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Alpha Olefin Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3753

Global alpha olefin market size is expected to grow at a CAGR of around 4.5% between 2022 and 2028. The materials are known for their high purity and are utilized across an array of applications, including waxes, industrial oils, high-performing engine, plastic-packaging, and as building blocks for specialty chemicals including surfactants. Alpha olefins can be tailored for meeting individual specifications, in turn providing unlimited alternatives for the development of new chemicals.
 

Considering the type of product, the 1-hexene segment is expected to account for a substantial share in the alpha olefin market. The product is primarily utilized as a comonomer in the production of polyethene. Numerous industry players are focused on the rollout of new products and capacity expansion initiative for maintaining their position in the market.

 

For instance, in May 2021, Chevron Phillips Chemical declared plans for the expansion of its alpha olefins business by means of a second world-scale facility for the production of 1-hexene. The project is expected to support over 50 full-time positions and around 600 jobs in the construction sector.
 

On the basis of end-use, the alpha olefin market is anticipated to record considerable expansion from the polyethylene segment through 2028. Polyethylene is utilized across a range of packaging applications including trays, crates, bottles for fruit juices and milk, industrial bulk containers, caps for food packaging, and others. Owing to easy processability and low cost, HDPE is a material of choice in numerous consumer/household goods such as toys, garbage containers, ice boxes, housewares, and others.
 

Based on regional landscape, North America alpha olefin market is expected to depict lucrative growth over the estimated period. This is because the region accounts for over 80% of the alpha olefin wax, with PVC as a major end use application. The trend has been observed despite the decline of North America’s petroleum wax supply owing to the rationalization of API Group I base oil plants. The olefins are produced in linear alpha olefin plants through the process of controlled polymerization of ethylene.

 

Prominent players across the industry comprise Qatar Chemical Company, ExxonMobil, Royal Dutch Shell, Idemitsu Kosan Co., INEOS Group, Chevron Phillips Chemical, SABIC, Sasol Limited, PJSC Nizhnekamskneftekhim, and others. A number of alpha olefin manufacturers are focusing on mergers, acquisitions, and product developments for consolidating their position in the industry.
 

Few instances of the same are as follows:

  • In December 2020, Evonik announced the expansion of its capacity for silane-modified poly-alpha-olefins. The move is set to enhance the company’s production of specialty raw material by 30%.
     
  • In February 2021, ExxonMobil reduced its capital expenditures for 2021 considering the COVID situation. However, it pushed forward its polyethylene, ethane cracker, and mono-ethylene glycol chemical complex in Corpus Christi.
     

Analyzing the impact of COVID-19 on alpha olefin industry expansion

The COVID-19 pandemic created a temporary impact on alpha olefin market outlook owing to disruptions in supply chain. However, the industry growth is expected to increase, driven by numerous uses of alpha olefin across a number of critical products that are an integral part of daily lives, especially during the healthcare crisis. These products range from healthcare to disinfecting and cleansing.
 

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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