Westford, USA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the alpha olefins market is poised for robust growth in the forecasting years, primarily driven by the increasing demand for alpha olefins across various applications. These versatile compounds are extensively used as polyolefin co-monomers, surfactants, intermediates, and in the automotive industry.
Browse in-depth TOC on the "Alpha Olefins Market"
- Pages - 157
- Tables - 67
- Figures – 75
The alpha olefins market is anticipated to grow substantially due to the increasing demand for polyethylene across various applications. Polyethylene is extensively used in industries such as packaging, where it is a versatile and lightweight material for multiple types of containers and wraps.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 10.46 Billion |
| 2030 Value Projection | USD 15.33 Billion |
| CAGR | 4.9% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Alpha Olefins Market
- Chevron Phillips Chemical Company LLC
- Ineos Oligomers
- Shell Chemicals
- ExxonMobil Chemical Company
- Evonik Industries AG
- Idemitsu Kosan Co., Ltd.
- Sasol Limited
- Qatar Chemical Company Ltd. (Q-Chem)
- Nizhnekamskneftekhim
- SABIC
- PJSC Nizhnekamskneftekhim
- PBF Energy Inc.
- CP Chemicals
- Borealis AG
- Chevron Corporation
- SK Global Chemical Co. Ltd.
- Mitsubishi Chemical Corporation
- Formosa Plastics Corporation
- LyondellBasell Industries N.V.
- Dow Inc.
1-Hexene Segment is Expected to Grow in the Market Due to Increasing the Production of High-Density Polyethylene (HDPE)
1-hexene segment is anticipated to exhibit the fastest growth in the alpha olefins market. This remarkable expansion is primarily driven by the increasing utilization of 1-hexene as a critical monomer in producing High-Density Polyethylene (HDPE) and Linear Low-Density Polyethylene (LLDPE) polymers.
The markets in North America emerged as the dominant force in the global alpha olefins market, capturing an impressive revenue share of over 39%. The region's significant market presence can be attributed to the shale gas boom in the United States, which has spurred ethylene production and boosted alpha olefin production.
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Polyethylene Segment is Expected to Dominate the Market Due to its Versatility and Durability
Polyethylene segment holds the distinction of being the most critical application segment in the alpha olefins market share. Among its various applications, the construction industry stands out as the most significant market for polyethylene compounds. The versatility and durability of polyethylene make it a favored material for construction purposes, employed in pipes, fittings, insulation, and geomembranes.
Regional markets in the Asia-Pacific are poised to emerge as the dominant alpha olefins market consumption. Countries such as China, Japan, South Korea, India, and various Southeast Asian countries are witnessing a notable rise in the demand for alpha olefins. Among them, China stands out as a critical player in the market, serving as the largest producer of lubricants, oil field chemicals, plasticizers, and other essential products that cater to global demand.
A comprehensive analysis of the major players in the alpha olefins market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Alpha Olefins Market
- In 2023, Chevron Phillips Chemical (CPChem) and Charter Next Generation (CNG) announced that overwrap film, manufactured using CPChem's Marlex Anew Circular Polyethylene, is set to hit store shelves in the United States. This overwrap film offers versatility and efficiency, playing a crucial role in preserving food, maintaining the security and sterility of medical instruments, and providing lightweight and durable packaging for various products. Marlex Anew Circular Polyethylene, derived from alpha olefins, is a critical component in the production of polyethylene, making it an essential material for such packaging solutions.
- Shell Chemical received approval from the state Board of Commerce and Industry for an Industrial Tax Exemption Program break for their ambitious USD 1.4 billion project in 2022. This project aims to establish a "world-scale" linear alpha olefin plant at the Geismar facility. Linear alpha olefins are valuable raw materials used to produce detergents, waxes, plastics, and premium lubricants.
Key Questions Answered in Alpha Olefins Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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