SEATTLE, Oct. 12, 2018 (GLOBE NEWSWIRE) -- The global internal olefins market was valued at US$ 1.64 billion in 2017 and is projected to exhibit a CAGR of 4.7% over the forecast period (2019–2026).

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Key Trends and Analysis of the Internal Olefins Market:

  • Increasing demand for environmentally safe synthetic fluids is expected to propel growth of the internal olefins market. Furthermore, growing demand for oil and gas is driving growth of this market. According to Scottish Government, in Scotland, the production of oil and gas increased by 21.4% during 2014 to 2015 and accounted for 81% of the total U.K. production.
  • Furthermore, growing demand for agrochemicals with expanding agriculture industry is fueling growth of the internal olefins market in Asia Pacific. According to India Brand Equity Foundation (IBEF), the agrochemical industry in India was valued at US$ 4.4 billion in 2015, and is expected to reach US$ 6.3 billion by 2020.
  • Various key players are focused towards increasing production of ethylene, the raw material for manufacturing internal olefins, which is a key factor for driving growth of the internal olefin market. For instance, in April 2016, Korea Petrochemical Ind. Co., Ltd. (KPIC) announced plans to expand its ethylene production capacity with the addition of 330,000 tons/year and its current capacity reached up to 800,000 tons/year.

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Key Market Takeaways:

  • The global internal olefins market is expected to exhibit a CAGR of 4.7% during the forecast period (2019–2026).
  • North America held significant market share in the global internal olefins market in 2017, owing to increasing oil and gas exploration due to shale gas revolution, which in turn expanded drilling activities in the region. According to the U.S. Department of Labor, Bureau of Labor Statistics, production of shale gas in the U.S. increased from 1.3 trillion cubic feet (Tcf) to 15.8 trillion cubic feet (Tcf) during 2007 to 2016.
  • Some of the major players operating in the global internal olefins market include INEOS Group Limited, Sasol Limited, Royal Dutch Shell plc, Elevance Renewable Sciences, Inc., Chevron Corporation, SABIC, Halliburton Company, Schlumberger Limited, Shrieve Chemical Company, and Idemitsu Kosan Co., Ltd.

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