U.S. Linear Alpha Olefins Market to witness phenomenal proceeds over 2017-2024, regional revenue to surpass USD 6 billion by 2024
In the recent times, Linear Alpha Olefins market has continued to witness voluminous and remarkable investments by industry giants in a renewed bid to fulfill their commitments to expand the existing manufacturing sites to produce increased amounts of linear alpha olefins. A notable instance that would be prudent to cite is of Royal Dutch Shell, the British-Dutch oil and gas behemoth, confirming its plan to expand its Geismar chemical manufacturing plant in Louisiana, U.S. to establish it as the world’s largest single-site production facility of linear alpha olefins. Speaking in the similar context, another industry leader in linear alpha olefins market, Chevron Phillips Chemical Company has recently unveiled its latest world-scale linear low-density polyethylene (LLDPE) unit in Texas, U.S. which is slated to produce approximately 1 million metric tons of LLDPE annually to meet the ever-growing demand for polyethylene from across the globe. The move is overt to leave a perpetual impact on linear alpha olefins industry landscape with LLDPE being one of the most prominent applications of this fraternity.
U.S. Linear Alpha Olefins Market Size, By Application, 2016 & 2024 (USD Million)
For the record, linear alpha olefins are utilized as co-monomers to manufacture polypropylene and polyethylene, out of which the burgeoning demand for linear low-density polyethylene is attributed to its wide-ranging applications in household products, food packaging, automotive, agriculture and shrink films. Apparently, the aforementioned instances coupled with the technological advancements in oil and gas extraction and drilling in U.S. are evidence enough to state the astounding growth prospects of linear alpha olefins market in North American region over the estimated time frame. U.S. linear alpha olefins industry alone is anticipated to surpass $6 Billion by 2024, according to a detailed report published by Global Market Insights Inc. Concurrently, the enhanced demand for petrochemical products alongside the improved drilling facilities has consequentially led to the increase in shale gas extraction, which has, in turn, driven linear alpha olefins market growth in the U.S.
The product landscape of linear alpha olefins industry includes 1-Butene, 1-Octene, 1-Decene, 1-Hexene, 1-Dodecene, 1- Hexadecene, 1-Octadecene, 1-Tetradecene among others. Out of these olefins, 1-Butene market size is anticipated to attain decent gains of over 4.5% over the projected time span, merited by its tremendous applications in flexible packaging and in the manufacturing of commodity polymers. Another noteworthy olefin, 1-Octene, has extensive usage in elastomers production. These elastomers, in turn, are used in components of flexible packaging and automotive interiors. The rapid growth of packaging and automobile industry around the globe, has fostered the expansion of linear alpha olefins market.
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Meanwhile, the consistent fluctuation in the raw material prices, owing to the turbulent crude oil and gas arena, might reflect negatively on the growth prospects of linear alpha olefins market.
Speaking in the context of geographical trends, the European linear alpha olefin market, led by Germany, Italy, and France, would garner considerable benefits owing to the presence of leading automobile manufacturers in the continent and the strict emission control regulations prescribed by regulatory agencies. In addition, the increased production output of detergent alcohol in Germany shall further steer the regional demand for linear alpha olefins. Europe market size is forecasted to exceed the growth rate of 3.5% over the estimated time period.
The Asia Pacific region has increasingly been adopting synthetic lubricants in automobiles to boost fuel efficiency and decrease the environmental harm, thereby acting as a determining factor to stimulate the global linear alpha olefins market augmentation. Among the Asia Pacific region, China is estimated to register a revenue growth of over $1.5 Billion by 2024 owing to its humongous automobile industry and rising environmental concerns.
Speaking of competitive market share, the linear alpha olefins market appears moderately fragmented and intensely competitive with some reputed industry players such as Chevron Phillips Chemical LLP, Shell, Exxon Mobil, Sasol, INEOS, SABIC, Evonik Industries and Jam Petrochemical making determined efforts to expand the existing manufacturing sites, construct new facilities, enhance the technological capabilities and collaborate to lower the production cost. All these factors are bound to propel the progression of linear alpha olefins market size in the upcoming years. Linear Alpha Olefins market size, according to the latest research report compiled by Global Market Insights Inc., might surpass $19 Billion by 2024.
Author Name : Saif Ali Bepari