Linear Alpha-Olefins Market Development, Trends, Demand and Forecast Till 2024
by IVO Smith Business Analyst
According to the latest report by IMARC Group, titled “Linear Alpha olefins Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the linear alpha-olefins market size reached a value of US$ 9 Billion in 2018. Linear alpha olefins (LAOs) are alkenes having a chemical formula of CxH2x, with a double bond at the first carbon atom of the chain. They are mostly manufactured by the oligomerization of ethylene molecules in the presence of a solvent and catalyst. It can also be produced by Fischer-Tropsch synthesis, followed by purification. The physical properties of linear alpha olefins vary depending on the carbon chain length. For instance, carbon length of C6-C18 are transparent and colorless liquids while C20+ are waxy solids. In recent years, the demand for linear alpha olefins is rising as they not only improve the quality of end-products where they are used but also ensure a cleaner and safer production process.
Global Linear Alpha Olefins Market Trends:
Known for their high purity, the linear alpha olefins are utilized in diverse applications ranging from waxes and plastic packaging to the high-performing engine and industrial oils and other specialty chemicals. They are also used as comonomers for the production of polyethylene, which is further used in synthetic lubricants; and for the production of alcohols, primarily used in detergents and plasticizers. Apart from this, to ensure continuous product development of linear alpha olefins, manufacturers are adopting innovative technologies to increase productivity and cost-efficiency as well as maintain higher safety and environmental standards. Moreover, ongoing investments are being made by leading companies on R&D activities, expertise and testing of bio-based linear alpha olefins to minimize waste generation. Linear alpha olefins are also used in the manufacturing of synthetic acids, pulp and paper, which is further having a positive effect on the growth of the market. Looking forward, the market value is projected to reach US$ 12.3 Billion by 2024, growing at a CAGR of 5.1% during 2019-2024.
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Created on Sep 18th 2019 07:57. Viewed 206 times.