Alpha olefins are alkenes or olefins with chemical formula CxH2x. They are differentiated from other mono-olefins on the basis of linearity of the hydrocarbons chain and also the position of the double bond at the alpha position. The alpha olefins market is projected to witness a CAGR of 5.4% during 2018-2023, to reach $15.8 billion by 2023. The growth of the market is mainly driven by the increasing application of the compound in the production of specialty chemicals and polyolefin comonomers.
Geographically, the volume sales of alpha olefins are expected to witness the fastest growth in APAC. Rising population, increasing demand from the plastic industry, and growth of the automobile industry are some of the factors driving the market growth. The APAC market growth is also attributed to the discovery of new oil fields, which is expected to propel the demand of specialty oil field chemicals during the forecast period.
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Considering the growing economies and large customer base of the countries such as India and China in the region, the alpha olefins market is expected to grow in the coming years. China is the largest market contributor in the APAC region, with an estimated revenue contribution of 27.4% in 2017. Rise in population has escalated the infrastructural activities in the country.
For example, in China, almost 50.0% of the population is migrating to urban areas of the country, resulting an increase in infrastructure activities including laying pipelines, increased consumption of electrical appliances, and plastic water tanks. All these applications use alpha olefins as a raw material for further processing. For example, the water pipelines are composed of high density polyethylene which is a sub component of alpha olefins.
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Also, the region has seen a decent growth in the automobile industry in recent years, attributing to the rise in the disposable income of the consumers. In order to meet the demand, manufacturing of various automobile parts such as windows, dashboards, bumper, and others are increasing. These parts are made from high density polyethylene (HDPE), polypropylene which uses alpha olefins as a major component. Hence, all these factors are expected to contribute in the alpha olefins market growth.
Globally, Royal Dutch Shell Plc is the largest producer of alpha olefins. Recently, the company has added an additional 425,000 tons of capacity to the Geismar facility in the U.S., making it the largest alpha olefin producer in North America. Some of the other major players operating in the global alpha olefins market are Chevron Phillips Chemical Company LLC, INEOS Group Holding S.A., Evonik Industries AG, INEOS Group Holding S.A., ExxonMobil Corporation, Saudi Basic Industries Corporation, PJSC Nizhnekamskneftekhim, Qatar Chemical Company Ltd., Idemitsu Kosan Co. Ltd. and Sasol Limited.
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