Sellbyville, DE -- (SBWIRE) -- 10/24/2018 -- The Internal Olefin Market is set to grow from its current market value of more than $1.5 billion to over $2 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Increasing usage in pharmaceutical, oil drilling and surfactant industries along with growing environmental awareness should drive internal olefins market. Rapid urbanization supported by increasing economic standards has promoted use of high quality personal hygiene products which is likely to propel industry growth.

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Stringent environmental policies by REACH and EPA in oil drilling & extraction industries has led to wide usage of synthetic based fluids in offshore and deep-water drilling thereby contributing towards industry growth. Internal olefins are categorized as cost effective synthetic base fluid which helps in efficient drilling activities along with removing drilling cuts and maintaining desired drilling pressure.

Internal olefins market from surfactants may exceed to 170 kilo tons by 2024. Strong application outlook in liquid soaps, dish washing liquids, detergent shampoos and hand wash owing to low toxicity is likely to have positive impact on industry growth. Growing demand for mild, skin irritants and sensitizers free detergents along with high cleaning capacity should fuel product demand.

Internal olefins from lubricants application may witness gains at above 4%. It helps in maintaining performance to cost ratio along with enhancing fuel efficiency by minimizing smudge formation. Increasing awareness pertaining to synthetic lubricants benefits in automobile industry mainly in India and China supported by strict low emission standards should boost product demand.

Availability of substitutes including linear alpha olefin, poly alpha olefins may challenge industry growth. Ethylene and n- paraffin are the key raw materials used for commercial production. Fluctuating raw material prices may limit industry profitability which may impact internal olefins market price trend.

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U.S. internal olefins market from oil drilling applications is poised to surpass USD 350 million in sales by 2024. Presence of various natural oil & gas reserves has led to growing drilling & exploration activities should favor regional industry growth. It is prominently used in extraction activities for effective oil recovery due to reduce drilling time, cost-effectiveness, high lubricity, thermal stability and well borne stability.

Growing automotive production along with increasing adoption of synthetic lubricants over conventional should have positive impact on industry growth. It is prominently used in engine oil as its solvency, compatibility and low emission along with increasing vehicle lifespan and performance.

Global internal olefins market share is concentrated with some of the industry participants include Elevence, Sasol, INEOS Oiligomers and Shell. Strong R&D expenditure to develop internal olefins for extensive applications in pharmaceutical industry and ensure effective drug delivery may drive industry growth.

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