1-Decene Market revenue to surpass USD 6 Billion by 2035, says Research Nester
Prominent 1-decene market players include Shell group, Exxon Mobil Corporation, INEOS AG, Chevron Phillips Chemical Company LLC, Sasol Limited, Qatar Chemical Company Ltd, Idemitsu Kosan Co., Ltd., Saudi Basic Industries Corporation, Alfa Aesar (Thermo Fisher Scientific), and Gelest, Inc.
New York, Aug. 22, 2023 (GLOBE NEWSWIRE) — The global 1-decene market size is projected to expand at ~10% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 6 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The main factors creating lucrative growth opportunities in the market are the expansion of the manufacturing sector and the use of Poly Alpha Olefin (PAO) as a raw material in many manufacturing industries such as gears, compressors, lubricants, and gear oils. According to reports, the manufacturing industry in the United States generated around USD 9 trillion in revenue in 2022. 1-Decene is a hydrocarbon of the alkene group that has the appearance of a white, clear, mobile liquid with a pleasant odor. Generally, 1-decene is obtained by a process known as oligomerization of ethylene or by cracking higher-carbon petroleum waxes.
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in the North American region is estimated to garner the largest revenue by the end of 2035. The regional growth can be largely attributed to the rising expansion of the automobile industry and the high demand for automobiles owing to the population growth in the region. Additionally, 1-decene is excellent as an automotive lubricant, gear oil, gearbox, and compressor lubricant. According to the Organization of International Automobile Manufacturers (OICA), sales of all car models in the Americas region increased from 20,814,832 in 2020 to 22,001,152 in 2021, while production in the same region increased to 16,151,639 in 2021. The use of 1-decene is expected to increase in the coming years in the oil and gas sectors of the United States, Canada, and Mexico. Significant growth in the packaging and chemical industries may also offer lucrative opportunities for market expansion. According to a recent report, the chemical industry in the US region was worth nearly USD 550 billion in 2019.
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Spiking Population to Propel the Market in the Asia Pacific Region
The 1-decene market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the large population of the region. The World Bank reports that East Asia and the Pacific had a population count of 2.37 billion by the year 2021, and China is the largest producer of modern vehicles, according to the International Energy Agency. Additionally, the region accounts for an area spanning nearly 30 million square kilometers. This is fueling the demand for and production of automotive vehicles in the region. Many countries in the Asia-Pacific region stand out as strong competitors in the automotive sector. The automobile industry in Japan, China, and South Korea is remarkable. Japan’s Toyota Motor Corporation has been ranked the second largest automaker in the world by market capitalization. Japan boasts high-quality car brands, but China produces the most cars in the world. China’s Shanghai Automotive Industry Corporation (SAIC) has steadily increased its earnings and has only experienced a mild recession in recent years, while South Korea’s Hyundai Motor is the country’s largest automaker. As 1-decene is widely used in the automotive industry, these factors are anticipated to boost regional market growth.
1-Decene, Segmentation by End-Use Industry
- Food & Beverage
- Pharmaceutical
- Others
Amongst these three segments, the food & beverage segment in 1-decene market is anticipated to hold the largest share over the forecast period. The factors contributing to the growth of this segment are the high consumption of food and beverages owing to population growth and the increasing use of 1-decene as a food additive. By 2021, global food manufacturing revenue was noted to have reached nearly USD 120 billion, and it is expected to grow steadily. 1-Decene’s benefits as an effective polish and polish for food products and its adjuncts in the production of synthetic fatty acids as alpha-olefins also give positive prospects for segment growth during the evaluation period. Food and beverages refer to raw, uncooked or processed edible substances used or intended for human consumption, such as ice, water, spirits, wine, mixed drinks, beer, soft drinks, sodas, and other beverages. Food and beverage service can be broadly defined as the process of preparing, serving, and providing food and beverages to customers.
1-Decene, Segmentation by Derivative
- Polyalphaolefins
- Oxo Alcohols
- Linear Alkyl Benzene
- Linear Mercaptans
- Chlorinated Alpha Olefins
- Others
Amongst these segments, the polyalphaolefins segment is anticipated to hold a significant share over the forecast period. The segment’s growth can primarily be attributed to its high utilization in the automotive industry and other manufacturing fields. In addition, it is in great demand in the construction industry owing to its corrosion resistance to metals, steels, and alloys. The construction industry is growing at a quite notable pace all over the globe. For instance, by 2050, construction workers are expected to add 3,500 new structures every day across the world. Hence, it is estimated to be an important factor influencing the growth of this segment.
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1-Decene, Segmentation by Grade
- Bio-based
- Synthetic
1-Decene, Segmentation by Application
- Surfactants
- Plasticizers
- Others
Few of the well-known market leaders in the 1-decene market that are profiled by Research Nester are Shell group, Exxon Mobil Corporation, INEOS AG, Chevron Phillips Chemical Company LLC, Sasol Limited, Qatar Chemical Company Ltd, Idemitsu Kosan Co., Ltd., Saudi Basic Industries Corporation, Alfa Aesar (Thermo Fisher Scientific), Gelest, Inc., and other key market players.
Recent Development in the 1-Decene Market
- The Shell Group, a British multinational oil and gas company, is about to start production of its fourth alpha olefin (AO) plant at its chemical plant in Geismar, Louisiana, USA.
- ExxonMobil Corporation, an American multinational oil and gas corporation, has decided to invest USD 2 billion in expanding its chemical plant in Baytown, Texas.
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