PUBLISHER: Allied Market Research | PRODUCT CODE: 1193089
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193089
The global alpha olefins market outlook is anticipated to reach $8,172.3 million by 2031, growing from $4,062.2 million in 2021, at a CAGR of 7.5% from 2022 to 2031.
The term olefin simply refers to the family of chemical compounds known as alkenes, all of which include the double-bond functional group. The family of unbranched alkenes known as linear alpha olefins has double bonds on the first or alpha carbon atom in their carbon chains. Alfa olefins are extremely versatile and can be used for a variety of consumer and industrial goods. The alpha olefins compounds are most frequently used as co-monomers in the creation of different polymers, in the manufacturing of surfactants, and the development of synthetic lubricants. These uses account for approximately 84% of alpha-olefins usage across the world. Other uses of alpha-olefins include drilling applications, plasticizing agents, lubricants, pulp and paper, and synthetic acid. These factors are anticipated to drive the alpha olefins market growth.
The alpha olefins market is facing a significant challenge from relatively low-cost group III lubricants and developing gas-to-liquid technology. Also, the alpha olefins industry is subject to stringent environmental laws since polyethylene cannot biodegrade. These factors are projected to hamper the alpha olefins market growth during the forecast period.
Poly alpha olefins are natural polymers of linear alpha olefins used as base stocks in synthetic lubricants for automotive and industrial uses. Synthetic base stocks offer better performance when compared with conventional mineral base stock. When compared to mineral base stocks, a variety of factors including kinematic viscosity and viscosity index pour point, and flash and auto-ignition points, are superior to mineral base lubricant. In addition, poly alpha olefins based synthetic lubricants also have a variety of specialized uses in the military, polymer industries, food-grade applications, cosmetics, refrigeration, textile, dielectric fluids, brake fluids, shock absorption, and other fields. Synthetic lubricants are not much expensive when compared with traditional mineral oils. To meet the ever-increasing standards for health, safety, and the environment, users are being forced to switch from mineral base stocks to poly alpha olefins that are superior in terms of various physicochemical properties. Factors such as performance, the toxicity of the current lubricating fluids, reduced wear & tear and maintenance of the machinery, minimization of disposal issues, and others. These factors are anticipated to boost the alpha olefins market share in the upcoming years.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. There were import-export restrictions laid down on major alpha olefins producing countries such as the U.S. and China, which imposed significant challenges on the market. On April 14, 2021, CNOOC Oil & Petrochemicals Co., Ltd (CNOOC) and Shell launched new units through their 50:50 joint venture, to deliver critical petrochemicals to the Chinese market.
The key players profiled in the report include Qatar Chemical Company Ltd (Q-chem)., Chevron Phillips Chemical Company LLC, Mitsubishi Chemical Corp, Exxon Mobil Corporation, INEOS Oligomers, Petrochemicals Sdn. Bhd, Royal Dutch Shell, Evonik Industries, and JAM Petrochemicals Company.
Key Benefits For Stakeholders
By Product
By Application
By Region