The market for higher olefins is expected to register a CAGR of around 5% during the forecast period. Major factors driving the market studied are growing personal care and home care industry in Latin America.
- Fluctuations in crude oil prices is likely to hinder the markets growth.
- Asia-Pacific dominated the market across the world for higher olefins market.
Key Market Trends
Lubricant additives to Dominate the Market
- Lubricant additives continue to be developed to provide improved properties and performance to modern lubricants. Lubricants are used in engine crankcase lubricants, hydraulic fluids, and gear oils, etc.
- Higher olefins are used in formulation in the lubricant additives for automotive lubricants and industrial lubricants.
- Lubricant additive technology provides many benefits to the environment and the end users. Environmental concern is a major parameter taken into consideration during lubricant formulation and use.
- Regular developments in the engine oil specifications for different motor vehicles has been increasing the demand for newer lubricant formulations, consequently increasing the demand for lubricant additives.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market share.China is one of the fastest emerging economies, and has become one of the biggest production houses in the world today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- China is the largest consumer and producer of surfactants in the region, supported by the domestic consumption and presence of large number of local producers in the country. The market for soap, washing powder, and synthetic detergent in China has grown at an average annual rate of 13.2% in the past five years, due to increasing awareness about hygiene and development in liquid soap.
- China continues to be the world’s largest vehicle market, with sales of over 28 million units in 2017. Although the market slightly slowed down in 2018, the demand for premium cars has been stable.
- Thus, growth of various end users is expected to boost the consumption of higher olefins, as they are the reactive intermediates that are used to manufacture products used in automotive, surfactants, agricultural chemicals, coatings, and corrosion inhibitors.
The higher olefins market is partially consolidated in nature. Some of the major players include Royal Dutch Shell PLC, Honeywell International Inc, Exxon Mobil Corporation, Chevron Phillips Chemical Company, and American Chemistry Council, Inc., among others.
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