The oxo alcohol market will be witnessing a rise in demand owing to the ever-rising requirement from several industries. Oxo alcohols such as 2-propylheptanol, iso-butanol, isononanol, 2- ethylhexanol, and n-butanol are majorly utilized types of oxo alcohols and are anticipated to gain commercial importance in the approaching years.
Additionally, they are widely employed across several industries for the production of drugs, acetates, ethers, coatings, polishers, cleaners, adhesives, solubilizers, specialty chemicals, and printing inks. This is projected to escalate sales of oxo alcohol over the assessment period, 2020-2030.
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Oxo Alcohol Market – Key Trends
Growing demand for plasticizers from several end-user sectors has been a noteworthy aspect of driving the market. Oxo alcohols such as n-butanol are used in numerous applications such as acrylate, acetate, glycol ethers, and solvents. 2-ethylhexanol is additionally employed in several specialty plasticizers such as trimelliates, phosphates, and adipates, where higher performance is demanded. This ever-demanding plasticizer sector together with increasing demand from the solvents sector will be the foremost drivers in the global market over the forecast period. BASF has the maximum production capacity of Sinopec and n-Butyl alcohol has surfaced as the prominent player in the manufacturing of 2-Ethylhexanol.
The flourishing construction sector is another prominent aspect of fueling the market growth. PVC products form a vital part of the construction sector which, in turn, is compelling the needs for these alcohols.
Furthermore, market players are focusing on R&D activities for the development of efficient and new variants. For instance,
BioPure™ launched nC4-OL, a versatile oxo-chemical and a high purity n-butyl alcohol in the market. This bio-based alcohol is extensively utilized in the production of esters used for hair care, skincare, and fragrance products.
Oxo Alcohol Market – Growth Restraints
Strict environmental regulations together with the oxo alcohol sector are anticipated to impede the market expansion over the years to come. Shifting raw material costs such as derivatives and crude oil that are utilized in the production of oxo alcohols are additionally anticipated to hinder the development pace of the oxo alcohols market, thus hampering the market growth.
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COVID-19 Impact on Oxo Alcohol Market
COVID-19 pandemic has widely impacted several sectors and the oxo alcohol market is no different. The market player in the market is operating to help meet the requirements of those fighting this pandemic on the front lines, in addition to those who are strictly following socially distancing at home. While the requirements continue to evolve, the market players are focusing on working to meet worldwide energy demand, particularly during this crisis. Prominent manufacturers such as ExxonMobil Chemical Company are focusing on supplying the products and fuels which first responders, consumers, healthcare officials along medical personals require to address this worldwide health crisis.
Oxo Alcohol Market – Region-wise Analysis
Developed regions such as Europe and North America are additionally projected to have a notable impact on the demand due to the need for plasticizers will remain higher in the U.S. along with other emerged nations in North America and Europe. Furthermore, Europe is set to emerge as the most lucrative region in the oxo alcohol market in the approaching years directed by Germany. Growing automotive manufacturing together with the existence of major lubricant manufacturers and OEMs are propelling the regional market. Moreover strong transportation network across pipelines and marine modes will be strengthening regional product demand.
Asian regions will be the fastest-growing oxo alcohol markets because of the growing demand for phthalates, which are utilized in plasticizers. China will be the biggest consumer of oxo alcohols in the region. The developing regions such as Japan and India will become prominent markets for oxo alcohols because of mounting demand from the solvents and plasticizers industry as well as they offer huge prospects for the market over the years to come.
Oxo Alcohol Market – Competitive Analysis
Prominent players operating in the global oxo alcohol market are BAX Chemicals, LG Chem, Eastman Chemical Company, BASF Petronas, Dow Chemical Company, ExxonMobil Chemical Company, Andhra Petrochemicals, Qatar Petroleum, Evonik Industries, and Arkema.
Market players are focusing on improving their manufacturing capacity to meet the supply-demand gap by exercising partnerships, acquisitions, and mergers.
SilicoLife, an advanced bio-economy company in Portugal, has revolutionized BUTANOVA technology, the latest biological process to manufacture n-Butanol.
Green Biologics Inc. has launched its first overall renewable Bio-pure n-Butanol to Jungbunzlauer Ladenburg GmbH, in Germany. The product innovation by this U.K.-based company is vital for the industry to shift toward more sustainable processes.
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Global Oxo Alcohol Market: Market Segmentation
Based on type, the global oxo alcohol market has been segmented as –
- By Application
- Glycol Ethers
Based on application, the global oxo alcohol market has been segmented as –
Global Oxo Alcohol Market: Key Players (this is an indicative list – full list of key players available upon request)
- LG Chem
- BAX Chemicals
- Eastman Chemical Company
- Dow Chemical Company
- BASF Petronas
- ExxonMobil Chemical Company
- Qatar Petroleum
- Andhra Petrochemicals
- Evonik Industries
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