha olefins, as they are primarily used for manufacturing polyolefins.
1-Butene is anticipated to be the fastest-growing Alpha olefins segment, by type, during the forecast period.
1-Butene is a key component in the production of high-density polyethylene (HDPE). HDPE is a versatile thermoplastic that is used in a wide range of applications, including packaging materials, plastic bottles, pipes, and geomembranes. The addition of 1-butene during the polymerization process enhances the flexibility, toughness, and overall properties of HDPE, making it suitable for both rigid and flexible applications.
The growing plastics industry worldwide drives the market of 1-Butene. The rising demand for pharmaceutical, plastic packaging, and other industries boosts the plastics market, which in turn, drives the market of alpha olefins. Evonik Industries AG (Germany) and Chevron Philips Chemical Company LLC (U.S.) are the key players providing 1-Butene.
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Asia Pacific is expected to be the fastest-growing segment in the global Alpha olefins market, by region, during the forecast period.
The Asia Pacific alpha olefins market is experiencing significant growth due to various factors. The region's expanding industrial sectors, such as packaging, automotive, and consumer goods, are driving the demand for alpha olefins, which are essential raw materials for the production of polymers like polyethylene and polypropylene. Rapid urbanization, population growth, and rising disposable incomes in countries like China, India, and Southeast Asian nations are fueling the demand for plastic products, thereby boosting the market for alpha olefins. Additionally, the region's strong petrochemical industry and abundant availability of feedstock further support the growth of the alpha olefins market in Asia Pacific. The increasing emphasis on sustainability and environmental regulations also contribute to the demand for bio-based alpha olefins in the region. Overall, with its growing industries, favorable market conditions, and rising demand for plastic products, the Asia Pacific alpha olefins market is poised for continued expansion.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Alpha Olefins market. These include Royal Dutch Shell (Netherlands), ExxonMobil (US), Dow Chemical Company (Michigan), SABIC (Saudi Arabia), and Evonik Industries (Germany).
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