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North American 1-Octene Market is Projected to Grow at CAGR of 5.9% From 2014 to 2019.

"The North American 1-octene market was valued at $788.6 million in 2014 and is projected to witness a CAGR of 5.9% during the forecast period, 2014 to 2019. In terms of volume, the North American 1-octene market recorded a consumption of 434.1 KT in 2014 and is projected to witness a CAGR of 4.1% during the forecast period."

1-octene is the second-most popular alpha olefin and holds 22% of the global market shares. It is a colorless liquid, insoluble in water, and has a sweet odor. The linear low-density polyethylene (LLDPE) is the most famous application of 1-octene. It is used in the making of plastic bags, stretch wrap, toys, covers, pipes, buckets, plastic wraps, and so on. Plasticizers, the second-biggest application, are used in PVC, clay, concrete, wires, synthetic leathers, and others. Surfactants are used in foaming agents, emulsifiers, and wetting agents.

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The rise in shale gas production is the primary reason for the growth of this market. More shale gas means more ethane, and hence more ethylene and more 1-octene. The LLDPE application segment holds majority of the market shares and is the second-highest growing segment, resulting in the market being dependent on it for growth. Synthetic lubricants are the fastest growing application segment while bio-based alpha olefins have positive growth prospect in the future. Major restraint of the market is the fluctuating prices of ethylene due to the rapid changes in petroleum prices. This makes strategy formulation difficult.

The major participants operating in the North America 1-octene market are

  • Chevron Phillips Chemical Company (U.S.),
  • Sasol Ltd. (South America),
  • Royal Dutch Shell PLC (Netherlands),
  • INEOS Oligomers (Switzerland),
  • Dow Chemical Company (U.S.), and
  • Nizhnekamskneftekhim (Russia).

Based on application, the 1-octene market has been segmented into LLDPE, plasticizers, surfactants, pulp and paper, and lubricants. The LLDPE segment held the largest market share of 56.4% in terms of value in 2014. This segment is expected to continue dominating the market, growing at the highest CAGR of 6.2% in terms of value during the forecast period. Its consumption was $445.1 million in 2014 and is expected to reach $602.3 million by 2019.

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