The global alpha olefins market is expected to reach USD 9.98 billion
by 2022, according to a new report by Grand View Research, Inc. Increasing
demand for polyethylene on account of its versatile applications is expected to
drive the global alpha olefins market. The growth of automotive and consumer
goods industries, particularly in emerging markets of Asia Pacific and Latin
America is also expected to foster the market growth.
Positive outlook on oilfield
drilling activities is projected to increase alpha olefins demand over next
seven years. Fluctuating ethylene prices coupled with high energy cost is
expected to remain a key challenge for industry participants.
1-Hexene emerged as the leading
alpha olefins type and accounted for 24.6% of total market volume in 2014.
1-Hexene is also anticipated to witness the highest growth of 5.4% over the
forecast period.
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Further key findings
from the study suggest:
·
Global alpha
olefins market demand was 3,997.5 kilo tons in 2014 and is expected to reach
5,561.0 kilo tons by 2022, growing at a CAGR of 4.2% from 2015 to 2022
·
Polyethylene
emerged as the leading application segment and accounted for over 55% of total
market volume in 2014. The increasing use of polyethylene in automotive and
consumer goods industries is expected to remain a key driving factor for this
segment. Polyethylene is also anticipated to witness the highest growth rate of
4.9% over the forecast period.
·
Increasing alpha
olefin penetration in newer application avenues such as synthetic lubricants,
plasticizers, and adhesives is expected to complement the global market growth
over the forecast period.North America emerged as the most dominant regional
market with demand share exceeding 40% in 2014. Easy availability of vital raw
materials on account of shale gas boom in the U.S. has driven the regional
market.
·
Asia Pacific is
projected to witness the highest growth of 5.8% from 2015 to 2022. Increasing
construction spending coupled with the growth of automotive industry
particularly in Indonesia, India and China is expected to drive the regional
growth.
·
The global alpha
olefin market is concentrated with top four companies accounting for 60% of
total market. Major companies operating in the global market include Shell
Chemicals, Chevron Phillips, Ineos Oligomers, Sasol and Qatar Chemical Company
II.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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