Global alpha olefins market is expected to reach USD 10.7 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for polyethylene on account of its versatile application is expected to drive the global alpha olefins market. Growth of automotive and consumer goods industries in Asia Pacific and Latin America is also expected to have a positive influence on the market growth. Volatile raw material prices of key raw materials coupled and stringent environmental regulations are expected to remain key challenges for market participants over the next six years. Growing R&D investment for development of bio-based alpha olefins are expected to yield opportunities for industry participants.
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1-hexene was the largest product segment with 24.2% of total market volume in 2013. Increasing demand for polyethylene is expected to remain a key driving factor for this segment. 1-hexene is also expected to witness the highest growth rate of 4.6% over the forecast period. Global demand for 1-butene is expected to exceed USD 2 billion by 2020.
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Further key findings from the study suggest:
• Global alpha olefins demand was 3,824.8 kilo tons in 2013 and is expected to reach 5,161.8 kilo tons by 2020, growing at a CAGR of 4.4% from 2014 to 2020.
• Polyethylene emerged as the leading application segment and accounted for 61.6% of total market volume in 2013. Growth of key end-use industries such as automotive and consumer goods is expected to remain a key driving factor for this segment. Polyethylene is also expected to witness the highest growth rate of 5.0% from 2014 to 2020.
• North America was the leading regional market and accounted for 45.5%...