Olefin is anticipated to grow at a value CAGR of ~x% over 2019-2028. According to a study published by Insure Insights on the Olefin market, is expected to boost in the coming years. The growth in the population has boosted the demand of food and beverages which need higher need of packaging material to propel the industry in the forecast period. The amplified demand for packaging materials would help the industry flourish. The rise in the surged consumption of and upsurge in the demand for the consumer goods would help the industry grow in the coming years. There is a steep increase in the demand for olefins for the manufacturing of interiors of the automobiles, propelling the market growth in the forecast period.

Top Driver: Increase In Demand For Consumer Goods

Olefin has abundant demand in cosmetic, plasticizers, synthetic lubricants and adhesives as applications and the growth in demand of these industries and would help the industry in the forecast period. The increase in the packaging industry has been observed, which is expected to help the industry boost in the forecast period. The growth in automobile industry is anticipated to demand for the high quality olefin used to manufacture interiors of automobiles, as it resembles the properties of stain repellent and high tensile.

1-Butene Segment to Make a Crucial Contribution in the Olefins Market

1-Butene segment is expected to be the largest segment in the olefins market. 1-butene is widely used as a comonomer and is also useful for various applications due to its high reactivity. Such features have anticipated the market growth widely in the future. On the basis of product type the market is segmented into 1-Butene, 1-Hexane, 1-Octene, 1-Decene, 1-Dodecene, Others. Furthermore, the basis of application the market is segmented into Synthetic Lubricants, Plasticizers, Cosmetics, Polyethylene, Detergent Alcohol, Adhesives, Others

North America to Occupy the Largest Market in the Forecast Period

North America is expected to hold the largest market share owing to various factors such as growing technological advancements, presence of major key players in the region and increasing industrialization. Asia Pacific is expected to be the fastest growing segment owing to increases industrial setups in the region and growing investments for the same. Europe is expected to show a steady growth in the forecast period.

Players to Focus on Olefin Market

The global Olefin market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Shell Chemicals Ltd., ONGC, Chevron Phillips Chemical Company, Sasol, INEOS, The Linde Group, The Dow Chemical Company, Sinopec Beijing Yanhua, Qatar chemical Company Ltd., Idemitsu Petrochemicals, ExxonMobil, SABIC and Mitsubishi Chemicals.

Intel: In December 2019, Shell Lubricants acquired the assets of American Chemical Technologies Inc., which manufactures and distributes industrial fluids that are based on polyalkylene glycol chemistries. The purchase includes ACTs intellectual property, customer contracts and technology and product pipeline, along with its two manufacturing facilities in Fowlerville, Michigan, where the company is based and Bowling Green, Kentucky.

Chevron Phillips Chemical Company: In May 2018, Chevron Phillips Chemical Company had expanded its partnership with distributor Sea-Land Chemical Company for the AlphaPlus brand of normal alpha olefins. Sea-Land Chemical Company will target distribution of AlphaPlus brand of normal alpha olefins for customers requiring small volume drum quantities. The distribution agreement will cover the US and Canadian territories.

Scope of the Report

By Product Type

• 1-Butene
• 1-Hexane
• 1-Octene
• 1-Decene
• 1-Dodecene
• Others

By Application

• Synthetic Lubricants
• Plasticizers
• Cosmetics
• Polyethylene
• Detergent Alcohol
• Adhesives
• Others

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.