The latest report by IMARC Group, titled “Oxo-Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global oxo-alcohol market size reached 7.8 Million Tons in 2018, registering a CAGR of 2.6% during 2011-2018. Oxo-alcohols are prepared by adding hydrogen and carbon monoxide to an olefin and further hydrogenating the aldehyde to obtain the alcohol. This process takes place under low-pressure conditions in the presence of rhodium catalyst to produce aldehyde isomers, which are further hydrogenated to produce these alcohols. Various olefins, including ethylene, propylene and acetylene, can aid in the preparation of different kinds of oxo-alcohols. These alcohols react with phthalic anhydride to form phthalates, which are commercialized as vinyl plasticizers. In addition, they are extensively employed across numerous industries for the manufacturing of drugs, ethers, acetates, polishers, coatings, cleaners, solubilizer, adhesives, printing inks and specialty chemicals.
Global Oxo-Alcohol Market Trends:
Oxo-alcohols are chiefly utilized to manufacture plasticizers, which are further used in polyvinyl chloride (PVC) products to offer flexibility and durability. The escalating demand for these alcohols from the plasticizers industry has boosted their sales across the globe. Additionally, the thriving construction industry is another key factor driving the market growth. PVC products form an essential component of the construction industry which, in turn, is impelling the demand for these alcohols. Apart from this, increasing demand for acrylates from the coatings and packaging industries is also creating a positive outlook for the market. Furthermore, manufacturers are continually engaging in research and development (R&D) activities for the development of new and efficient variants. For instance, BioPure™ nC4-OL, a bio-based, high purity n-butyl alcohol and a versatile oxo-chemical, has been launched in the market, which is widely used in the manufacturing of esters utilized for fragrance, skincare and haircare products. On account of the aforementioned factors, the market is expected to reach a volume of 9.3 Million Tons by 2024.
- Based on the type, the market has been divided into 2-Ethylhexanol, n-Butanol and iso-Butanol. Amongst these, n-Butanol represents the most preferred type, accounting for the largest market share.
- On the geographical front, Asia exhibits a clear dominance in the market, holding the majority of the total market share. Other major regions include North America and Western Europe.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players. The leading manufacturers include Sinopec, Oxea Group, LG Group, BASF, Eastman Chemical Company, Formosa Plastic Group, CNPC and Sasol Ltd.
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