Linear Alpha Olefins Market is Projected to cross $ 21 billion by 2024 | TechSci Researchby TechSci Research Market Research Reports
Growing demand for poly-alpha-olefins which are used as synthetic lubricants in automobile engines and polyethylene (used in the packaging industry) to boost global linear alpha olefins market through 2024
According to TechSci Research report, “Global Linear Alpha Olefins Market By Type, By Application, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024’’global linear alpha olefins market is projected to cross $21 billion during the forecast period on account of growing demand for linear alpha olefins in various end user industries due to their properties such as natural lubricity, high thermal stability and low volatility. Generally, the use of linear alpha olefins depends upon the size of the chain, like carbon chain length, from 1-C4 to 1-C8 are preferred for the production of polyethylene and long chains such as 1-C12 to 1-C14 are used in the production of detergent and lubricants. Moreover, easy availability of raw materials that are used for the production of linear alpha olefins is anticipated to drive global linear alpha olefins market through 2024.
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The market of linear alpha olefins can be segmented based on type, application, end use industry and region. Linear alpha olefins are unsaturated hydrocarbons and based on the type can be segregated into 1-butene, 1-hexene, 1-octene,1-decene, 1-dodecene and others. In 2018, 1-hexene acquired the major share in the market and the trend is likely to continue during forecast period as well. This is due to the growing demand for synthetic lubricants which find application in automobile industry, thereby driving growth of this segment. Based on the application, demand for Linear low-density polyethylene (LLDPE) is anticipated to increase in the forthcoming years due to its low production cost, high clarity and elongation & softness.
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North America is the one of the major markets of linear alpha olefins market on account of the presence of major players in the region and rising demand for linear alpha olefins from various verticals such as automotive, chemical, consumer, among others. “Some of the companies operating in the linear alpha olefins market include Royal Dutch Shell Plc., Sasol Limited, Qatar Chemical Company Ltd (Q-Chem), Chevron Phillips Chemical Company, The Dow Chemical Company, Idemitsu Kosan Co.Ltd, The Linde Group, Exxon Mobil Corporation, INEOS Oligomers, among others. Players operating in the market are focusing on maintaining relationship with raw material suppliers and product development in order to register growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Linear Alpha Olefins Market By Type, By Application, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global linear alpha olefins market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global linear alpha olefins market.
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Created on Jan 18th 2022 03:38. Viewed 61 times.