(MENAFN- PR Newswire) DUBLIN, Aug. 28, 2023 /PRNewswire/ -- The
"Alpha Olefins market by Type, Application (Poly-olefine Comonomer, Surfactants and Intermediates, Lubricants, Fine Chemicals, oil field Chemicals), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2028" report has been added to
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The global alpha olefins market is poised for significant growth, projected to achieve USD 9.3 billion by 2028 from an estimated USD 7.1 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.
The growth is fueled by heightened construction activities that demand plastic building products and the widespread use of alpha olefins across variindustries, especially as intermediates for chemicals and plastics.
Premium Insights:
Growing Awareness of Sustainable Technology Boosts Market Asia-Pacific Leads Growth with the Highest CAGR 1-Butene Segment Takes Lion's Share by 2028 Polyolefins Comonomers Dominates Market by 2028 Significant Role of Polyolefins Comonomers and China in 2023 Market Dynamics:
Drivers:
Discovery of Shale Gas Growth in End-Use Industries Rising Demand for PAO-Based Synthetic Lubricants
Opportunities:
R&D Investments for Alpha Olefins Development from Diverse Sources
Challenges:
Volatile Raw Material Prices Environmental Concerns Technological & Infrastructural Challenges
Segment Analysis:
1-Butene: The 1-butene segment is projected to register the highest growth during the forecast period. It finds extensive use in polyethylene and polypropylene production, which are vital building blocks in the petrochemical industry. The demand for plastics such as HDPE, LLDPE, and LDPE further bolsters its growth, making it a key player in the alpha olefins market.
Polyolefin Comonomers: Polyolefin comonomers applications are expected to dominate the market. They are crucial in the production of major plastics like LLDPE, HDPE, LDPE, and PP. The demand for these plastics is driven by Asia-Pacific, Central Europe, the Middle East, North America, and Europe. This robust demand fuels the alpha olefins market's growth in polyolefin comonomers application.
North America's Role:
North America is projected to be the second-largest market during the forecast period, with its market estimated at USD 2,482.8 million in 2022, set to reach USD 2,865.0 million by 2028. The region's high consumption potential, competitive manufacturing costs, and economic growth contribute to its market expansion. Continutechnical innovation and increasing demand for environment-friendly products also propel the market's growth in the region.
Leading the Way:
Pioneering companies in the alpha olefins market include:
Alfa Aesar Chevron Phillips Chemical Company Dow Chemical Company Evonik Industries ExxonMobil INEOS Group Limited Idemitsu Petrochemical Company Jam Petrochemical Company LyondellBasell Industries N.V. Mitsubishi Chemical Corporation Mitsui Chemicals Inc. Merck Group NPC Iran Oil and Gas National Corporation PJSC Nizhnekamskneftekhim Petro Rabigh PetroChina Company Limited Qatar Chemical Company Royal Dutch Shell SABIC Sasol Limited Sinopec Beijing Yashan Company Saudi AraTotal Refining and Petrochemical Company (SATORP) TPC Group Tokyo Chemical Industry Company Limited
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