Albany, New York (PRWEB) July 31, 2014
Alpha olefins are organic compounds comprising of alkenes or olefins, which are commonly manufactured by the oligomerization of ethylene. These compounds offer a range of industrially important products such as 1-decene, 1-octene, 1-hexene, and 1-butene, 1-dodecene, 1-tetradecene, 1-hexadecene & 1-octadecene. The alpha olefins are used in an extensive range of chemical applications such as polyethylene, detergent alcohols, and synthetic lubricants among others.
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The global alpha olefin market is expected to continue witness rise in demand with the growth in production of polyalphaolefin and polyethylene. They are significantly used as co-monomers for polyethylene production with linear low density polyethylene (LLDPE) and high density polyethylene (HDPE) registering high growth owing to growing demand from the plastic industry.
Growth in the end-user industries such as the polyethylene coupled with the growing demand for polyalphaolefin (PAO) in synthetic lubricants have been some of the major drivers for the alpha olefins market. As environmental regulations are becoming more stringent, PAO used as synthetic base oil significantly compensates for these restrictions. However, the fluctuating prices of energy sources and raw materials for manufacturing alpha olefins are expected to hamper the growth of the market. Focus on producing bio-based alpha olefins are expected to provide new opportunities for the growth of the market as bio-chemicals are gaining popularity as pro-environmental solutions.
North America was the major consumer in the alpha olefins market, followed by Middle East and Europe. Furthermore, North America will continue to dominate the market with the practice of various expansion activities planned by key manufacturers present in the region. Chevron Phillips Chemical Company LP, ExxonMobil Chemical Company, Evonik Industries AG, Godrej Industries Ltd., Ineos Oligomers, Linde AG, Mitsubishi Chemical, Nizhnekamskneftekhim, Qatar chemical, Shell Chemical Limited, and Saudi Basic Industries Corporation are some of the major manufacturers dominating the market.
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