The global alpha olefins market is expected
to reach USD 9.98 billion by 2022, according to a new report by Grand View
Research, Inc. Increasing demand for polyethylene on account of its versatile
applications is expected to drive the global alpha olefins market. The growth
of automotive and consumer goods industries, particularly in emerging markets
of Asia Pacific and Latin America is also expected to foster the market
growth.
Positive
outlook on oilfield drilling activities is projected to increase alpha olefins
demand over next seven years. Fluctuating ethylene prices coupled with high
energy cost is expected to remain a key challenge for industry
participants.
1-Hexene
emerged as the leading alpha olefins type and accounted for 24.6% of total
market volume in 2014. 1-Hexene is also anticipated to witness the highest
growth of 5.4% over the forecast period.
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Further key findings from the study suggest:
- Global alpha olefins market demand was 3,997.5 kilo tons in 2014 and is expected to reach 5,561.0 kilo tons by 2022, growing at a CAGR of 4.2% from 2015 to 2022
- Polyethylene emerged as the leading application segment and accounted for over 55% of total market volume in 2014. The increasing use of polyethylene in automotive and consumer goods industries is expected to remain a key driving factor for this segment. Polyethylene is also anticipated to witness the highest growth rate of 4.9% over the forecast period.
- Increasing alpha olefin penetration in newer application avenues such as synthetic lubricants, plasticizers, and adhesives is expected to complement the global market growth over the forecast period. North America emerged as the most dominant regional market with demand share exceeding 40% in 2014. Easy availability of vital raw materials on account of shale gas boom in the U.S. has driven the regional market.
- Asia Pacific is projected to witness the highest growth of 5.8% from 2015 to 2022. Increasing construction spending coupled with the growth of automotive industry particularly in Indonesia, India and China is expected to drive the regional growth.
- The global alpha olefin market is concentrated with top four companies accounting for 60% of total market. Major companies operating in the global market include Shell Chemicals, Chevron Phillips, Ineos Oligomers, Sasol and Qatar Chemical Company II.
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About
Grand View Research:
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.
Contact:
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Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
sales@grandviewresearch.com
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