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Linear alpha olefins (LAO) market to witness increased traction from HDPE application

Author : Ravi Chawat | Published Date : 2021-01-22 

The HDPE application will stimulate the growth of linear alpha olefins maret, accounting for more than USD 2.4 billion in value by 2024. Linear alpha olefins (LAO) market share is poised to gain major traction on account of its rising demand from prime HDPE applications. There has been a growing demand for HDPE in injection and film molding as it exhibits high tensile strength as well as excellent puncture & impact resistance.

Linear alpha olefins (LAO) market size has been estimated to exceed USD 19 billion by 2024. Major industry players like Shell, Sasol, Jam Petrochemical, Evonik Industries, INEOS, Chevron and Idemitsu lay emphasis on the expansion of their product portfolio, regional footprint as well as technology with the help of mergers, acquisitions, and partnerships.

Firms have been aiming at developing bio-based products in order to lower the dependency on fossil fuel raw materials. They have also been involved in spending research and development activities to be able to reduce the environmental impact and formulate renewable products. A rising number of investments for improving the manufacturing process technology to be able to make high-quality products has contributed to global linear alpha olefins (LAO) market growth.  

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The production for linear alpha olefins require feedstock that includes syn-gas, C4 steam and ethylene. The technological innovations involved during the production process for the manufacture of sustainable products can influence the business scenario. Ethylene, the key raw material for production is usually easily available, has lower cost and also has a consistent supply, triggering linear alpha olefins (LAO) market trends on account of massive shale gas exploration activities that mostly takes place in Europe and the U.S.

The development of advanced drilling techniques as well as the rising demand for petrochemicals has resulted in an increase in the extraction of shale gas over time. The Europe region has been witnessing massive sales and productions of automobiles led by France, Italy and Germany. Presence of renowned firms that produce automobiles has only proven to be favorable for the growth of Europe linear alpha olefins (LAO) market forecast, with an estimated rate of growth to over 1.5 million tons consumption by 2024.

Amidst alarming environmental concerns, growing focus towards lowering the emission of toxic gases has led the governments to implement stringent norms to control and curb the emission, driving the demand for synthetic lubricants.  Escalating production of ethylene, as well as a boom in shale oil exploration across the United States, has rendered a positive impact on U.S. linear alpha olefins (LAO) market size which is expected to surpass USD 6 billion in the coming years.

Browse More News:

https://www.globenewswire.com/news-release/2017/07/03/1037421/0/en/Acetic-Acid-Market-to-surpass-16bn-by-2024-Global-Market-Insights-Inc.html

https://www.prnewswire.com/news-releases/automotive-coatings-market-to-surpass-a-valuation-of-30-billion-by-2026-says-global-market-insights-inc-301111413.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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