1-Decene Market worth $798 million by 2025 Globally, at a CAGR of 6.7% says MarketsandMarkets™
Chicago, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global *1-Decene Market **size is estimated to be USD 576 million in 2020 and is expected to reach USD 798 million by 2025, at a CAGR 6.7% during the forecast period,* as per the recent study by MarketsandMarkets™**. The demand for 1-Decene is attributed to increasing demand for PAO-based lubricants and increasing industrialization in Middle East & Africa and Asia Pacific. However, growth of group III base oils, volatile raw material prices, and growth in demand for hybrid vehicles and increasing battery price parity are restricting its growth in the 1-Decene market. On the other hand, the growing R&D investments for the development of alpha olefins from different sources has created opportunities for manufacturers.
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*Browse in-depth TOC on “1-Decene Market”*
*189 - Market Data Tables
50 - Figures
207 - Pages *
*List of Key Players in 1-Decene Market**:*
1. Royal Dutch Shell (Netherlands)
2. INEOS (UK)
3. Chevron Phillips Chemical Company LLC (US)
4. SABIC (Saudi Arabia)
5. Exxon Mobil Corporation (US)
6. Qatar Chemical Company II Ltd. (Qatar)
7. Idemitsu Kosan Co., Ltd. (Japan)
8. PJSC Nizhnekamskneftekhim (Russia)
9. Alfa Aesar (US)
10. Merck Group (Germany)
11. Toronto Chemical Industry Company Limited (Japan)
12. Spectrum Chemical Mfg. Corp. (US)
13. Agene Chemicals (UK)
14. Gelest Inc. (US)
15. Others
*Drivers, Restraints, and Opportunities in 1-Decene Market:*
· *Drivers: *Increasing demand for PAOs-based synthetic lubricants
· *Restraint: *Growth of Group III base oils
· *Opportunities: *Growing R&D investments for the development of alpha olefins from different sources
· *Challenges: *Demand-supply gap
*Key Findings of the Study:*
· On the basis of derivative types, the 1-Decene market is segmented into polyalphaolefins (PAOs), oxo alcohols, and others.
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The other derivative includes LAB, ADMA, di-ADMA, chlorinated alpha olefins, and linear mercaptans. The PAOs accounted for the largest share, in terms of value, in 2019. The dominance of PAO is estimated to continue during the forecast period. The PAOs are used in a wide variety of industrial and automotive applications, including motor oils, wind turbine lubricants, heavy-duty diesel engine oils, fiber optic cable compounds, hydraulic oils, transmission fluids, compressor oils, and gear oils. PAO-based lubricants can also be used as components of food-grade lubricants. Major producers of PAO include INEOS (UK), Chevron Phillips Chemical Company LLC (US), and Exxon Mobil Corporation (US) who also manufacture 1-Decene. These companies are backward and forward integrated, thereby driving the demand for 1-Decene.
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*Royal Dutch Shell* is one of the largest players in the 1-Decene market. It is one of the largest oil & gas companies in the world. Shell is both vertically and horizontally integrated and is active throughout the value chain in the oil & gas industry. It is one of the world’s most valuable companies and one of the six oil and gas “supermajors.” In the early 1900s, it was also a part of “seven sisters.” The company offers 1-Decene via the downstream business segment. The company focusses on expansion to remain competitive in the 1-Decene market.
· In January 2019, Royal Dutch Shell (Netherlands) started the production of its fourth alpha olefins (AO) unit at its Geismar, Louisiana, US chemical manufacturing site. Such developments make Royal Dutch Shell the largest producer of alpha olefins in the world.
*Chevron Phillips Chemical Company LLC* is another key player in the 1-Decene market. The company manufactures a wide range of petrochemicals and sells them across the globe. Chevron is also one of the leading suppliers of alpha olefins, specialty chemicals, and other chemicals. The company’s product line includes aromatics, drilling specialties, alpha olefins, olefins, polyethylene, and specialty chemicals, among others. It operates in China, Belgium, Saudi Arabia, South Korea, the US, and other nations.
*INEOS* is among the top producers of olefins and polymers in the world. The company has its production in Europe and North America and concentrates its production on ethylene and propylene, which are the two largest volume olefins globally and are key building blocks for polymers. The company operates in a total of 18 manufacturing sites across Europe and North America.
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