Alpha Olefins Market to Grow with a CAGR of 4.97% through 2028
Surge in technological advancements is expected to drive the Global
Alpha Olefins Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Alpha
Olefins Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Alpha Olefins Market stood at USD9.01 billion in 2022 and is anticipated to grow with a CAGR of 4.97% in the forecast
period, 2023-2028. The initiatives taken by government based on Alpha Olefins has
led to favorable market conditions for the Global Alpha Olefins Market. Several
factors contribute to the growth of various Alpha Olefins products.
Governments
around the world are actively promoting the adoption of sustainable practices
by providing incentives and support to companies. As part of these efforts,
they are encouraging the production of bio-based linear alpha olefins (LAOs) as
eco-friendly alternatives to petroleum-based LAOs. This shift towards biobased
LAOs has the potential to significantly reduce the environmental impact
associated with their production and usage.
In addition to
offering incentives, some governments have also taken steps to support
infrastructure development for alpha olefin production. A noteworthy example is
the Geismar Tiger AO4 Project, which has played a pivotal role in expanding the
capacity of the largest alpha olefins producer facility in North America. This infrastructure
development not only enhances the production capabilities but also contributes
to the overall growth and sustainability of the alpha olefins industry in the
region.
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Technological
advancements have revolutionized the production processes of alpha olefins,
leading to significant improvements in efficiency and cost-effectiveness. The
traditional Fisher-Tropsch process, once widely used, is now being surpassed by
more advanced methods that deliver superior results.
One such method
is the Shell Higher Olefin Process (SHOP), which has been meticulously
developed to ensure the efficient production of a diverse range of alpha
olefins. By optimizing the reaction conditions and catalyst selection, SHOP not
only enhances the yield of alpha olefins but also reduces overall production
costs. This breakthrough allows alpha olefins to be more accessible and
affordable for a wide array of industries.
Additionally,
the Phillips Triolefin process has emerged as another notable technique in the
production of alpha olefins. With its innovative design and streamlined
operation, the Phillips Triolefin process offers enhanced efficiency and
versatility. By leveraging advanced catalyst technology and process
optimization, this method enables the production of a wide range of alpha
olefins with exceptional yield and cost-effectiveness.
These
advancements in alpha olefin production processes signify a remarkable leap
forward in the industry. By improving efficiency, reducing costs, and expanding
the availability of alpha olefins, these innovative methods are poised to
transform various sectors and empower industries with greater flexibility and
economic advantages.
The Global Alpha
Olefins Market is segmented into type, application, regional distribution, and company.
Based on its type, the 1-Hexene segment held the
largest share in the market. 1-Hexene is a higher olefin, or alkene, with the
chemical formula C6H12. As an alpha-olefin, 1-hexene possesses a double bond in
the alpha position, endowing it with greater reactivity and advantageous
chemical characteristics. This commercially significant linear alpha olefin
finds its primary application as a comonomer in the production of polyethylene,
contributing to the enhanced properties of the resulting polymer. Additionally,
1-hexene plays a crucial role in the manufacturing of linear aldehydes through
hydroformylation, subsequently leading to the generation of short-chain fatty
acid heptanoic acid. These factors are anticipated to exert a significant
influence on the market share of alpha olefins during the forecast period.
Based on region, North America segment is expected to
grow during the forecast period.
The region offers significant market potential for
alpha olefins due to its extensive and diverse industrial base. With numerous
manufacturing enterprises and a growing focus on petrochemical, gas, and oil
infrastructure development, the regional market is poised for expansion. North
America, in particular, is considered a promising investment hub for alpha
olefins manufacturing, thanks to its abundant natural resource reserves. This
potential was exemplified by Chevron Phillips Chemical's recent announcement in
December 2021, where they made a final investment decision to establish a new
C3 splitter facility. Located at their Cedar Bayou factory in Baytown, Texas,
this facility aims to bolster their propylene business. Scheduled to commence
operations in 2023, the facility is projected to have an impressive annual
capacity of 1 billion pounds. This investment signifies the growing
opportunities in the alpha olefins market and highlights the commitment of
industry leaders to capitalize on the region's potential.
Major companies operating in Global
Alpha Olefins Market are:
- Chevron Phillips Chemical Company LLC
- Exxon Mobil Corporation
- Evonik Industries AG
- Idemitsu Kosan Co., Ltd.
- Ineos Group Ltd
- Kemipex FZE
- LANXESS AG
- Qatar Chemical Company Ltd
- Shell plc
- SABIC
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“Growing application of Alpha Olefins in various end
user industries are key drivers of the Alpha Olefins market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of Alpha Olefins with every
passing year are anticipated to register an impressive growth to Global Alpha
Olefins Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Alpha Olefins Market By Type
(1-Butene, 1-Hexene, 1-Octene, Others), By Application (Polyolefins Comonomers,
Surfactants & Intermediates, Lubricants, Plasticizers, Fine Chemicals, Oil
Field Chemicals, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Alpha Olefins Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Alpha Olefins Market.
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