Global Oxo alcohols Market Insights Forecasts to 2030
- The global Oxo alcohols Market was valued at USD 20.00 Billion in 2021.
- The Market is growing at a CAGR of 5% from 2022 to 2030
- The global Oxo alcohols Market is expected to reach USD 31.02 Billion by 2030
- North America is expected to grow the fastest during the forecast period.
Get more details on this report -
The global Oxo alcohols Market is expected to reach USD 31.02 Billion by 2030, at a CAGR of 5% during the forecast period 2022 to 2030. Over the projected period, the demand for Oxo alcohols in the market will increase due to a rise in the demand for acrylate an application of Oxo alocohols, which is used to make acrylate polymers. Favourable market circumstances are being produced by rising Oxo alcohols demand across a number of sectors, including consumer products, construction, and the automobile industry.
After combining carbon monoxide (CO) and hydrogen to an olefin to make alcohol, oxy alcohols are created by hydrogenating the resultant aldehyde. Several olefins, such as ethylene and propylene, are used as raw materials to create oxy alcohols. The main applications for these alcohols include plasticizers, chemical intermediaries, acrylates, and acetates. The market is expected to grow as a result of the rising usage of oxo-alcohols in the production of paints, dyes, and inks as well as other chemicals. Additionally, there is a rising need for paints, which is being driven by the building of additional houses. One significant factor propelling the market has been the rising demand for plasticizers from a variety of end-user industries. Oxo alcohols, like n-butanol, are utilised in a variety of products, including solvents, glycol ethers, acrylates, and acetates. Additionally, 2-ethylhexanol is used in a number of specialised plasticizers, including trimelliates, phosphates, and adipates, when greater performance is required. Over the course of the projection period, the most important drivers in the worldwide market will be the continually expanding plasticizer sector and rising solvents sector demand. Sinopec's maximum production capacity is held by BASF, and n-Butyl alcohol has emerged as a key player in the manufacture of 2-Ethylhexanol. Another key factor driving market expansion is the booming building industry. The construction industry, which depends heavily on PVC goods, is driving up demand for these alcohols. In the years to come, it is projected that the oxo alcohol industry and strict environmental restrictions would restrain market growth. Additionally, it is projected that fluctuating raw material costs for derivatives and crude oil, which are used in the manufacturing of oxo alcohols, would slow the market's rate of expansion and restrain market growth. The COVID-19 pandemic has had a significant influence on a number of industries, and the oxo alcohol business is no exception. The market participant is working to address the needs of both those rigidly adhering to social seclusion at home and those combating this plague on the front lines. The market participants are concentrating on striving to fulfil the global energy demand, particularly during current crisis, even if the needs are still changing. In order to solve this global health catastrophe, prominent manufacturers like ExxonMobil Chemical Company are concentrating on providing the goods and fuels that first responders, consumers, healthcare officials, and medical personnel need.
Global Oxo alcohols Market Report Coverage
|Market Size in 2021:||USD 20.00 Billion|
|Forecast Period 2022-2030 CAGR:||5%|
|2030 Value Projection:||USD 31.02 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||147|
|Segments covered:||By Type, By Application, By End-use, By Region|
|Companies Covered:||LG Chem, BAX Chemicals, Eastman Chemical Company, Dow Chemical Company, BASF Petronas, ExxonMobil Chemical Company, Qatar Petroleum, Andhra Petrochemicals, Arkema, and Evonik Industries.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
Get more details on this report -
This research report categorizes the Market for global Oxo alcohols based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Oxo alcohols Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Oxo alcohols Market sub-segments.
- In 2021, the 2-Ethylhexanol segment accounted for the largest share of the Market, with 32.6% and a Market revenue of 6.52 Billion.
Based on the Type, the Oxo alcohols Market is categorized into N-Butanol, 2-Ethylhexanol, Iso-butanol and Others. In 2021, the 2-Ethylhexanol segment accounted for the largest share of the Market, with 32.6% and a Market revenue of 6.52 Billion. Throughout the forecast period, the 2-Ethylhexanol segment is anticipated to maintain its leading position Due to the increased usage of 2-Ethylhexanol in the petrochemical sector, which helps to reduce emissions rates while also improving fuel efficiency, the demand for 2-Ethylhexanol product is anticipated to expand throughout the projected period. It is a colourless liquid known as 2-ethylhexanol has a poor solubility in water but a high solubility in the majority of organic solvents. It plays a significant role in the manufacture of 2-Ethyl Hexyl Acrylate and Di-2-Ethyl Hexyl Phthalate and other downstream uses (DEHP).
- In 2021, the Plasticizers segment accounted for the largest share of the Market, with 20.6% and a Market revenue of 4.12 Billion.
Based on the application, the Oxo alcohols Market is categorized into Plasticizers, Acrylate, Acetate, Glycol Ether, Solvents, Adhesives, Lube oil additive and Others. In 2021, the Plasticizers segment accounted for the largest share of the Market, with 20.6% and a Market revenue of 4.12 Billion. Throughout the forecast period, the Plasticizers segment is anticipated to maintain its leading position while expanding at the fastest CAGR Due to they are used as additives to improve a product's plasticity or fluidity. Plasticizers dominate the market because they have a stronghold in the polymer sector. The majority of plasticizers are used to make Polyvinyl Chloride (PVC) products that are utilised in a variety of applications, such as flooring, PVC films, and wire & cables. Since plasticizers make polymers more flexible and durable by increasing their viscosity, plasticity, and decreasing molecular attraction between polymeric chains, the demand for PVC, flexible wallboard, plasticizer-based concrete, and ester-based plastics is anticipated to increase the market value for oxo alcohols over the next few years.
- In 2021, the Textile segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 6.12 Billion.
Based on the End-use, the Oxo alcohols Market is categorized into Paint and Ink, Textile, Chemical, Pharmaceutical and Others. In 2021, the Textile segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 6.12 Billion. Throughout the forecast period, the Textile segment is anticipated to maintain its leading position while expanding at the fastest CAGR Due to its significant demand by the end user sectors. The use of Oxo alcohols in textile that is inexpensive and durable.
Regional Segment Analysis of the Oxo alcohols Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Get more details on this report -
Asia Pacific emerged as the largest Market for the global Oxo alcohols Market, with a Market share of around 27.9% and 5.58 Billion of the Market revenue in 2021.
- Asia Pacific emerged as the largest Market for the global Oxo alcohols Market, with a Market share of around 27.9% and 5.58 Billion of the Market revenue in 2021. The demand for Oxo alcohols is being driven by the rising acceptance by the market. The market for Oxo alcohols was dominated by the Asia Pacific region mostly as a result of the region has less laws than North America and Europe, which is driving business expansion. Due to extensive industrialisation, there is a very high demand for oxy alcohols in China. A large demand for coatings, paints, adhesives, and varnishes, as well as increased regional building investment, exist in China. Additionally, the vehicle industry there is expanding and uses a lot of lubricants. The oxo alcohols market is anticipated to develop at a faster rate over the projected period due to these factors, low-cost production, and loose government restrictions.
- North America Market is expected to grow at the fastest CAGR between 2021 and 2030, Because of the rise in sales of paint and varnish, which is aided by the developing automotive sector, the market in North America is anticipated to obtain the biggest market share throughout the projected period.
The report offers the appropriate analysis of the key organizations/companies involved within the global Oxo alcohols Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market.
List of Key Market Players:
- LG Chem
- BAX Chemicals
- Eastman Chemical Company
- Dow Chemical Company
- BASF Petronas
- ExxonMobil Chemical Company
- Qatar Petroleum
- Andhra Petrochemicals
- Evonik Industries
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In July 2022, The development of a new plant to produce specialised plasticizers in Mexico was announced by Ploynt.
- In October 2021, A deal was signed by Dow Chemical Company and Gunvor Group Ltd. to produce circular plastics for customers using cutting-edge recycling methods.
- In September 2020, To increase commercial opportunities in North China, LyondellBasell and Liaoning Bora Enterprise Group will work together.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Oxo alcohols Market based on the below-mentioned segments:
Global Oxo alcohols Market, By Type
Global Oxo alcohols Market, By Application
- Glycol Ether
- Lube oil additive
Global Oxo alcohols Market, By End-use
- Paint and Ink
Global Oxo alcohols Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Oxo alcohols market?As per Spherical Insights, the size of the Oxo alcohols market was valued at USD 20.00 billion in 2021 to USD 31.02 billion by 2030.
What is the market growth rate of the Oxo alcohols market?The Oxo alcohols market is growing at a CAGR of 5% from 2022 to 2030.
Which country dominates the Oxo alcohols market?Asia Pacific emerged as the largest market for Oxo alcohols.
Who are the key players in the Oxo alcohols market?Key players in the Oxo alcohols market are LG Chem, BAX Chemicals, Eastman Chemical Company, Dow Chemical Company, BASF Petronas, ExxonMobil Chemical Company, Qatar Petroleum, Andhra Petrochemicals, Arkema, and Evonik Industries.
Which factor drives the growth of the Oxo alcohols market?Increasing volume usage in personal care products is expected to drives the market's growth over the forecast period.
Need help to buy this report?