Internal Olefins: Introduction
- Internal olefins refer to the industrially viable chemicals produced from dehydrochlorination or chlorination of linear paraffins. Global demand for these high-value chemicals is rising at an impressive pace since the last few years owing to the increase in usage of internal olefins in various applications across numerous industries. Steady rise in the global consumption of products such as lubricants, surfactants, and agrochemicals has been driving the internal olefins market since the last few years.
Key Drivers and Restraints of Global Internal Olefins Market
- Increase in demand for lubricants in the automotive industry is one of the key factors expected to positively impact the internal olefins market. Sales of passenger as well as luxury cars have increased significantly in developing economies across regions such as Asia Pacific and Latin America over the last decade. The number of vehicles in use in developed economies has also remained steadily high. Rise in demand for engine oils, as consumers are more open to regular maintenance and servicing of their vehicles to lessen the impact on the environment, is also likely to boost the global demand for lubricants in the near future, thus driving the internal olefins market.
- The internal olefins market is also expected to benefit from the rising global demand for greener and cleaner industrial fluids and increasingly strict emission regulations put in place across a number of developed as well as developing economies. Growth in usage of internal olefins in oil drilling and associated activities is also anticipated to drive the market, as global demand for crude oil and its derivatives has been rising. The market is also estimated to benefit from the increased global demand for agrochemicals in agrarian and emerging economies. However, easily available alternatives such as poly-alpha-olefins and fluctuating raw material costs are projected to negatively impact the market to a certain extent during the forecast period.
Internal Olefins: Technology Segment
- In terms of technology, the global internal olefins market can be segmented into paraffin dehydrogenation and isomerization & disproportionation
- The paraffin dehydrogenation segment accounted for significant share of the global market in 2020. It is projected to continue its dominance during the forecast period.
Internal Olefins: Application Segment
- In terms of application, the global internal olefins market can be segregated into oil drilling, surfactants, lubricants, agrochemicals, and pharmaceutical
- The oil drilling segment accounted for significant share of the global internal olefins market in 2020. It is projected to continue its dominance till 2031.
Covid-19 Impact on Internal Olefins Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Internal olefins are primarily employed in various applications including oil drilling, surfactants, lubricants, agrochemicals, and pharmaceutical. The COVID-19 pandemic has adversely impacted the production of various chemicals. However, demand for internal olefins has been stable in pharmaceutical applications. Furthermore, recovery of the economy and manufacturing sectors in various parts of the world is expected to boost the market in the near future.
Asia Pacific to Dominate Internal Olefins Market
- In terms of region, the global Internal olefins market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounts for dominant share of the global market. It is likely to hold significant share of the market during the forecast period owing to the presence of a well-established oil & gas exploration industry, high demand for lubricants, and steadily rising shale gas exploration activities in the region.
- Asia Pacific is also likely to constitute key share of the global internal olefins market, registering the fastest CAGR during the forecast period. The market in the region is expected to benefit from the flourishing vehicle manufacturing sector, rise in numbers of vehicle users, and high consumption of synthetic lubricants for vehicles.
Key Manufacturers Operating in Global Internal Olefins Market
The global internal olefins market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global internal olefins market include:
- NEOS Group Limited
- Elevance Renewable Sciences Inc.
- Shell Chemical LP
- Sasol Limited
- Idemitsu Kosan Co., Ltd.,
- Chevron Corporation,
- Halliburton Company
- Schlumberger Limited
- Shrieve Chemical Company
- Royal Dutch Shell plc.
Global Internal Olefins Market: Research Scope
Global Internal Olefins Market, by Technology
- Paraffin Dehydrogenation
- Isomerization & Disproportionation
Global Internal Olefins Market, by Application
- Oil Drilling
Global Internal Olefins Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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