Oxo Alcohols Market: Competitive Analysis and Global Outlook
The market research report, entitled Oxo Alcohols Market shows good possibilities in the Oxo Alcohols Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.
Global Oxo Alcohols Market Forecast:
Oxo Alcohols Market is expected to grow form USD 19.07 billion in 2021 to USD 27.18 billion by 2028 at a CAGR of 5.14% during the forecast period of 2022-2028. Growing plasticizer demand in the automotive, consumer goods, construction and packaging industries is one of the major factors fueling the market growth over the forecast period.
Key Players
The following are some of the key players in the Oxo Alcohols Market:
· BASF Petronas
· Bax Chemicals
· Eastman Chemical Company
· Elekeiroz
· Evonik Industries
· Exxon Mobil Corporation
· LG Chem Ltd.
· OXEA GmbH
· Sasol Ltd.
· The Dow Chemical Company.
COVID-19 Impact on Global Oxo Alcohols Market
The COVID-19 pandemic is likely to favourably impact market growth. To curb the spread of the virus, countries worldwide are imposing restrictions and are promoting social distancing measures. Strict restrictions on the movement of people are further expected to negatively impact land-based casino operations.
Oxo Alcohols Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different driving factors and identifies the most-attractive segments and sub-segments. Oxo Alcohols Market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on the application type, the market is segmented as plasticizers, acrylate, acetate, glycol ether, solvents, adhesives, lube oil additive, and others. Plasticizers are estimated to be the dominating application type in the market during the forecast period on account of their strong scope of application in the polymer industry. On the other hand, lube oil additive is expected to witness significant growth in the market owing to the growing demand for effective lubrication systems in automobiles and machinery.
In terms of regions, Europe is estimated to account for the major share of the market owing to increasing automotive production rates coupled with the presence of some of the key OEMs and lubricant manufacturers in the region. Italy, Germany, and Spain are the major growth engines of the region likely to provide lucrative growth opportunities during the forecast period. On the other hand, Asia-Pacific is estimated to witness significant growth in the market with China being the major country with growing demand for paints & coatings, adhesives & varnishes, etc. fueling the regional market growth over the forecast period.
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