Olefin Derivatives Market Report Overview
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The global olefin derivatives market size was 77010 million in 2022 & the market is expected to reach USD 102249 million in 2031, exhibiting a CAGR of 3.2% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with olefin derivatives market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Olefin derivatives are chemicals that are produced by further processing basic olefins. The olefins derivatives market does not include poly-olefins. Olefin derivatives are manufactured by employing various Industry chemical processing methods such as chlorination, oxidation, and ammoxidation of olefins. Olefin derivatives are some key Industry chemicals and also act as raw materials for producing other chemical products. Growing innovations and advancements in the production methods leading in enhanced effectiveness of production process and improved product offering further extends profitable opportunities to the market players in the forecast period. The process used to creation olefin derivatives requires extreme pressure and temperature for the manufacturing. Improper pressure and temperature changes may consequence in a product error that makes it impracticable and results in a considerable loss for the manufacturing company. Increasing demand for pharmaceuticals and industrial products through the world and growing need for feedstock chemicals due to growing petrochemical industry and increasing consumption of plastics among others. Olefin derivatives are used in the production of polypropylene, synthetic fibres for textiles and carpeting, cosmetics. Olefins are gaining importance due to their usage in pharmaceutical products like acetaminophen, ibuprofen. The use of olefin derivatives in industrial sectors such as manufacturing industries helps them achieve greater efficiency with reduced costs through improved product quality. Rising improvements and developments in the manufacturing techniques leads in larger effectiveness of production process and better-quality product offering further spreads profitable opportunities to the market players during the forecast period.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market. During this pandemic, the olefins industry has experienced significant losses due to travel restrictions around the world and severe social distancing measures. Pharmaceutical uses still demand for olefins has remained constant.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Olefin Derivatives Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into acrylonitrile, ethylene oxide, propylene glycol, butanol, others.
Acrylonitrile capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into pharmaceutical, industrial.
Olefin derivatives market players cover segment as pharmaceutical will dominate the market share during forecast period.
Driving Factors
"Increase in demand in various activities to boost the market growth"
Global demand for crude oil and its derivatives increases the market and is projected to be motivated by an upsurge in the use of olefins in oil drilling and interconnected activities. As a result these factors have guaranteed the increased enlargement of market. The demand has motivated the growth of these industry which has anticipated to boost market.
"Technological advancement and development to upsurge the market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the olefin derivatives market growth. Growing investment in research and development activities and growing awareness about benefits has expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market.
Restraining Factors
"Variable cost of raw material to hamper the market growth"
Variable raw material prices deeply influence the olefins derivatives market. The cost of making olefins increases with the upsurge in raw material prices. The manufacturers overall costs will increase as a significance of this the fluctuating prices of raw materials for the manufacturing of olefins will thus create restrictions for the growth of the olefins derivatives market.
Olefin Derivatives Market Regional Insights
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"Asia Pacific to dominate the region due to development in automotive industry"
Asia Pacific is further expected to witness growth in the olefin derivatives market share. The region is dominating the market due to rising demand and increasing construction activities due to rapid development related with high growth of automotive industry within the region. Investments in pharmaceuticals have augmented expressively with the Asia Pacific region being one of the prominent contributors. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Mitsubishi Chemical (Japan)
- China National Petroleum (China)
- Repsol (Spain)
- Ineos Holdings Luxembourg (U.K.)
- China Petroleum & Chemical (China)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 77010 Million in 2022 |
Market Size Value By |
US$ 102249 Million by 2031 |
Growth Rate |
CAGR of 3.2% from 2022 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the olefin derivatives market expected to touch by 2031?
Olefin derivatives market is expected to touch USD 102249 million in 2031.
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What CAGR is the olefin derivatives market expected to exhibit during 2022-2031?
Olefin derivatives market is expected to exhibit CAGR of 3.2 % during 2022-2031.
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What are the driving factors of the olefin derivatives market?
Global demand for crude oil and its derivatives increases the market and is projected to be motivated by an upsurge in the use of olefins in oil drilling and interconnected activities.
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Which are the key players or most dominating companies functioning in the olefin derivatives market?
The dominating companies in the olefin derivatives market are Mitsubishi Chemical, China National Petroleum, Repsol, Ineos Holdings Luxembourg, and China Petroleum & Chemical.
