According to the latest report by IMARC Group, titled "Oxo-Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global oxo-alcohol market reached a value of US$ 11.7 Billion in 2021. Oxo-alcohols refer to chemicals that are obtained by the reaction of hydrogen and carbon monoxide with an olefin, and hydrogenation of aldehyde. The process takes place in the presence of a rhodium catalyst to produce aldehyde isomers under low-pressure conditions. Some of the most common oxo-alcohols include Isobutanol (IBA), N-Butanol (NBA), and 2-Ethylhexanol (2-EH). They are widely served as solvents and chemical intermediates that are further employed in the manufacturing of paints, coatings and adhesives. They also react with phthalic anhydride that is used to form phthalates commercialized as vinyl plasticizers. Apart from this, they are employed in the production of drugs, ethers, acetates, cleaners, polishers, solubilizers, printing inks and specialty chemicals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Oxo-Alcohol Market Trends:
The global market is primarily driven by the growing demand for oxo-alcohols from the plasticizers industry. These chemicals are widely used in the manufacturing of polyvinyl chloride (PVC) products, which are further utilized across numerous end use industries due to their enhanced versatility, flexibility and durability. Since PVC products are extensively used as an essential component in the construction industry, increasing construction activities on the global level are therefore creating a positive outlook for the market. The market is further driven by the growing application of these chemicals in the production of esters that form key ingredients in the manufacturing of fragrances, skincare and haircare products. The escalating demand for acrylates from the coatings and packaging industries is acting as another major growth-inducing factor. Moreover, extensive research and development (R&D) activities conducted by manufacturers have led to the launch of efficient and sustainably produced variants of oxo-alcohols, which are expected to provide a thrust to the market growth. For instance, BioPure™ nC4-OL is a bio-based, high purity n-butyl alcohol and a versatile oxo-chemical that is largely used for manufacturing esters. Some of the other factors contributing to the market growth include rapid industrialization, significant growth in the manufacturing sector and the growing popularity of plasticizer-based concrete. On account of the aforementioned factors, the market is expected to grow at a CAGR of 9.44% during 2022-2027.
- Based on the type, the market has been classified into 2-Ethylhexanol, n-Butanol and iso-Butanol. At present, n-Butanol represents the most preferred segment, accounting for the majority of the total market share.
- On the geographical front, Asia exhibits a clear dominance in the market, holding the leading position in the market. Some of the other major regions include North America, Western Europe and others.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players. Some of these players include China Petrochemical Corporation, OQ Chemicals GmbH, LG Chem, BASF SE, Eastman Chemical Company, Formosa Plastics Corporation, China National Petroleum Corporation, and Sasol LTD.
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