The global linear alpha olefins market is expected to witness notable growth over the period 2019-2026. Growing demand for alpha olefins from the automotive sector is propelling the growth of the market. 1-Hexen sub-segment and polyethylene manufacturing sub-segment are expected to dominate the market. The North American market is expected to witness amazing growth over the estimated period.
/EIN News/ — New York, U.S., July 4, 2022 (GLOBE NEWSWIRE) — A new report has been added by Research Dive on the global linear alpha olefins market to his offerings. According to the report, the global market is expected to exceed $11,747.8 million and grow with a CAGR of 4.9% during the period 2019-2026.. This comprehensive report provides a comprehensive overview of the current and future status of the market stating its key features including growth drivers, growth opportunities, limitations, and developments over the forecast period. The report also offers all the required and vital market statistics to help new players get an insight into the state of the global market.
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Factors impacting the growth of the Linear Alpha Olefins Market:
The growth of the global linear alpha olefin market is mainly driven by a remarkable increase in the demand for polyethylene and the growing adoption of alpha olefin in the automotive sector. In addition, the growing emphasis of major market players such as INEOS, SASOL and CPChem on extracting raw materials from environmentally friendly products to drive down manufacturing cost and material cost raw materials is expected to pave the way for promising opportunities for the growth of the global market during the forecast period. However, the massive investment costs associated with the purchase of raw materials are expected to restrain the growth of the market in the coming years.
The report segments the global linear alpha olefins market on the basis of product type, application, and region.
1-Hexen Sub-segment to Dominate the Market
The 1-Hexen sub-segment of the product type segment is expected to take the top spot in the market by breaking $2,678.5 million within the estimated timeframe. This growth is mainly due to the increasing use of 1-Hexen in the production of linear low density polyethylene (LLDPE) as well as high density polyethylene (HDPE) due to its exceptional chemical properties.
Polyethylene manufacturing sub-segment to grab major market share
Polyethylene manufacturing sub-segment of application segment got maximum market share in 2018 and is expected to earn $4,909.4 million within the estimated time frame. This growth is mainly due to the growing demand for polyethylene, as there is a significant increase in the use of low density polyethylene (LDPE) in many manufacturing industries.
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North American Linear Alpha Olefins Market Expected to See Exceptional Growth
The report examines the global linear alpha olefins market across numerous regions including North America, Asia-Pacific, Europe, and LAMEA. Among these, the North American market is expected to witness substantial growth with a CAGR of 3.6% during the forecast period. The growth of the market in this region is mainly due to the presence of a large number of manufacturing companies and the growing advancements in the petrochemical, gas and oil infrastructure in this region.
Leading Players of Linear Alpha Olefins Market:
The report states some of the major players operating in the global Linear Alpha Olefins Market including
- Mitsubishi Chemical Corp.
- ExxonMobil Corporation
- INEOS Oligomers
- JAM Petrochemical Company
- Royal Dutch Shell
- Evonik Industries
- Petrochemicals Sdn. Bhd
- Mitsubishi Chemical Corp.
- Qatar Chemical Company Ltd (Q-chem)
- Chevron Phillips Chemical Company LLC.
The report also provides several industry insights such as major strategic initiatives and developments, new product launch, business performance, Porter’s Five Forces analysis, and SWOT analysis of key players operating in the market global. For example, in March 2022, Exxonmobil, one of the world’s largest publicly traded oil and gas companies, announced plans to establish a new production facility by 2023 at its integrated petrochemical complex in Baytown, Texas, in the United States. United States. The new plant will produce approximately 350,000 metric tons of linear alpha-olefins per year.
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