Alpha Olefins Market to Reach $9.3 Billion by 2028: Surging Demand and Growth Trends in Petrochemical Industries
The alpha olefins market size is projected to grow from USD 7.1 billion in 2023 to USD 9.3 billion by 2028, registering a CAGR of 5.6% during the forecast period. The alpha olefins market is primarily driven by the expanding petrochemical industry, which relies heavily on these versatile chemicals. Alpha olefins serve as key building blocks in the production of various high-value chemicals, including polyethylene, plasticizers, lubricants, surfactants, and synthetic fluids. With an increasing demand for these downstream products across industries such as packaging, automotive, construction, and personal care, the alpha olefins market is experiencing significant growth as manufacturers strive to meet the rising needs of these sectors. Thus, the increasing need for sustainable infrastructure and government initiatives to modernize and upgrade the existing infrastructure is expected to drive the demand for alpha olefins in the coming years.
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Players have adopted different strategies to strengthen their market positions and ensure long-term growth and success. These strategies enable them to efficiently meet the growing demand for alpha olefins by various industries. Also, companies operating in this market, such as Royal Dutch Shell (Netherlands), Chevron Phillips Chemical Company (US), SABIC (Riyadh), INEOS Group Limited (UK), Dow Chemical Company (Michigan), adopt product launches, acquisitions, expansions, collaborations, and partnerships to increase their market shares and expand their geographic presence.
Royal Dutch Shell (Netherlands) is a key market player with a wide product portfolio, strong market presence, and effective business strategies. The wide product portfolio enables them to serve most regions worldwide. Royal Dutch Shell primarily focuses on acquiring the leading market position through their strong financial capabilities and well-established brand equity. Royal Dutch Shell USA, Inc. and Shell Midstream Partners, L.P. announced to execute of a definitive agreement and plan of merger, pursuant to which Shell USA will acquire all of the common units representing limited partner interests in SHLX held by the public.
Chevron Phillips chemical company (Texas) is a well-established company with effective business strategies. They offer innovative solutions, services, and hardware portfolios and have an extensive network of channel partners and resellers to increase the deployment of their solutions across numerous vertical markets. They focus on a specific product-related technology. The company leveraged its existing worldwide distribution network and regional sales offices to support its international business for the Products segment. It assembles products for the international markets at the US and Australian locations. Chevron Phillips Chemical Company (Texas) acquired Qatar Petroleum’s (Qatar) 49% ownership stake in Chevron Phillips Chemical Qatar. This acquisition allowed Chevron Phillips Chemical to have full control over its operations in Qatar and strengthen its presence in the Middle East.
Tokyo Chemical Industry Company Limited
Tokyo Chemical Industry Company Limited started by manufacturing organic laboratory chemicals and now offers more than 30,000 quality reagents on a global basis. The company can expand into producing fine chemicals such as pharmaceutical and cosmetic raw materials and electroluminescence compounds, the building blocks for liquid crystals. 1-Decene is manufactured under product number D0028 and comes packaged in 25ML and 500ML. The company has its regional centers and manufacturing sites overseas in the US, Europe, and China.
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Alfa Aesar
Alfa Aesar is a leading manufacturer and supplier of chemicals, metals, and other life science products for R&D. The company is part of Thermo Fisher Scientific, a global leader in serving science. The company has a long history of manufacturing high-purity raw materials for R&D and now produces 38,000 products, from gram scale to bulk quantities. Its product line consists of inorganics, organics, organometallics, pure metals and elements, precious metal compounds and catalysts, biochemicals, fuel cell products, nanomaterials, rare earth materials, analytical products, and selected laboratory equipment. The company provides 1-Decene under the alkanes, alkenes, and acetylenes product category that comes under organics.
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