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.
North America alpha olefins market revenue by product, 2012-2022 (USD Million)
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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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