Global Internal Olefins Market is estimated to be valued at US$ 2.0 Billion in 2022, according to the Global Internal Olefins Market Report, by Technology (Paraffin Dehydrogenation and Isomerization & Disproportionation), by Application (Surfactants, Oil Drilling, Pharmaceuticals, Lubricants, Agrochemical, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
Olefins are used as raw materials in the manufacture of chemical and polymer products like plastics, detergent, adhesive, rubber and food packaging. They consist group of chemicals: ethylene, propylene, and butadience.
Global internal olefins market was valued at US$ 2.0 Billion in 2022. Internal Olefins Market is expected to register a CAGR of 0.55 % over the forecast period (2023–2030), to reach US$ 2.09 Billion by 2030.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/internal-olefins-market-2216
Key Trends and Analysis of the Global Internal Olefins Market:
- Lubricants segment held the highest market share in 2021, in the global internal olefins market, owing to its high industrial consumption. According to California Department of Resources Recycling and Recovery, in the U.S. industrial lubricants’ consumption was 1,266.7 million gallons in 2020, of which nearly 44% of industrial lubricants were produced by processed oils.
Key Takeaways of the Global Internal Olefins Market:
- Asia Pacific held the dominant market share of 24% in 2021, in the global internal olefins market. This is attributed to increasing ethylene production, the raw material used to manufacture internal olefins, in this region. Various manufacturers are focused in expansion of ethylene plant capacity, to meet the rising global demand. For instance, in August 2021, ExxonMobil Asia Pacific acquired Jurong Aromatics Corporation (JAC), one of the largest aromatics facilities in Singapore, with an ethylene production capacity of 1.9 million tons per year. According to India Brand Equity Foundation, on November 2022, covering more than 80,000 commercial products, India’s chemical industry is extremely diversified and can be broadly classified into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers and fertilisers. Globally, India is the fourth-largest producer of agrochemicals after the United States, Japan and China. India accounts for ~16% of the world production of dyestuffs and dye intermediates. Indian colorants industry has emerged as a key player with a global market share of ~15%. The country’s chemicals industry is de-licensed, except for few hazardous chemicals. India holds a strong position in exports and imports of chemicals at a global level and ranks 14th in exports and 8th in imports at global level (excluding pharmaceuticals).
- Furthermore, growing demand for agrochemicals with expanding agriculture industry is fueling growth of the internal olefins market in Asia Pacific. According to India Brand Equity Foundation (IBEF), the agrochemical industry in India was valued at US$ 11 Billion in 2021, and is expected to reach US$ 3.54 Billion by 2030.
- North America was one of the largest regions in the internal olefins market in 2021. Shale gas revolution paved paths for increasing exploration and production activities in this region. According to the U.S. Energy Information Administration, the total shale production in the U.S. in 2019, was 13.4 trillion cubic feet, which reached up to 15.2 trillion cubic feet in 2020. Increase in offshore exploration & production (E&P) activities in shallow and deep water contributed to increasing growth of the oil and gas chemicals industry in this region, in turn aiding in growth of the internal olefins market.
- Furthermore, the U.S. Environmental Protection Agency (EPA) puts a limit on the use of oil-based chemicals in offshore drilling processes due to presence of high level of aromatic substitutes, which in turn increases demand for synthetic-base fluids. These are the major factors driving growth of the internal olefins market in the region.
- Major players operating in the global internal olefins market include INEOS Group Limited, Sasol Limited, Royal Dutch Shell plc, Elevance Renewable Sciences, Inc., Chevron Corporation, SABIC, Halliburton Company, Schlumberger Limited, Shrieve Chemical Company, and Idemitsu Kosan Co., L
