Higher Olefins Market is projected to grow at a CAGR of 4.95% to reach US$9.020 billion in 2029

higher olefins market

The higher olefins market is expected to grow at a CAGR of 4.95% with a market valuation of US$6.434 billion in 2022 and is expected to reach a market value of US$9.020 billion by 2029.

The higher olefins are made up of carbon-carbon double bonds and are an organic compound that is found at the higher end of the carbon chain and they are a byproduct of the refining process for petroleum. These higher olefins serve a wide range of end users and industrial applications such as synthetic lubricants or detergents which in turn is driving the demand for higher olefins in the market.

As per the report, the higher olefins market is expected to grow significantly.

The higher olefin market growth is driven due to factors such as

  • The rapid growth in demand for detergents coupled with growth in the automotive industry is driving the demand for higher olefins products in the market. The need for cleanliness and hygiene is rapidly increasing among the general public and they need detergents to clean clothes that remove all impurities and provide clothes freshness and these detergents are made using higher olefins.

Also, the need for synthetic lubricants in the automotive industry to provide fuel efficiency and reduce harmful emissions is driving demand with growth in the automotive industry. For instance, the EV market in India is predicted to grow at a CAGR of 49% from 2022 to 2030. Also, the annual sales of electric vehicles in 2030 may cross one crore units in India.

  • Another factor that drives the demand for higher olefins in the market is the increased production of shale gas as these higher olefins are byproducts of the refining process of petroleum and natural gas therefore a rise in production of shale gas has led to affordable prices for the consumers and manufacturers of higher olefins in the market. Therefore, these affordable prices and large production of shale gas have led to widespread adoption of higher olefins which in turn is driving its demand in the market.

The higher olefins market caters to various business needs based on product type, including Purity(4N), purity(5N), and purity(6N). There are different product types based on the level of purity that is ascending lowest to highest as purity(4N), purity(5N), and then purity(6N) which is the purest and can provide high-efficiency products.

The higher olefins market encompasses various applications, including paints & coatings, surfactants, corrosion inhibitors, agricultural chemicals, and lubricant additives. The higher olefins can cater to different industry verticals that have different applications such as lubricant additives that can be used in the automotive industry to add in the engine of the vehicle to provide better fuel efficiency and reduce harmful emissions.

The higher olefins market is poised for growth in the Asia Pacific region due to rapid growth in urbanization and industrialization across different countries. The growth in industrialization is seen the most in countries like China and India which are rapidly increasing production and manufacturing hubs

China is one of the biggest manufacturing hubs in the world and the Indian government initiative of Make in India has increased the manufacturing hubs in the country are contributing significantly to drive the demand for higher olefins as these are needed to create products needed for industrial applications such as synthetic lubricants.

Exxon Mobil Corporation, Janex SA, Sigma Aldrich, Honeywell International Inc., American Chemistry Council, Inc., Chevron Phillips Chemical Company, Air Liquide (Sasol), Shell Global, Saudi Aramco (SABIC), and Sumitomo Chemical—these are some of the key companies involved in the higher olefins industry. Each company brings its expertise and products to the market, catering to the diverse needs of organizations and enterprises.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/higher-olefins-market

This analytics report segments the higher olefins market on the following basis:

  • By Product Type
    • Purity(4N)
    • Purity(5N)
    • Purity(6N)
  • By Application
    • Paints and Coatings
    • Surfactants
    • Corrosion Inhibitors
    • Agricultural Chemicals
    • Lubricant Additives
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Taiwan
      • Others
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