Global Internal Olefins Market Size By Product (Industrial, Agricultural), By Application (Oil Drilling, Surfactants), By Geographic Scope And Forecast
Report ID: 18317|No. of Pages: 202
Global Internal Olefins Market Size By Product (Industrial, Agricultural), By Application (Oil Drilling, Surfactants), By Geographic Scope And Forecast
Internal Olefins Market Size And Forecast
Internal Olefins Market size was valued at USD 2.03 Billion in 2022 and is projected to reach USD 3 Billion by 2030, growing at a CAGR of 5% from 2023 to 2030.
The increased demand from the automotive industry for lubricants. It is mostly used in engine oil & industrial lubricant applications as it prevents oil thickening and minimizes sludge formation thus, amplifying the lifespan and performance of vehicles and machines. This will foster market growth. The Global Internal Olefins Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Internal Olefins Market Definition
Internal olefins are higher alkenes groups with middle-range carbon atoms from C10 to C13. They are synthesized from alpha-olefins with a range from C16 to C18 attached with terminal double bonds carbon atoms. The internal olefins are high-value chemicals manufactured from the chlorination or dehydrochlorination of linear paraffin. They are produced by two main routes oligomerization of ethylene and by Fischer-Tropsch synthesis followed by purification.
They exhibit superior properties such as biodegradability, hydrolytic stability, lubricity, solvency, and thermal stability. They find extensive application in lubricants, surfactants, and agrochemicals. Lubricants are widely used in the automotive sector. Internal olefins are predominantly used in oil drilling as this is the fastest-growing application segment in the Global Internal Olefins Market.
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Global Internal Olefins Market Overview
The rising automotive sector has boosted the Internal Olefins Market. The demand for engines for regular maintenance and servicing of their vehicles and increased demand from the automotive industry for lubricants has boosted the Internal Olefins Market. It is mostly used in engine oil & industrial lubricant applications as it prevents oil thickening and minimizes sludge formation thus, amplifying the lifespan and performances of vehicles and machines. Moreover, rising global demand for greener and cleaner industrial fluids and the prominent use of internal olefins in oil drilling and related activities are also estimated to drive the market as the worldwide demand for crude oil and its derivatives has again broadened up.
Furthermore, the ever-rising urbanization & industrialization rate and growing vehicle ownership along with a shift in preference for luxurious lifestyles will accelerate the demand for the Global Internal Olefins Market. There are certain restraints and challenges faced which will hinder the overall market growth. The factors such as the availability of substitutes such as alpha-olefins, LAO, and PAO with enhanced properties and high purity pose a threat to the market. Also, the easy availability and cost-effectiveness of ethylene as major raw material for the substitutes inhibit the growth of the Internal Olefins Market.
Global Internal Olefins Market: Segmentation Analysis
The Global Internal Olefins Market is segmented on the basis of Product, Application, And Geography.
Internal Olefins Market, By Product
• Industrial
• Agricultural
• Pharmaceutical
Based on Product, The market is bifurcated into Industrial, Agricultural, and Pharmaceutical. The Pharmaceutical segment holds the largest market share. The factors can be attributed to the toxicity level, biodegradability, and human safety benefits offered by olefins have fostered their acceptance in the pharmaceuticals segment.
Internal Olefins Market, By Application
• Oil Drilling
• Surfactants
• Lubricants
• Agrochemicals
• Pharmaceutical
Based on Application, The market is bifurcated into Oil Drilling, Surfactants, Lubricants, Agrochemicals, and Pharmaceuticals. The Oil Drilling segment held the largest market share. The factors can be attributed to its stability at high temperatures, lubricity, and well-bore stability. It provides sound drilling operations as it is less toxic. This is expected to boost this segment.
Internal Olefins Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of Regional Analysis, The Global Internal Olefins Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest market share. The increasing oil and gas exploration due to the shale gas revolution, and the well-established oil and gas exploration industry will boost the market in this region.
Key Players
The “Global Internal Olefins Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Royal Dutch Shell, INEOS Oligomers, Elevance Renewable Sciences, Sasol, Chevron Phillips Chemical Company, Schlumberger, Halliburton, Idemitsu Kosan, Shrieve Chemical Company, SABIC, Infineum International.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
Partnerships, Collaborations, and Agreements
• In September 2021, SASOL and UCT Researchers collaborated on the use of commercial iron catalysts to convert hydrogen and co2 into green jet fuel and chemicals.
• In June 2021, Schlumberger and Subsea 7 announced today that they have signed an agreement to renew Subsea Integration Alliance for a further seven years.
• In June 2019, INEOS signed an agreement with Saudi Aramco and Total to build its first production plant in the Middle east region.
Product Launches and Product Expansions
• In June 2022, Chevron Phillips Chemical to build a new low viscosity PAO unit in Belgium to address growing worldwide demand.
Mergers and Acquisitions
• In June 2022, Shell Retail and Convenience Operations LLC, a wholly-owned subsidiary of Shell Oil Products US, completed the acquisition of the Landmark Group of companies with company-owned fuel and convenience retail sites. The acquisition includes supply agreements for the independently operated fuel and convenience oil sites.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2019-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Period | 2019-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Royal Dutch Shell, INEOS Oligomers, Elevance Renewable Sciences, Sasol, Chevron Phillips Chemical Company, Schlumberger, Halliburton. |
| Segments Covered | • By Product |
| Customization scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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Data Collection Matrix
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Industry Analysis Matrix
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