SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "1-Decene - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: November 2021
Executive Pool: 566
Companies: 38 - Players covered include Chevron Phillips Chemical Company LP; ExxonMobil Corporation; INEOS Group AG; Nizhnekamskneftekhim; Qatar Chemical Company Ltd.; Royal Dutch Shell PLC; Sabic Innovative Plastics Holding BV; Sasol Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Derivative (Polyalphaolefins, Oxo Alcohols, Other Derivatives)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global 1-Decene Market to Reach US$803.1 Million by the Year 2026
Decene is a toxic, white, clear, flowing liquid. It is an unsaturated hydrocarbon and an alkene, with C10H20 being its chemical formula. Decene is made through the oligomerization of ethylene or through cracking petroleum waxes that have high content of carbon. Derivatives of 1-Decene comprise polyalphaolefins, oxo alcohols, and others. Demand for 1-decene globally is anticipated to grow significantly, supported by its rising adoption in industries such as automotive and packaging, increasing use of synthetic lubricants in diesel engines, and strong PAO demand for the production of gear or engine oils, and other lubricants. The market for 1-decene is fueled by growing PAO production, due to its rising demand in the synthetic lubricants market. Expanding end-use application areas of derivatives such as lube-oil additives, solvents, detergent alcohols, plasticizer alcohols, transmission oils, compressor oils, and synthetic lubricants in various industries is also driving gains in the 1-decene market. 1-decene (as a chemical intermediate) is also used in the manufacturing of detergents and their derivatives, which are further employed in the production of industrial surfactants. The growth in surfactants' adoption in various end-use sectors has resulted in an increase in demand for 1-decene.
Amid the COVID-19 crisis, the global market for 1-Decene estimated at US$547.9 Million in the year 2020, is projected to reach a revised size of US$803.1 Million by 2026, growing at a CAGR of 6.4% over the analysis period. Polyalphaolefins, one of the segments analyzed in the report, is projected to grow at a 6.8% CAGR to reach US$596.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Oxo Alcohols segment is readjusted to a revised 5.9% CAGR for the next 7-year period. This segment currently accounts for a 23.6% share of the global 1-Decene market. Polyalphaolefins, a 1-Decene's derivative, is anticipated to register strong growth on account of their growing use in various application areas such as manufacturing and automotive as well as technological advancements. PAOs are employed as a synthetic lubricant (of high performance) for aviation, automatic transmission engines, marine use, crankcase, and industrial gear systems. They are also employed as gear oil, transmission oil, and compressor oil, among others. The growing diesel and gasoline demand and rising petroleum products production is expected to drive PAOs demand.
The U.S. Market is Estimated at $140.2 Million in 2021, While China is Forecast to Reach $93.1 Million by 2026
The 1-Decene market in the U.S. is estimated at US$140.2 Million in the year 2021. The country currently accounts for a 25.4% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$93.1 Million in the year 2026 trailing a CAGR of 9.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$23.5 Million by the end of the analysis period. In North America, the US is the largest consumer and producer of 1-Decene. The market in the country is supported by rising derivatives demand from industries such as packaging, automotive, and others. Also the region hosts leading producers of 1-Decene, such as ExxonMobil and Chevron Phillips Chemical. Europe dominates the global 1-decene market, supported by the presence of many renowned 1-decene producers and several leading automotive producers in the region, and also the strong demand for PAO. Asia-Pacific is the fastest growing region, mainly due to the rising demand for synthetic lubricants from industries such as aviation, marine, and automotive. The market in the region is led by China and India, with regards to production.
Oxo Alcohols (Derivative) Segment Corners a 7.6% Share in 2020
Oxo alcohols are manufactured by allowing olefins to react with syngas in the presence of rhodium catalyst and under conditions of low pressure. Oxo alcohols are employed in the production of specialty chemicals, plasticizers, adhesives, solvents, and coatings. They also serve as intermediates in the manufacture of solvents and plasticizers used in automotive, polymer, and construction industries. In the global Oxo Alcohols (Derivative) segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$85.3 Million in the year 2020 will reach a projected size of US$123.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$18 Million by the year 2026, while Latin America will expand at a 6.9% CAGR through the analysis period. More
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