LONDON--(BUSINESS WIRE)--The global alpha olefins market is expected to grow by 1209.22 thousand MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The increasing use of alpha-olefins as synthetic drilling fluids is expected to be one of the significant factors that will drive the growth of the market. Alpha olefins such as Butene, especially 1- and 2-Butene, is used to make PB. Pure 1-Butene is used in the production of LLDPE. The oxo reaction of a mixture of 1- and 2-Butene results in the formation of valeraldehyde. Valeraldehyde is then converted into C10 plasticizers. These substances, including LLDPE, valeraldehyde, and plasticizers, are used to manufacture rubber. Apart from this, C4 olefins and their derivatives are used to manufacture synthetic rubber. The growing rubber chemicals market is expected to increase the demand for Butene during the forecast period.
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As per Technavio, the use of alpha olefins as synthetic drilling fluids will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Alpha Olefins Market: Use of Alpha Olefins as Synthetic Drilling Fluids
Alpha olefin derivatives, especially with C16-C18, are used as hydrophobic oil-soluble surfactants. These alpha olefins are used in making synthetic drilling fluid bases. These base fluids are prepared by oligomerizing olefins. The resulting oligomers are hydrogenated and sulfonated and used as additives in various applications and manufacturing processes. The synthetic fluids used in the Gulf of Mexico are linear alpha olefins, isomerized olefins, PAOs, and esters, which are derived from C16-C18 alpha olefins. With the increase in oil production and extraction activities globally, the demand for synthetic drilling fluids is rising. This has increased the overall consumption of alpha olefins worldwide.
“Factors such as the expansion of end-user industries, and the high demand for alpha olefins from the automotive sector will have a significant impact on the growth of the alpha olefins market value during the forecast period,” says a senior analyst at Technavio.
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Alpha Olefins Market: Segmentation Analysis
This market research report segments the alpha olefins market by type (1-Hexene, 1-Butene, 1-Octene, 1-Decene, and Others), application (polyethylene, synthetic lubricants, plasticizers, and others), and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the alpha olefins market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North America is expected to register the highest incremental growth due to the expansion activities planned by manufacturers in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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