New York, USA, July 04, 2022 (GLOBE NEWSWIRE) -- A new report has been added by Research Dive on the global linear alpha olefins market to its offerings. As per the report, the global market is projected to surpass $11,747.8 million and rise with a CAGR of 4.9% in the 2019-2026 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the market by stating its key characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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Factors Impacting the Linear Alpha Olefins Market Growth:
The global linear alpha olefins market growth is mainly driven owing to a remarkable upsurge in the demand for polyethylene and growing adoption of alpha olefin in the automobile sector. Furthermore, growing emphasis of foremost market players, such as INEOS, SASOL, and CPChem, on the extraction of raw materials from environment-friendly products for plummeting the cost involved in manufacturing and cost of raw materials is anticipated to pave way for promising opportunities for the growth of the global market in the forecast period. However, massive investment costs involved in buying raw materials is expected to deter the growth of the market in the upcoming years.
The report segments the global linear alpha olefins market based on product type, application, and region.
1-Hexen Sub-Segment to Dominate the Market
The 1-Hexen sub-segment of the product type segment is projected to grab foremost position in the market by beating $2,678.5 million in the estimated timeframe. This growth is majorly accredited to the growing usage of 1-Hexen in the production of linear low density polyethylene (LLDPE) as well as high density polyethylene (HDPE) due to its exceptional chemical properties.
Polyethylene Manufacturing Sub-Segment to Grab Leading Market Share
The polyethylene manufacturing sub-segment of the application segment obtained maximum share of the market in 2018 and is anticipated to garner $4,909.4 million in the estimated timeframe. This growth is majorly accredited to the increasing demand for polyethylene as there is a significant rise in the usage of Low-density polyethylene (LDPE) in numerous manufacturing industries.
North America Linear Alpha Olefins Market to Perceive Outstanding Growth
The report examines the global linear alpha olefins market across numerous regions including North America, Asia Pacific, Europe, and LAMEA. Among these, the North American market is anticipated to witness substantial growth with a CAGR of 3.6% in the forecast period. The growth of this region market is mostly because of the presence of a huge number of manufacturing companies and growing advances in the petrochemical and gas & oil infrastructure in this region.
Key Players in the Linear Alpha Olefins Market:
The report states some of the foremost players operating in the global linear alpha olefins market including
- Mitsubishi Chemical Corp
- Exxon Mobil Corporation
- INEOS Oligomers
- JAM Petrochemicals Company
- Royal Dutch Shell
- Evonik Industries
- Petrochemicals Sdn. Bhd
- Mitsubishi Chemical Corp
- Qatar Chemical Company Ltd (Q-chem)
- Chevron Phillips Chemical Company LLC.
The report also provides several industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global market. For instance, in March 2022, Exxonmobil, one of the world's leading publicly traded international oil & gas firms, announced its plans to set up a new production plant by 2023 at its integrated petrochemical complex in Baytown, Texas, USA. The new plant will produce around 350,000 metric tons of linear alpha olefins annually.
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