Increasing demand for synthetic lubricants for automobile applications is expected to significantly augment alpha olefins market growth.
San Francisco, California (PRWEB) January 16, 2015
The increase in polyethylene demand from the plastic industry is expected to remain a key driving factor for the alpha olefins market over the forecast period. Alpha Olefins based co-monomers with low density polyethylene (LDPE) and high density polyethylene (HDPE) are extensively used in plastic industries worldwide. The increasing demand for synthetic lubricants for automobile applications is expected to significantly augment the alpha olefins market growth over the next six years. Poly alpha olefins (PAO) derived synthetic lubricants comply with governmental norms and also increase vehicle parts' life expectancy in contrast over usage of traditional fossil fuel derived lubricants. Alpha olefins compound categories include 1-hexene, 1-butene, 1-octene, 1-dodecene and 1-decene.
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Increasing oilfield exploration activities are expected to attribute to the alpha olefins market growth over the next six years. Other alpha olefins end-user applications include chemical intermediates, ink, coatings, pharmaceuticals and personal care. Fluctuating raw material and energy prices are expected to restrain the alpha olefins industry participant’s growth. Increasing focus on R&D towards manufacturing sustainable alpha olefins derived from biomass is expected to open new opportunity gates for industry participants.
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North America dominated the global alpha olefins market over the past few years and is expected to follow the same trend over the next few years. North America’s growth trend is attributed towards the manufacturer’s capacity expansion plans in Europe and the Middle East are expected to witness steady growth rates over the forecast period. Other significant demand is expected from Asia Pacific countries such as China and India owing to growth of plastic industries. The Alpha Olefins market is dominated by a few industry players that includes: Shell Chemical limited, Chevron Phillips, Nizhnekamskneftekhim, Ineos Oligomers and Sasol. Other key players in the global alpha olefins market include Evonik, ExxonMobil, Godrej Industries, SABIC, Mitsubishi Chemical, Linde AG and Qatar Chemical.
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