Market Information:
Alpha Olefins are predominantly utilized in various applications such as plasticizer, lubricant, drilling machinery fuel, surfactant, polyolefin co-monomer, and others. Alpha Olefins market is predicted to witness strong due to growing demand from automobile sector, rapid industrialization, and increasing demand from construction sector. In addition, among the end use application segment polyolefins co-monomer accounted for the largest market share in 2016 and holds for around 29% market share due to their wide usage in automotive application, industrial applications, household and packaging applications. Furthermore, increasing demand in numerous application segments due to their versatility, recyclability, and low cost is predicted to propel the polyethylene market. The lubricant segment is expected to register healthy growth on account of increasing demand from automotive and industrial sector. Furthermore, rising population combined with the increasing need of infrastructure development is predicted to fuel the growth of the market.
Competitive Landscape and Key Players:
The players in the global alpha olefins market are aiming towards expansion of their businesses on the global scale by undertaking strategic mergers and acquisitions. Increased research and development expenditure for introducing innovative application areas of alpha olefins is aiding the players in sustaining the competitive environment of the global alpha olefins market.
The major players profiled by MRFR that are operating in the global alpha olefins market are Royal Dutch Shell plc (the Netherlands), Chevron Phillips Chemical Company LLC (the U.S.), Ineos Group Limited (the U.K), SABIC (Saudi Arabia), Sasol Limited (South Africa), The Dow Chemical Company (the U.S.), PJSC Nizhnekamskneftekhim (Russia), Qatar Chemical Company Ltd. (Qatar), Evonik Industries AG (Germany), Idemitsu Kosan Co., Ltd. (Japan) and others.
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Geographically, Asia Pacific emerged as the largest market for alpha olefins followed by Europe and North America. The Asia Pacific alpha olefins market is estimated to witness significant growth with a healthy CAGR over the assessment year on account of rising demand from automotive and packaging industries. Moreover, the demand for alpha olefins is predicted to rise in numerous countries of Asia Pacific such as China, India, Thailand, Malaysia, Japan, Australia, and South Korea on account of rising building & construction activities combined with high adoption rate from various end use industries. Apart from this, rising investment by key market players in their innovation and research & development activities and shifting of alpha olefins manufacturing unit in this region is predicted to fuel the alpha olefins regional market growth. North American market is expected to witness steady growth due to rising demand for alpha olefins based lubricants and plastics which is further utilized in many industries. North American market is further classified into U.S. and Canada, among them U.S. is expected to be the major contributor in the regional market growth on account of robust growth of automobile and increasing oil drilling sector. European market is estimated to witness moderate growth due to increasing awareness regarding the benefits associated with the product as well as growing purchasing power of consumer. In addition, developing countries of Latin America and the Middle East & Africa are estimated to witness above average growth due to strong consumer base for automobile and construction sector.
Detailed Regional Insights:
The Global Alpha Olefins Market has been geographically segmented into five major regions such as Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The Asia Pacific region commands for the largest share in the global alpha olefins market owing to the increased demand for alpha olefins as a result of rapid expansion of the construction industry. Increased production of pipes in emerging economies like China, India, Japan and others due to rapid infrastructural development and increased production of petrochemicals are propelling the growth of the alpha olefins market in the Asia Pacific region. The North America region is expanding at a significant growth rate in the global alpha olefins market owing to the abundance of shale gas, need to meet the polyethylene supply gap and low cost of ethylene that is inviting several investors in this region. Increased consumption of oilfield chemicals is fueling the growth of the alpha olefins market in the Europe region. The alpha olefins market in the Middle East and Africa region is majorly driven by the high production of petrochemicals in the Gulf countries.
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Drivers and Restraints:
Increasing demand for alpha olefins as comonomers for synthetic lubricant production, polyolefin production, as surfactant in detergent production and crude oil refining are propelling the growth of the global alpha olefins market. Rise in exploration and extraction activities of oil and gas and increased utilization of alpha olefins as drilling machinery fuel in exploration activities are some other factors that are fueling the growth of the global alpha olefins market. The crude oil refining processes have increased across the globe in order to meet the high global demand for energy and fuel, which in turn is leading to the noteworthy expansion of the global alpha olefins market. However, fluctuations in the prices of crude oil and government regulations on carrying out exploration activities are restraining the growth of the global alpha olefins market in the forthcoming years.
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