1-Decene Market - Global Size, Share, Trends, Growth and Forecast Year ( 2022 – 2032 )
Market Size and Overview:
The 1-decene market has experienced continuous growth, with a compound annual growth rate (CAGR) of 5.7% from 2023 to 2032, reaching a market value of USD 1.7 billion in 2032 (source: KD Market Insights). This growth can be attributed to the cumulative Poly Alpha Olefin (PAO) demand for producing engine/gear oils, greases, and other lubricants. The market is segmented into various sections like derivatives, applications, and regions.
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1-Decene Market Report Scope |
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Base Year Market Size |
2022 USD 1.0 billion
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Forecast Year Market Size
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2032 USD 1.7 billion |
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CAGR Value
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5.7% from 2023 to 2032 |
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Segmentation
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•By derivatives •By application •By geography
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Challenges
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•Demand-supply gap |
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Growth Drivers
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•Increasing demand for synthetic lubricants •Capacity expansions by key industry players •Focus on the development of alpha olefins from bio-based materials |
Market Segmentation:
Derivatives:
- Poly Alpha Olefins
- Oxo Alcohols
- Linear Alkyne Benzene
- Linear Mercaptans
- Chlorinated Olefins
- Others
Application:
- Surfactants
- Polyethylene
- Detergent Alcohols
- Synthetic Lubricants
- Others
Geographic Regions:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Poly Alpha Olefins: Based on the application, poly alpha olefins dominate the market share for the 1-decene market in 2022. It is also anticipated to grow at the fastest-rate during forecast period. It offers high-end technical performance and is eco-friendly. The segment is expected to witness above average growth rate as compared with other segments.
Regional Analysis:
The regional analysis of the 1-decene market presents diverse trends and dynamics across different parts of the world. The European market is expected to dominate the market for 1-decene and hold the maximum share. The region is expected to grow steadily during the forecast period. The key manufacturers are planning to increase the production of PAO and synthetic lubricants. The market growth is also because of the easy availability of raw materials in the region. In North America, the United States is expected to hold a larger share in the region during analysis period because of the presence of the largest oil manufacturers in the country. Moreover, the leading players of the market, such as ExxonMobil Corp., Shell Chemicals, Chevron Phillips Chemical Company LP, and INEOS Oligomers, are present in the region.
The Asia-Pacific region is predicted to be the fastest-growing region among all the regions of the world. This can be attributed to the increasing demand for PAO for the production of lubricants in the region. China is a significant market for 1-decene because of the petrochemical producers and ethylene production, which is an essential raw material for 1-decene production. The easy availability of raw materials in the region is also expected to boost the growth of the 1-decene market.
Growth Drivers:
The increasing demand for synthetic lubricants, capacity expansions by key industry players, and focus on the development of alpha olefins from bio-based materials are the main factor increasing the growth of the 1-decene market. The increase in demand for synthetic lubricants is driving the market due to PAOs-based synthetic lubricants. There is a high consumption for PAO which leads to the growth of the 1-decene market. The people’s preference shifts towards better standards of living which leads to a rise in the automobile sector, which uses the maximum lubricants. The use of lubricants in the automobile sector is an important application of 1-decene derivatives. This provides new opportunities for the 1-decene market to grow with new technological advancements. India, China, and Brazil are the important markets for this growth.
The companies are investing in research and development for producing new concepts of PAO from biomass. This has increased the growth of the 1-decene market as new and improved products are being manufactured through technological advancements, which will give rise to the market.
Challenges:
There is a demand-supply gap in the 1-decene market because of the presence of very few players manufacturing and their limited production capacity. There are very few players who produce 1-decene at a larger scale compared to the other smaller players. When there is an increased demand for 1-decene in the market, even the key players fail to fulfill the demand, which hinders market growth for the 1-decene market.
Key Companies:
- Otto Chemie Pvt. Ltd.
- ExxonMobil Corporation
- INEOS
- Chevron Phillips
- Shell Chemicals
- Spectrum Chemical
- Dowpol Chemical International Corp.
- Hubei jusheng technology co., ltd.
- Imkemex Marketing Private Limited
- National Analytical Corporation
- SIELC Technologies
- Ningbo Inno Pharmchem Co. Ltd.
- GM Chemical Co., Ltd.
- Other Players
The report profiles leading companies in the 1-decene market, such as ExxonMobil Corporation, Spectrum Chemical, INEOS, and others. These companies have a strong market presence, extensive distribution networks, and a wide product portfolio. Their competitive strategies involve product innovation, strategic partnerships, mergers, and acquisitions to enhance their market share and cater to diverse customer needs.
In March 2022, ExxonMobil announced the construction of the new linear alpha olefins (LAO) manufacturing unit. The company will manufacture 10 high-purity PAO products at the site. The marketing brand name for the new offering is Elevexx.
In September 2022, Spectrum Chemical and DFE Pharma signed a U.S. distribution agreement to supply products under the brand name BioHale. The new deal strengthens Spectrum Chemical’s raw material supplies for companies that make biopharmaceuticals.
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- Publication date: 3rd September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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