Alpha Olefin Market is expected to reach a revenue of USD 18,896.5 Mn by 2033, at 5.5% CAGR: Dimension Market Research

Alpha Olefin Market to Show Rapid Growth Driven by Technological Innovations and Industrial Expansion

New York, May 27, 2024 (GLOBE NEWSWIRE) — Overview

The Global Alpha Olefin Market size is expected to reach USD 11,665.1 million in 2024 and is further anticipated to reach USD 18,896.5 million by 2033 at a CAGR of 5.5% from 2024 to 2033.

Olefins, also called alkenes, are hydrocarbons containing carbon atoms double covalently bonded to each other. The alpha olefins are an important group that are characterized by the structure CnH2n with regular chains and double bond in the alpha position. Their wide applications both in petroleum and petrochemical sector are made possible by oligomerizing ethylene, which forms compounds with even-carbonation.

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Important Insights

  • The global alpha olefin market is expected to grow by USD 7,231.4 million by 2033 from 2024 with a CAGR of 5.5%.
  • 1-hexene is set to lead the market in 2024, driven by demand in HDPE and LLDPE production in emerging economies, particularly in automotive and consumer goods.
  • Polyethylene is set to lead in 2024, mainly in construction, packaging, and prototyping, with HDPE’s affordability & moisture resistance, as low-density polyethylene adoption varies based on specific application needs.
  • North America is set to dominate the alpha olefin market with a 41.5% revenue share in 2024, driven by the US shale gas boom and Gulf of Mexico oil exploration. Further, investments in the Middle East and North America target specialized polyethylene types, particularly C6 and C8 LLDPE versions.

Latest Trends

  • Strategic Global Operations: Many manufacturers operate on a global scale, strategically establishing production facilities within emerging economies, which positions them ahead to capitalize on upcoming prospects & meet the increasing demand for alpha olefins.
  • Oilfield Drilling Activities: The growth in oilfield drilling activities, mainly in the US contributes to the growth of the alpha-olefin market, as Shale rocks’ innovative use as a feed for ethylene production and substantial investments in cracker joint ventures enhance raw material supply.
  • Cost-Effective Ethylene Production: The application of shale rocks as an affordable cracker feed for ethylene production leads to growth in supply levels, potentially reducing market pricing. Also, significant investments in cracker joint ventures & the availability of economically usable ethane from shale gas reserves further support alpha-olefin production.

Alpha Olefin Market: Competitive Landscape

The market players are looking to improve products and form partnerships with raw material suppliers. Also, the growth is driven by competitive factors like pricing, product variety, & manufacturing methods, as many manufacturers operate globally, investing in R&D for innovative and eco-friendly production, and strategically establishing facilities in developing countries for future opportunities. Some of the major players in the market include INEOS, SABIC, Sasol, Shell Plc, LANXESS, and more.

Some of the prominent market players:

  • INEOS
  • SABIC
  • Sasol
  • Shell plc
  • Chevron Phillips Chemical Company LLC
  • Exxon Mobil Corporation
  • Mitsubishi Chemical Corp.
  • Qatar Chemical Company Ltd
  • Evonik Industries
  • Idemitsu Kosan Co., Ltd.
  • LANXESS
  • Other Key Players

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Alpha Olefin Market Scope

Report Highlights Details
Market Size (2023) USD 11,665.1 Mn
Forecast Value (2032) USD 18,896.5 Mn
CAGR (2023-2032) 5.5%
Leading Region in terms of Revenue  Share North America
Percentage of Revenue Share by Leading Region 41.5%
Historical Data 2018 – 2023
Forecast Data 2025 – 2032
Base Year 2023
Estimate Year 2024
Segments Covered By Type, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

1-hexene is expected to dominate the market, mainly in HDPE and LLDPE polymer manufacturing, as its rapid growth is driven by increased demand for polyethylene in emerging economies like India, China, & Brazil, mainly in the automotive & consumer goods sectors. In addition, 1-hexene’s role as an additive in synthetic lubricants is anticipated to contribute to market growth. However, the growing popularity of bio-based detergent alcohols and alkyl aromatics may lead to the substitution of 1-dodecane in certain applications.

Polyethylene is expected to dominate in 2024, particularly in the construction, packaging, and prototyping sectors, as HDPE, with its affordability, processing, and moisture resistance, is prominent. Also, the adoption of low-density polyethylene varies based on application needs, considering factors like heat sealability & cost-efficiency. In addition, the demand for synthetic lubricants is growing due to strict environmental policies & increased R&D investments.

Alpha Olefin Market Segmentation

By Type

  • 1-butene
  • 1-hexene
  • 1-octene
  • 1-decene
  • Others

 By Application

  • Polyethylene
  • Detergent Alcohol
  • Synthetic Lubricants
  • Others

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Growth Drivers

  • Automotive Sector Demand: The global market is driven by a higher increase in demand from the automotive sector, as the rising number of vehicles globally fuels the need for alpha olefin-based products, mainly synthetic lubricants used in the automotive industry.
  • Versatile Applications: Alpha olefins find a large use in various industries, like the production of polyethylene, oil field chemicals, detergents, lubricants, plasticizers, & fine chemicals. Further, the versatility of alpha olefins makes them indispensable in several applications, contributing to market growth.
  • Research & Development Initiatives: Market players are continuously involved in R&D activities to create innovative and ecologically sustainable production techniques, as current efforts to improve product quality & develop new applications contribute to the expansion of the alpha-olefin market..

Restraints

  • High Production Costs: Manufacturing alpha olefins requires high pressure and temperature, leading to high production expenses and technical challenges. Fluctuations in those conditions can produce faulty products, causing economic losses and hindering production efficiency.
  • Raw Material Price Volatility: Ethylene prices, influenced by crude oil and naphtha costs, are highly volatile. This volatility impacts the pricing and profitability of alpha-olefins, posing demanding situations for solid manufacturing and pricing structures. Factors like the shale gas growth have significantly affected ethylene prices, complicating market stability.

Growth Opportunities

  • Technological Innovations: Advancements in alpha-olefin manufacturing, which includes improved ethylene oligomerization technique, offer boom capability. Investments in new technologies enhance performance and yield, reduce costs, and increase output, supporting meeting global demand.
  • Industrial Expansion: The expanding use of alpha olefins in industrial applications such as oilfield chemicals, plasticizers, and synthetic lubricants presents significant growth opportunities. Rising oil extraction activities and demand for high-performance materials in the automotive, packaging, and consumer goods sectors drive market expansion.

Regional Analysis

North America is expected to dominate the global alpha olefin market, securing a substantial 41.5% revenue share in 2024, as the shale gas boom in the US, driving ethylene production, contributes to the region’s dominance. Also, Oil exploration activities in the Gulf of Mexico further boost the growth of the alpha-olefin market. Further, in Western Europe, despite potential ethylene supply challenges, the region is enhancing linear alpha olefin (LAO) production using methods like extractive distillation. In addition, investments in the Middle East & North America focus on producing specialized polyethylene types, aiming on C6 and C8 LLDPE versions.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Alpha Olefin Market

  • September 2023: ExxonMobil launched two chemical production units in Texas as part of a USD 2 billion expansion plan, aiming to enhance product value in the US Gulf Coast.
  • July 2023: Zhejiang Petroleum & Chemical (ZPC), part of Rongsheng Petrochemical, uses a joint catalytic processing system with universities and Shanghai Zonepic Chemical, to trimerizes and tetramerizes ethylene, yielding 1-Hexene and 1-Octene at their petrochemical complex, with annual capacities are 1,000 tons for 1-Hexene and 300 tons for 1-Octene.
  • June 2023: polySpectra announced a partnership with Nexa3D to offer COR (Cyclic Olefin Resin) materials for 3D printing, providing users with durable, high-performance, & chemically resistant options.
  • March 2023: Shell Nanhai BV & CNOOC announced a contract with Shell Catalyst & Technologies for the third ethylene production expansion at CSPC in China, providing process technology for various components.
  • February 2023: Chevron Phillips Chemical (CPChem) & Charter Next Generation (CNG) introduced overwrap film using Marlex Anew Circular Polyethylene, providing efficient packaging solutions using alpha olefins.

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