Press Release
The burgeoning demand for alpha olefins in the production processes of various specialty chemicals such as lubricants, oilfield chemicals, surfactants, plastomers, and plasticizers is one of the biggest factors fuelling the rise in their sales throughout the world. Plastomers are widely used in various packaging applications and polymer modifications, owing to their hybrid characteristics of plastics and elastomers, excellent compatibility with hard water, and the ability to provide low-costs advantages in the production of surfactants and good foaming.
The soaring requirement of polyolefin comonomers, which are used in the production of plastic, and growing popularity of poly-alpha-olefin-based lubricants are the other major factors responsible for the growing demand for alpha olefins across the globe. The poly-alpha-olefin-based lubricants provide greater viscosity index and higher oxidative stability than the conventionally used mineral oils and are thus, being extensively used in various industries all around the world.
Due to the above-mentioned reasons, the revenue attained from the global sales of alpha olefins is expected to increase from $11,704.2 million to $15,846.5 million from 2017 to 2023. The global alpha olefins market is predicted to demonstrate stable growth, with a CAGR of 5.4% during the forecast period (2018—2023). Alpha olefins are heavily used in various applications such as in the production of polyolefin comonomers, synthetic lubricants, surfactants and intermediates, plasticizers, oilfield chemicals, and petroleum additives. Amongst these, polyolefin comonomers are expected to register the fastest growth in the usage of alpha olefins during the forecast period.
Globally, North America has been accounting for the highest revenue in the alpha olefins market, with an estimated contribution of more than 50.0% in 2017. This is attributed to the high consumption of plastic in the region along with increasing production capacity of the compound, which is majorly driving the market growth, as the compound is the major raw material in the production of polyethylene, which is the most widely accepted plastic resin.
