Alpha Olefin Market Size & Share to Surpass USD 6.9 Billion by 2030 | Vantage Market Research

WASHINGTON, March 20, 2023 (GLOBE NEWSWIRE) -- Global Alpha Olefin Market was valued at USD 4.3 Billion in 2022 and is projected to reach USD 6.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.20% over the forecast period 2022-2028.

Market Overview

The expansion of the alpha-olefin market size is projected to be largely driven by the rise in demand from the automotive sector. Due to the worldwide increase in cars, alpha-olefin base synthetic lubricants are in great demand. The automotive sector primarily uses Alpha Olefin end products such as plasticizers, synthetic lubricants, and others.

We forecast that the 1-hexene category in Alpha Olefin market sales will account for more than 34% share in the market. 1-Hexene is primarily used as a comonomer in the production of polyethylene. Manufacturing linear aldehyde through hydroformylation to get the short-chain fatty acid, heptanoic acid, is another significant use of 1-hexene. During the forecast period, these are anticipated to be the main variables affecting the Alpha Olefin market share.

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Market Dynamics

Cleaner Burning Fuels are in High Demand, which will Increase to Support Market Expansion
The branched Alpha-Olefin isobutylene creates the gasoline additives methyl-tert-butyl ether (MTBE) and ethyl-tert-butyl ether (ETBE) used to provide cleaner-burning fuels. According to the research, around 58 percent of the nation's overall energy consumption in the transportation sector was accounted for by gasoline. In cars, planes, and generators, gasoline is commonly used for portable and emergency power. As a result, increased gasoline use is fueling the Alpha Olefin market's expansion.

Demand from the Paper and Pulp Sectors is Increasing the Market Growth
Alpha Olefins are used to make alkenyl succinic anhydride (ASA). Alkenyl succinic anhydride is a common paper sizing agent used in the paper industry to increase paper softness and water resistance. The use of alkenyl succinic anhydride has increased due to rising environmental concerns and paper used in the packaging industry, which has boosted the expansion of the alpha-olefin market. As a result, increased demand for paper is fueling the Alpha Olefin market's expansion.

Top Players in the Alpha Olefin Market

  • Chevron Phillips Chemical Company LLC (U.S.)
  • Exxon Mobil Corporation (U.S.)
  • Evonik Industries AG (Germany)
  • Idemitsu Kosan Co. Ltd (Japan)
  • INEOS (U.K.)
  • LANXESS (Germany)
  • Qatar Chemical Company Ltd (Qatar)
  • SABIC (Saudi Arabia)

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Top Trends in Alpha Olefin Market

  • One trend that Vantage Market Research (VMR) expects to see is the increasing usage of surfactant applications. Anionic surfactants, which are highly prized for their foaming capabilities, are one of the common surfactants found in various cleaning products. The salts of dodecylbenzene sulfonic acid and ethoxylated sodium lauryl sulfate are currently the most widely used anionic surfactants in detergents. However, there are many more types as well.
  • Another trend that VMR predicts will continue in the Alpha Olefin market is its growing demand for high-density polyethylene (HDPE). The rising demand for HDPE in various applications, including packaging, agriculture, and construction, drives the need for Alpha Olefins. Alpha Olefins are utilized as a comonomer in the manufacturing of HDPE.

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Top Report Findings

  • Based on Applications, most of the Alpha Olefin market's revenue is controlled by polyethylene. The primary market for polyethylene compounds is construction. Along with being utilized for prototype development on CNC machines and 3D printers, polyethylene is also used in the packaging industry. High-density polyethylene is inexpensive to process, provides a high moisture barrier, and can be used to create opaque packaging.
  • Based on the Products, most of the Alpha Olefin market's revenue is controlled by the 1-hexene category. Due to its superior chemical characteristics, 1-Hexen is the most frequently utilized. The most widely utilized substance in linear low-density polyethylene (LLDPE) and high-density polyethylene is 1-Hexen (HDPE). The 1-Hexen segment will be driven by rising demand for polyethylene due to expanding the consumer goods and automotive markets.

Recent Developments in the Alpha Olefin Market

  • June 2019: With Saudi Aramco and Total, France, INEOS Oligomers signed a Memorandum of Understanding to construct three new units for the Jubail 2 complex in Saudi Arabia. The 400,000 tonnes and 425,000 tonnes of Linear Alpha Olefin (LAO) plants will be built by INEOS.
  • January 2019: Alpha Olefins (AO) production at Shell Chemical LP's (Shell) Geismar, Louisiana, USA facility began. With the addition of 425,000 tonnes per year, Geismar can now produce more than 1.3 million tonnes of AO annually.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Alpha Olefin Market Forecast Report (2022-2030).

Polyethylene Category in Alpha Olefin Market to Generate a Significant Revenue
For better understanding, based on the Applications, the Alpha-Olefin market is divided into synthetic lubricants, detergent alcohol, and polyethylene.

During the forecast period, the market for alpha-olefin is anticipated to experience the highest CAGR for polyethylene. Polyethylene has high chemical and moisture resistance, a low coefficient of friction, and lightweight characteristics. Growing automotive and construction industries are driving up demand for polyethylene, boosting the Alpha Olefins market.

On the other hand, synthetic lubricants are anticipated to grow significantly. Compared to lubricants based on mineral oil, synthetic lubricants are more environmentally beneficial because they are biodegradable. These are frequently compatible with various materials, such as rubber and plastics, making them appropriate for various applications.

North America Region in Alpha Olefin Market to Generate the Major Global Revenue
North America dominates the market throughout the projection period. Due to its extensive and diverse industrial base, the region offers significant market potential for Alpha Olefins. The oil, gas, and petrochemical infrastructure development in the United States, Canada, and Mexico is primarily responsible for North America's expansion. Due to its abundant natural resource reserves, North America is viewed as a potential investment hub for the manufacture of Alpha-Olefins by local and international firms.

The Asia-Pacific region is anticipated to be the fastest-growing market to dominate Alpha Olefin consumption. The demand for Alpha Olefins is rising in nations including China, Japan, South Korea, India, and Southeast Asia. China is also the biggest manufacturer of plasticizers, oil field chemicals, lubricants, and other products for the global market. One of the world's major pulp and paper industries is found in China, and one of the top three paper-producing countries in the world is China.

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Alpha Olefin Market Segmentation

By Products

  • 1-Octene
  • 1-Hexene
  • 1-Butene
  • Other Products

By Applications

  • Synthetic Lubricants
  • Detergent Alcohol
  • Polyethylene
  • Other Applications

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 4.3 Billion
Revenue Forecast by 2030USD 6.9 Billion
CAGR7.20% from 2022 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersChevron Phillips Chemical Company LLC, Exxon Mobil Corporation, Evonik Industries AG, Idemitsu Kosan Co. Ltd, INEOS, LANXESS, Qatar Chemical Company Ltd, SABIC
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Key Questions Answered in the Report:

  • What is the current size and growth rate of the alpha olefin market?
  • What are the key factors driving or restraining market growth?
  • What are the major applications of alpha olefins and which application segments are growing the fastest?
  • Who are the key players operating in the alpha olefin market and what are their market shares?
  • What are the major trends and developments shaping the alpha olefin market?
  • What are the regulatory and environmental factors impacting the alpha olefin market?
  • What are the major challenges faced by players in the alpha olefin market and how can they be addressed?
  • What are the future prospects of the alpha olefin market and how is it likely to evolve over the forecast period?
  • What are the key strategies adopted by leading players in the alpha olefin market to gain a competitive edge?

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