Oxo-alcohols refer to the alcohols that are produced by the oxo process, also known as the hydroformylation reaction. In this process an alkene is reacted with syngas (carbon monoxide and hydrogen) in the presence of a catalyst to produce aldehyde isomers which are then hydrogenated to produce oxo-alcohols. They usually have three to fifteen carbon atoms in their carbon chains and act as an important raw material for the manufacturing of plasticizers, ethers, acetates, adhesives and coatings, solvents, specialty chemicals, etc. A new research 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 reached a volume of around 7.8 Million Tons in 2018, registering a CAGR of 2.6% during 2011-2018. The report further anticipates the market to reach a volume of 9.3 Million Tons by 2024.
Global Oxo-Alcohol Market Drivers/Constraints:
- As plasticizers are used for making polyvinyl chloride (PVC) products, their demand in the plastic, automotive, packaging and construction industries is escalating, thereby driving the global oxo-alcohol market.
- The development of chemical and polymer industries, growing manufacturing activities and rapid industrialisation, particularly in the emerging nations, are some of the other factors fuelling the demand for oxo-alcohol in the global market.
- The fluctuating prices of the raw materials, namely crude oil and its derivatives, which are used in the manufacturing of oxo-alcohols can hamper the market growth. In addition, the strict environmental laws and regulations surrounding the oxo-alcohol industry can also restraint the growth of the market.
The report finds that on the basis of type, the market has been segregated into 2-Ethylhexanol, n-Butanol and iso-Butanol. Amongst these, n-Butanol is the most popular product type, holding the majority of the global share.
The market for each of these products is discussed in detail below:
Based on end-use, plasticizers represent the largest end-use segment for 2-Ethylhexanol. Plasticizers are followed by 2-Ethylhexyl Acrylate. Region-wise, Asia represents the largest market for 2-Ethylhexanol. Other major regions include North America and Western Europe.
Currently, chemical applications represent the largest end-use segment for n-Butanol, followed by solvent applications. On a geographical front, Asia is the leading market for n-Butanol globally.
Solvent applications represent the largest end-use segment for iso-Butanol. Other major end-use segments include iso-butyl acetate and lube oil additives. Based on region, the market has been segmented into Asia, North America and Western Europe.
The global oxo alcohol market is highly concentrated and competitive in nature with the presence of a number of large manufacturers operating in it. Some of the leading market players include:
- Oxea Group
- Formosa Plastics
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