New York, USA, Feb. 13, 2020 (GLOBE NEWSWIRE) -- As per the new report published by Research Dive, the global linear alpha olefins market is all set to rise at a 4.9% CAGR, and will generate a revenue of $11,747.8 million during the forecast period from 2019 to 2026. The market has been segmented on the basis of product type, application, and region. The report offers detailed insights on drivers, restraints, vital segments, and prominent players of the linear alpha olefins market. As per our analysts, the rising demand of linear alpha olefins in automobile industry is a significant factor driving the growth of the global linear alpha olefins market. The rising demand is mainly due to the wide range usage of alpha olefins in maintaining and managing of the spare parts of the motor vehicles. Increasing focus of the prominent players of the industry to reduce the supply demand gap will further create vital opportunities in the linear alpha olefins market. However, high manufacturing costs, instability in the raw material prices, and the dependency of linear olefins on crude oil derivatives will hinder the global market growth.
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1-Hexene to Create High Investment Opportunities
Based on product type, the report is segmented into 1-Butene, 1-Hexene, 1-Octene, 1-Decene, and 1-Dedocene. The market size for 1-Hexene will register a substantial growth during the period of forecast with 6.0% CAGR and will generate $2,678.5 million revenue. The 1-Hexene segment is predicted to have largest market growth owing to its wide range of usage in manufacturing of High-Density Polyethylene (HDPE) and Linear Low-Density Polyethylene (LDPE).
Polyethylene Application to be Most Lucrative
On the basis of application, the global linear alpha olefins market is classified into polyethylene, detergent alcohols, synthetic lubricants, and others. The polyethylene application accounted for the largest market share of 43% in 2018, and is anticipated to generate a revenue of $4,909.4 million by 2026. The market share for polyethylene segment is estimated to rise at a 4.5% CAGR during the forecast period. The rising demand for polyethylene is mainly due to the increased usage of LDPE in many industries. LDPE is used for the manufacture of wires, cables, lids, and bottles.
North America to Witness Most Promising Growth
North America linear alpha olefins market is anticipated to grow rapidly with 3.6% CAGR, and will reach up to $3,395.1 million by the end of 2026. This is mainly due to the huge and diverse industrial base with the constant development in gas, oil infrastructure, and petrochemical industry. Moreover, the rising focus of companies to reduce the demand supply cost will create growth opportunities for the major players in the Asia-Pacific region. This is majorly due to the existence of vast natural resources in this region.
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Prominent Players and Recent Developments in Linear Alpha Olefins Market:
- Qatar Chemical Company Ltd (Q-chem).
- Chevron Phillips Chemical Company LLC
- Mitsubishi Chemical Corp
- Exxon Mobil Corporation
- INEOS Oligomers
- Petrochemicals Sdn. Bhd
- Royal Dutch Shell
- Evonik Industries
- JAM Petrochemicals Company
The key players are taking efforts on R&D activities to improve their position in the global market. Qatar Chemical Company Ltd (Q-chem)., Exxon Mobil Corporation, and Royal Dutch Shell are the companies that are investing more on R&D activities to advance technologies and develop new products.