One of the key factors driving this market is the rising demand for polyethene and polypropylene plastics around the world. Many different applications, including packaging, building, and others, make extensive use of polyethene & polypropylene. Since these plastics contain 1-octene as a comonomer, this is feeding the need for 1-octene. Another factor driving the expansion of this market is the increasing use of 1-octene as a surfactant or plasticizer. Disinfectants, cleansers, and other such items are all user agents. They assist in lowering the surface tension of water, which facilitates the removal of stains and grime. Similarly to this, plasticizers are utilised in many products, including toys, packaging materials, as well as other items. They aid in softening and increasing the plastic's flexibility. This in turn is boosting 1-octene demand across the board.
Since it is a chemical that may be utilised in many different sectors, there is a demand for the market. The market is also anticipated to expand significantly over the course of the forecast period as a result of the rising demand for polyethene and polypropylene plastics globally as well as the expanding use of 1-octene as an emulsifier or lubricant.
C8H16 is the chemical formula for the hydrocarbon 1-octene. It smells nice and strong and is a colourless liquid. However, the majority of organic solvents may dissolve it; water is insoluble. Polyethylene and polypropylene plastics use 1-octene as a comonomer. Along with being a synthetic lubricant, it is also utilised as a surfactant or plasticizer for 1-octanol. The production of adhesives, sealants, and coatings also uses 1-octene. Polyethylene and polypropylene plastics use 1-octene as a comonomer. Along with being a synthetic lubricant, it is also utilised as a surfactant or plasticizer for 1-octanol. The production of adhesives, sealants, and coatings also uses 1-octene.
Numerous polymers, including low-density polyethene (LDPE), high-density polyethylene (HDPE), and polypropylene, are made using 1-octene as a monomer (PP). It also has uses in the creation of synthetic lubricants, surfactants, and plasticizers. Furthermore, it functions as a comonomer in a number of other natural polymers.
The 1-Octene Marketplace is anticipated to increase by USD 3715.8 million by 2031, from USD 1899.9 million in 2021, at a CAGR of 5.6%.
This expansion can be ascribed to the rising global demand for polyethylene and polypropylene plastics. One further factor fueling the expansion of this market is the increasing use of 1-octene as a surfactant or plasticizer.
One of the main challenges restricting this market is the erratic price of raw materials. Several of the raw ingredients utilised in the manufacturing of 1-octene, including polypropylene, ethylene, and others, have high volatility. This volatility frequently causes changes in the costs of various raw materials, which ultimately have an impact on the total cost of producing 1-octene. The 1-octene market's expansion is consequently anticipated to be constrained throughout the projected period. But, it is anticipated that throughout the forecast period, the rising demand for 1-octene from the Asia-Pacific region would generate attractive prospects for market expansion.
ExxonMobil Corporation (US), The Dow Chemical Company (US), INEOS AG (Switzerland), Eastman Chemical Company (US), SABIC (Saudi Arabia), and LyondellBasell Industries N.V. (The Netherlands) are some of the leading companies active in the 1-Octene Market. As a result, this study provides an in-depth analysis of the market, as well as participant profiles.
HDPE and PP Types to Emerge as the Lucrative Segments
PP and HDPE are anticipated to be the two most common types of 1-Octene over the projection period as a component of LLDPE. The rising demand for these plastics across numerous industries is to blame for this expansion. This market is also expanding as a result of the expanding use of 1-Octene as a surfactant or plasticizer.
The Most Popular Application Segments are Polyethylene & Polypropylene Plastics
In the polyethene & polypropylene plastics application, it is anticipated that the 1-octene market will expand significantly. The rising demand for these plastics across a wide variety of industries is to responsible for this expansion. This market is also expanding as a result of the expanding use of 1-Octene as a surfactant or extender.
APAC region renders Ample Financing Opportunities
In terms of value and volume growth throughout the projection period, Asia Pacific is anticipated to increase at exponential rates. The market expansion in this area can be attributable to elements like the rising demand for polyethene and polypropylene plastics from developing nations like China and India. The expansion of this industry in the Asia Pacific is also being aided by the expanding use of 1-octene as a solvent or binder.
COVID-19 Impact and Market Status
Consumption of octene has decreased globally as a result of the COVID-19 epidemic. This is because the supply chain has been disrupted and production facilities have been compelled to close as a consequence of the lockdown that respective governments have imposed. Additionally, the decline in vehicle output is having a detrimental effect on the market expansion. Though the economies are progressively rebounding from the outbreak, the market is anticipated to develop at a healthy market is projected to witness.
Recent Developments in the 1-Octene Market
• Royal Dutch Shell plc finished acquiring MPX Biofuels Inc. in November 2021. The company will be able to enter more markets for biofuels thanks to this acquisition.
• The purchase of Boomerang car care products was completed in September 2021 by Total S.A. and Borealis A/S. The company will be able to enter more markets in the car care industry thanks to this acquisition.
• SABIC finished acquiring the fluoro products division of The Chemours Company in July 2021. The company's presence in the fluoropolymers market will grow thanks to this agreement.
• The expansion of the joint venture petrochemical and refining complex owned by ExxonMobil Chemical Company and Sinopec Corporation in China's Fujian Province was finished in May 2021. The company will be able to increase its presence in the Asia Pacific region thanks to the growth.
1-Octene Market Scope
|Revenue forecast in 2031
|USD 3715.8 million
|CAGR of 5.6% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|ExxonMobil Corporation (US), The Dow Chemical Company (US), INEOS AG (Switzerland), Eastman Chemical Company (US), SABIC (Saudi Arabia), and LyondellBasell Industries N.V. (The Netherlands) are some of the leading companies active in the 1-Octene Market.
Key Segment of Global 1-Octene Market
By Type Overview 2021-2031, (USD Billion)
• As a Comonomer for LLDPE
• As Surfactant or Plasticizer for 1-Octanol
By Application Overview 2021-2031, (USD Billion)
• Polypropylene Plastics
• Synthetic Lubricant
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa