Industry Overview
Global alpha olefin market size is expected to reach 5.16 million tons by 2020, growing at a CAGR of 4.4% from 2014 to 2020.
Polyethylene is expected to witness a surge in demand on account of
its easy processability, versatility, recyclability, and low cost.
Increase in polyethylene demand for plastic production is expected to
drive alpha olefin market growth. These olefins are primarily used as
feedstock for manufacturing LLDPE and HDPE. Strong packaged food
products demand, particularly in Asia Pacific, is expected to drive
LLDPE market.
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Global polyethylene demand was 81,914.88 kilo tons in 2013 and is
expected to exceed 106,742.46 kilo tons by 2020, at a growth rate of
4.0%. Polyethylene market growth is expected to be fuelled by world
economic growth. Increasing population coupled with polyethylene’s
application versatility is further expected to drive the polyethylene
market over the forecast period.
Growing protective films usage in agriculture to reduce soil erosion
and increase protection against UV rays is also anticipated to fuel
demand. Growing poly-alpha-olefin demand for synthetic lubricants in
order to reduce engine wear & tear is expected to drive market
growth.
Increasing oilfield exploration & drilling activities is
anticipated to drive demand. It is being developed as synthetic based
oil drilling fluid which is likely to help address environmental
concerns associated with diesel based oil based mud.
Volatile prices of key raw materials such as ethylene are likely to
affect the profitability of industry participants. Increasing government
regulations regarding polyethylene usage coupled with release of green
house gases (GNG) is likely to challenge industry. Investments in
research to develop bio-based alpha olefin are likely to reduce
dependability on petrochemical based raw materials and curb GNG.
Product Overview
1-hexene was the dominant product segment in alpha olefins market and
was valued at over USD 1.8 billion in 2013. 1-hexene is also likely to
witness highest gains over the forecast period owing to its increasing
use as a co monomer for manufacturing LLDPE and HDPE polymers.
1-octene accounted for more than 21% of the total demand in 2013 and
is anticipated to witness moderate growth rates of CAGR over 4.1% up to
2020. Growth of application segments such as plasticizers, cosmetics and
adhesives is likely to drive 1-octene demand.
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Application Overview
Polyethylene application witnessed the highest alpha olefin
consumption over the past few years and witnessed a revenue generation
of over USD 4.3 billion in 2013. This application is expected to witness
significant growth rates over the next six years. Increasing demand
from automotive, packaging and consumer goods industry owing to
increasing population is expected to drive market growth.
Detergent alcohol applications were the second largest and accounted
for more than 10% of the total volume in 2013. This application is
anticipated to witness moderate gains at CAGR over 3.2% up to 2020.
Growth of detergent and personal care industry is expected to drive
alpha olefin demand for detergent alcohol.
Regional Overview
North America alpha olefin market was the leading region with an
estimated revenue generation of over USD 3.3 billion in 2013. Growth of
oilfield drilling activities in U.S. coupled with capacity expansion of
key industry participants in the region is expected to drive the
regional growth. Increasing oil exploration along Gulf of Mexico is
anticipated to further drive regional demand.
Asia Pacific alpha olefin market demand is expected to exceed 900
kilotons by 2020, while Europe is expected to witness annual gains of
2.6% up to 2020.
Competitive Market Share
The global alpha olefin market share is moderately concentrated with
top four companies accounting for over 60% of the total demand in 2013.
Key market players are concentrated within the U.S. and Middle East
regions due to easy and ample availability of petrochemical products and
NGLs in these regions.
Shell Chemicals Ltd. was the leading alpha olefins producer and
accounted for over 25% of the market share in 2013. Other Key companies
include Chevron Philips, Sasol, Nizhnekamskneftekhim, Ineos Oligomers,
Evonik, ExxonMobil, Linde AG, Saudi Basic Industries Corp, Mitsubishi
Chemical and Qatar chemical.
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