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With the outbreak of the coronavirus disease (COVID-19), the production and supply of oxo-alcohols have been disrupted, which, in turn, is negatively impacting the industry growth.
The global oxo-alcohol market reached a value of around US$ 11 Billion in 2020.
The escalating demand for oxo-alcohols from the plasticizers industry represents one of the primary factors catalyzing the market growth. Besides this, the increasing demand for acrylates from the coatings and packaging industries is also creating a positive impact on the industry.
One of the major market trends is the continuous engagement of manufacturers in research and development (R) activities to launch new and efficient variants.
The global oxo-alcohol market is expected to grow at a CAGR of around 5% during 2021-2026.
Based on the type, the market is categorized into 2-Ethylhexanol, n-Butanol and iso-Butanol. Amongst these, n-Butanol represents the most popular type, holding the largest market share.
Region-wise, Asia exhibits a clear dominance in the market, accounting for the majority of the total market share. Other major regions include North America and Western Europe.
The leading players operating in the industry are China Petrochemical Corporation (Sinopec Group), OQ Chemicals (Oxea Group), LG Corporation, BASF SE, Eastman Chemical Company, Formosa Plastics Corporation, China National Petroleum Corporation (CNPC) and Sasol Limited.
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